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HOW TO USE THE NEW SWEATCOIN WALLET
By Dmytro Spilka
Published Oct 21, 2022
It's new, it's free, and it could earn you free crypto just for getting up and
moving.
Image Credit: Rocksweeper/Shutterstock
In September 2022, Sweatcoin underwent its most comprehensive transformation
since its 2015 launch, delivering its own cryptocurrency and a fresh dedicated
crypto wallet to boot. The age of the Sweat Wallet, an app that tracks our
exercise through the steps we take and rewards us in crypto, is here, but how
can we begin to embrace the "sweat-to-earn" economy?
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Sweatcoin's brand-new cryptocurrency wallet is well-built, and its interface
will give many leading crypto wallets a run for their money—or any other
currency they house, for that matter. But before we get to grips with Sweat
Wallet, let's remind ourselves of what Sweatcoin actually is and how it works.
WHAT IS SWEATCOIN?
Founded in 2015, Sweatcoin is a free-to-install app that empowers its users to
generate Sweatcoins for the steps that they take. Prior to the arrival of the
Sweat Wallet and the cryptocurrency, SWEAT, it took 1,000 steps to generate a
Sweatcoin.
Download: Sweatcoin for Android | iOS (Free)
Once you accumulate enough Sweatcoins, they can be exchanged for goods or
services on a dedicated marketplace—or they can be donated to charitable efforts
dealing with matters of sustainability or aiding community projects.
On 13 September 2022, Sweatcoin launched SWEAT, the platform's own
cryptocurrency, coupled with its own Sweat Wallet.
The arrival of SWEAT instantly transformed the things users could do with the
cryptocurrency they earn. Rather than save to cash in their Sweatcoins on the
marketplace, users can stake SWEAT, buy and store NFTs, work towards saving
goals, and, in the near future, we will be capable of exchanging our SWEAT for
other cryptocurrencies like Bitcoin and Ethereum.
With the arrival of SWEAT, the way individuals can accumulate their coins has
changed. Now, it's possible to generate SWEAT for the first 5,000 steps taken
each day. Thereafter, you'll be generating Sweatcoins, which have retained their
functionality alongside the arrival of Sweat Wallet.
Close
Additionally, Sweatcoin has introduced tokenomics to safeguard the value of
SWEAT. This means it will take more daily steps to generate one $SWEAT, which is
explained within the app.
But how is it actually possible to use the app and begin minting SWEAT? Let's
take a deeper look into the cryptocurrency that has the potential to
revolutionize fitness:
HOW TO ACCESS SWEAT WALLET
First things first. To begin your sweat-to-earn journey, you'll need a Sweatcoin
account. Sign up using an email address and create a password to get started.
Crucially, Sweatcoin will need access to your smartphone's biometric apps like
Apple Health to collect your steps and convert them into $SWEAT.
Once you've allowed access, you can use the Sweatcoin app to download Sweat
Wallet for the first time. This can be done via a prompt on your app's home
screen.
For those who haven't already gained access to their Sweat Wallet, clicking on
the SWEAT countdown will prompt you to download the wallet and enter a code to
link your accounts. Verification is typically instant, and you can begin earning
SWEAT immediately.
GETTING TO GRIPS WITH SWEAT WALLET
When you open Sweat Wallet for the first time, you'll be presented with your
homepage. This serves as an easy-access screen that offers one-click access to
staking options, transfers between accounts, and the choice of purchasing more
SWEAT via a credit or debit card.
One important part of the app's home screen is the SWEAT conversion rate at the
top-right of the screen. Because Sweatcoin has utilized tokenomics designed to
protect the scarcity of the cryptocurrency's supply, the number of steps
required to generate 1 $SWEAT gradually increases over time. For example, while
this screenshot shows that 1 $SWEAT = 1,073.39 steps, this figure will be higher
tomorrow and beyond.
Close
When selecting a Detailed balance, we're presented with a breakdown of the
$SWEAT we're receiving and spending each day. This can help to keep on top of
our coin accumulation and may even help us to refine our fitness programs to
generate more SWEAT consistently.
Notably, the option to exchange SWEAT for other cryptocurrencies is currently
unavailable, but it's expected that this feature will be available soon.
As we can see from the home page of the wallet, staking is a key feature for
users to embrace, and the platform offers the opportunity for investors to earn
up to 12% on the SWEAT that they mint by placing their coins in a "growth jar."
Staking is a central part of the Sweat Economy because it helps the
cryptocurrency to function. Like other proof-of-stake (PoS) blockchains like
Ethereum, Solana, and Cardano, coins are generated in a more eco-friendly manner
rather than mined through damaging computational power.
Validators help to keep the network functioning by staking a blockchain's native
cryptocurrency, thus locking in coins that can then be used to validate
transactions on the chain.
For those of us looking to make our exercise take us further, staking can help
turn the SWEAT we generate into greater returns over time.
HOW TO USE THE SWEAT THAT YOU GENERATE
Although many users will be waiting to be able to use SWEAT to build their
cryptocurrency portfolios, the Sweat Wallet app features a wide range of reward
programs to keep people occupied and working towards new goals.
At present, there are a number of prize draws that stakers can enter depending
on the amount of SWEAT they choose to stake, including things like prepaid Visa
debit cards, Apple AirPods, Amazon gift cards, and even dinner with a Sweatcoin
founder.
Close
In addition, Sweat Wallet has also incorporated a prize draw for users to win
one of 888 NFTs in an exclusive collection from non-fungible token marketplace,
Paras. These rewards schemes offer users the opportunity to take their
investments in Sweatcoin further by winning new collectibles and artworks.
Although Sweatcoin's emphasis on NFTs is currently a little sparse, the
incorporation of a dedicated NFT Gallery within user wallets indicates that
non-fungible tokens will play a central role in the evolution of the platform,
with the Sweat Economy's Litepaper highlighting that it will incorporate
"dynamic NFTs" in the second phase of its development, which can "evolve" by
being fed $SWEAT.
With an estimated 120 million users, Sweatcoin's evolution has been a timely
step towards embracing the potential that Web3 holds. The Sweat Wallet
represents the first exciting step towards revolutionizing the gratification
process of our fitness and exercise.
THE CRYPTO WALLET THAT REWARDS EXERCISE
In the development of NFTs and even the prospective option to exchange our SWEAT
for other cryptocurrencies in the future, Sweatcoin may have set upon its path
towards becoming an essential fitness app for anyone, and particularly those of
us who would welcome an added incentive attached to venturing outdoors for a
walk or run.
When you have your very own dynamic NFT to keep healthy, taking those
all-important 1,000 steps could become a matter of essential digital
housekeeping.
Readers like you help support MUO. When you make a purchase using links on our
site, we may earn an affiliate commission. Read More.
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Related Topics
* Technology Explained
* Wellness
* Bitcoin
* Cryptocurrency
* Blockchain
* Fitness
About The Author
Dmytro Spilka (40 Articles Published)
Dmytro is a tech and crypto writer based in London; he's also the founder of
Solvid and Pridicto. His work has been published in Entrepreneur, Nasdaq, Tech
Radar, Kiplinger, VentureBeat, Financial Express, and The Diplomat.
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