Buy SWEAT (SWEAT)

SWEAT, also known as Sweatcoin, is an innovative 'move-to-earn' app that converts physical activity into digital currency. Launched in 2016 as a mobile fitness app, the project rewards users for their daily movement by converting steps into 'Sweatcoins'. These virtual coins can be redeemed within the app for discounts and products. Since the launch of SWEAT tokens and the broader Sweat Economy ecosystem, Sweatcoin has evolved into a Web3 project, integrating blockchain technology to further enhance the user experience and reward system.

Sweatcoin not only encourages people to be more active but also makes cryptocurrency more accessible. Users earn Sweatcoins by walking or running, with every 1,000 steps yielding 0.95 Sweatcoin. Since the introduction of SWEAT tokens in 2022, these digital coins can be converted into real cryptocurrency, which can be traded and stored in a crypto wallet. The Sweat Wallet, specifically designed for SWEAT tokens, offers users the ability to manage their coins, stake them for additional rewards, and participate in future decentralized financial (DeFi) activities, such as purchasing NFTs.

In the crypto world, Sweatcoin stands out with a unique approach: instead of mining cryptocurrency through computing power, SWEAT is mined through physical movement. This concept emphasizes that movement has value and that people should be rewarded for their activity. The reward system links health to financial gain, thus introducing a wide audience to the benefits of digital currency.

Sweat Economy offers users a way to generate real income simply by moving. With over 120 million users worldwide and more than 50 billion circulating SWEAT tokens, the project has made a significant impact in both the fitness and cryptocurrency worlds. Users can use their SWEAT tokens in the marketplace, trade them on decentralized exchanges, stake for additional rewards, and even donate to charities.

Who founded SWEAT?

SWEAT was founded by a team of experienced entrepreneurs, including co-founders Oleg Fomenko and Anton Derlyatka. Fomenko, a Russian native, has worked with companies such as Coca Cola, Visa, and PepsiCo, and was previously the founder of the music streaming service Bloom.fm. Anton Derlyatka, who holds an MBA from the London Business School, has previously worked with companies like Reebok and Kearny. The company behind SWEAT, Sweat Economy, has now built a diverse and experienced team, including CTO Egor Khmelev and CCO Henry Child, both with extensive experience in the tech and crypto world.

SWEAT offers users various ways to utilize their earned tokens, providing numerous benefits for both end-users and developers:

• Purchases in the marketplace: SWEAT tokens can be used to buy products such as sports equipment, electronics, and gift cards.
• Trading on exchanges: Users can transfer their SWEAT tokens to crypto wallets and trade on decentralized exchanges.
• Staking for rewards: SWEAT holders can lock up (stake) their tokens to receive additional rewards within the Sweat Wallet.
• Donating to charities: Users can donate their tokens to various charitable organizations supported by Sweatcoin.
• NFTs and DeFi actions: In the future, SWEAT tokens will also be available for use in NFTs and participation in DeFi activities, such as lending and swaps within the crypto ecosystem.

SWEAT uses a system where physical activity is converted into digital rewards. Users earn Sweatcoins by walking or running. Using GPS and motion sensors in smartphones, the activity is tracked and converted into Sweatcoins, which can later be exchanged for SWEAT tokens.

The Mining mechanism: Movement as mining

Unlike traditional crypto mining, which requires computational power and energy-intensive hardware to validate blocks, SWEAT utilizes physical movement as a mining mechanism. Users earn 0.95 Sweatcoin for every 1,000 steps. When the user wants to earn SWEAT, the app must be connected to the Sweat Wallet where the conversion takes place. After the first year, when each 1,000 steps yielded 1 SWEAT, the reward ratio gradually decreases. This mechanism helps maintain the value and scarcity of SWEAT.

Sweat Wallet and staking

Sweat Economy has developed its own crypto wallet, the Sweat Wallet, where users can store and manage their SWEAT tokens. The wallet provides access to decentralized financial (DeFi) features and offers staking options, allowing users to lock up their SWEAT tokens to earn additional rewards. Additionally, the wallet enables users to participate in future developments, such as purchasing NFTs and engaging in other DeFi activities, including interest rate swaps.

Built on the NEAR Protocol blockchain

The SWEAT tokens and the Sweat Wallet are built on the NEAR protocol, a Proof-of-Stake (PoS) blockchain that offers high scalability and low transaction fees. This makes SWEAT suitable for a global user audience. The security of the blockchain is ensured by validators who stake NEAR tokens, providing SWEAT with a reliable and efficient ecosystem where transactions are conducted quickly and securely.

Decentralized governance and future plans

Sweat Economy has plans to transform into a Decentralized Autonomous Organization (DAO), allowing users to have a say in the further development of the project. With a DAO structure, token holders gain more control over decisions within the ecosystem. There are also plans to expand the platform's capabilities: in the future, activities such as cycling and swimming will be included, enabling users to earn SWEAT with various forms of movement.

SWEAT tokens are a crucial component of the Sweat Economy ecosystem and are designed to reward users for their physical activity. There's no fixed maximum supply set for SWEAT, to continuously encourage movement however the number of steps required to earn one SWEAT token gradually increases. This results in reduced inflation, requiring users to take more steps for the same reward.

The initial reward was 1 SWEAT per 1,000 steps, but after a year, it has decreased to 0.33 SWEAT per 1,000 steps, and it will further decrease to 0.02 SWEAT per 1,000 steps over the next five years. Users can earn up to 5 SWEAT tokens daily, but this limit can be increased by staking tokens. This gradual reduction in rewards supports a healthy tokenomics structure and contributes to the value of the SWEAT tokens.

Staking SWEAT tokens is easy through the Sweat Wallet, specifically designed for this functionality. By staking their SWEAT tokens, users can earn additional rewards, such as higher reward limits for daily steps or access to premium features within the app.

The staking feature in the Sweat Wallet is accessible for every user with SWEAT tokens, and the platform provides clear instructions for staking tokens. Through staking, users are incentivized to retain their tokens, contributing to the stability of the SWEAT economy and encouraging users not to sell their earned tokens immediately but to invest in the ecosystem.

SWEAT stands out in several ways within the world of cryptocurrency and blockchain technology. The following features elevate SWEAT to a higher level, making it an innovative choice for users who want to convert their physical activity into value:

• Movement as mining: SWEAT is one of the first projects to use physical activity as a mining mechanism, instead of energy-intensive computing power. This model creates value by promoting a healthy lifestyle, which is unique in the crypto world.
• Dynamic rewards structure: The number of steps required to earn one SWEAT token gradually increases as the number of tokens in circulation rises. This provides a smart approach to managing inflation without a fixed supply, which is exceptional within the current crypto ecosystem.
• Collaborations with health organizations: SWEAT partners with organizations like the National Health Service (NHS) in the UK to promote health and well-being. These unique collaborations not only add credibility to SWEAT but also contribute to societal goals, something few other crypto projects do.
• Integration with its own fitness ecosystem: SWEAT combines a health app with a crypto wallet in one platform. Users can manage both their steps and earned tokens directly in the Sweat Wallet, providing a seamless user experience without external tools.
• Future DAO structure for community participation: SWEAT aims to empower users by transitioning to a decentralized autonomous organization (DAO). This future structure gives the community a say in the direction of the project.

You can buy SWEAT (SWEAT) at Bitvavo. Our platform is suitable for both beginners and experienced traders. Follow these steps to purchase SWEAT via our app or website:

1. Log in or create a Bitvavo account.
2. Click "Deposit" to make a deposit.
3. Go to the SWEAT purchase page.
4. Enter the desired amount in euros or select the number of SWEAT tokens you want to purchase and click on "Buy".

The price of SWEAT is directly linked to the current market rate. After purchase, your SWEAT tokens are automatically added to your Bitvavo account where you can easily manage and trade them to quickly respond to market movements.

You can securely store your SWEAT tokens in your Bitvavo account. Bitvavo keeps the majority of client funds in secure offline cold storage, providing additional protection. Furthermore, you can enable two-factor authentication (2FA) for extra account security; this adds an extra login step where you enter a security code along with your password.

Most software and hardware wallets support storing SWEAT tokens. Want to move your SWEAT to an external wallet? Always verify the wallet address in your Bitvavo account first, then you can quickly and securely send the tokens to your external wallet.