Everything you need to know about Sweatcoin’s crypto launch
The app on a mission to get one billion people to walk more is finally launching its crypto: SWEAT.
Image source: Sweatcoin.
After a few months of delay, Sweatcoin’s Token Generation Event (TGE) finally lands tomorrow.
The new token SWEAT will officially launch on September 13, although $1 million of the crypto has already been sold on DAO Maker, marking the transition from users simply creating the app’s own sweatcoin to generating crypto on the go.
More than 40,000 people participated in the public sale, which sold out in 15 minutes and set records for the platform both in number of participants and time sold out.
For the rest of the more than 110 million users in more than 60 countries who didn’t get their foot in the door early, there’s still a way to kick some “cash” into their crypto wallets when SWEAT goes live.
In fact, more than 25 billion sweatcoins have been created so far that can be matched in crypto at TGE.
So if you are a Sweatcoin user and haven’t chosen crypto and downloaded your Sweat Wallet app, now is the time to do so.
The clock is counting down, and with just hours left before launch, here’s everything you need to know about how you can make money just by walking.
Sweatcoin vs SWEAT
The first thing you need to know is the difference between sweatcoin and the new SWEAT tokens.
Until now, app users have turned their steps into sweatcoins, and 1,000 steps have equaled one sweatcoin.
These sweat coins can be used in the app in a number of different ways.
Users can donate their steps to charity, use them to bid on big-ticket items like gift cards, or purchase either physical or digital products through the store.
Now the app is launching SWEAT tokens, a cryptocurrency that will be characterized by movement.
When the TGE takes place, anyone who has already downloaded the SWEAT wallet and signed in will see their sweatcoins matched in crypto, with no loss of their existing sweatcoins.
After the event, the only way to create new crypto will be through movement.
While previously all steps translated into sweat coins, after Tuesday, a user’s first 5,000 steps in a day will count in SWEAT, and any more after that will generate sweat coins.
Old sweatcoins will also remain on the app, and will still be able to be used in the same way as before.
How much is one SWEAT token?
Initially, 1000 steps will equal one SWEAT token, just as 1000 steps equaled one sweat coin.
But in keeping with the app’s mission to get more people moving—and to preserve utility, because the model “represents an ever-increasing marginal cost of production”—SWEAT will become harder to pin down over time.
So in reality, each SWEAT will need more steps to imprint than the last.
The company estimates that in one year 1000 steps will be equivalent to approximately 0.33 SWEAT, in two years 0.19 SWEAT and in 10 years only 0.02 SWEAT.
That means that even if there is an unlimited supply of SWEAT to keep people moving, it will become increasingly difficult to make.
So if you have any interest in crypto, see where Sweatcoin’s mission to get one billion people walking more is going, or are just curious if you can really make money just by moving, then you should probably sign up for SWEAT- your wallet as soon as possible and make sure you get the most bang for your buck.
