How to Use the New Sweatcoin Wallet
In September 2022, Sweatcoin underwent its most comprehensive transformation since its launch in 2015, delivering its own cryptocurrency and a fresh dedicated crypto wallet. The age of the sweat wallet, an app that tracks our workout through the steps we take and rewards us in crypto, is here, but how can we start embracing the sweat-to-earn economy?
Sweatcoin’s brand new cryptocurrency wallet is well built and its user interface will rival many leading crypto wallets – or any other currency they host. But before we get into Sweat Wallet, let’s remember what Sweatcoin actually is and how it works.
What is Sweatcoin?
Founded in 2015, Sweatcoin is a free to install app that allows its users to generate Sweatcoins for the steps they take. Before the arrival of the Sweat Wallet and the SWEAT cryptocurrency, it took 1,000 steps to generate a Sweatcoin.
Downloads: Sweatcoin for Android | iOS (free)
Once you’ve accumulated enough Sweatcoins, they can be exchanged for goods or services on a dedicated marketplace – or they can be donated to charities that address sustainability issues or support community projects.
On September 13, 2022, Sweatcoin launched SWEAT, the platform’s own cryptocurrency, coupled with its own Sweat Wallet.
The arrival of SWEAT immediately changed the things users could do with the cryptocurrency they earned. Instead of saving in their Sweatcoins on the marketplace, users can use SWEAT, buy and save NFTs, work towards savings goals, and in the near future we will be able to exchange our SWEAT for other cryptocurrencies like Bitcoin and Ethereum.
With the introduction of SWEAT, the way individuals can collect their coins has changed. Now it is possible to generate SWEAT for the first 5,000 steps every day. After that, generate Sweatcoins which have retained their functionality alongside the launch of Sweat Wallet.
Additionally, Sweatcoin introduced Tokenomics to protect the value of SWEAT. This means more daily steps are required to generate a $SWEAT, which is explained in the app.
But how is it actually possible to use the app and start embossing SWEAT? Let’s take a closer look at the cryptocurrency that has the potential to revolutionize fitness:
How to access Sweat Wallet
The important things first. To start your Sweat to Earning journey, you need a Sweatcoin account. Sign up with an email address and create a password to get started. Crucially, Sweatcoin needs access to your smartphone’s biometric apps like Apple Health to capture your steps and convert them into $SWEAT.
Once you have 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 do not yet have access to their Sweat Wallet, clicking the SWEAT countdown will prompt you to download the wallet and enter a code to link your accounts. Verification is usually instant and you can start earning SWEAT right away.
Get to grips with Sweat Wallet
When you open Sweat Wallet for the first time, you’ll see your home page. This serves as an easy-to-access screen that offers one-click access to staking options, transfers between accounts, and the ability to buy more SWEAT using a credit or debit card.
An important part of the app home screen is the SWEAT conversion rate at the top right of the screen. Because Sweatcoin used Tokenomics to protect the scarcity of cryptocurrency 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, tomorrow and beyond that number will be higher.
When selecting a Detailed balance sheet, we get a breakdown of the $SWEAT we receive and spend each day. This can help us keep track of our coin accumulation and can even help us refine our fitness programs to consistently generate more SWEAT.
In particular, the option to exchange SWEAT for other cryptocurrencies is currently not available, but it is expected that this feature will be available soon.
As we can see from the wallet’s homepage, staking is a key feature users should embrace and the platform offers investors the opportunity to earn up to 12% on the SWEAT they mint by converting their coins into a ” Growth” place pitcher.”
Staking is central to the sweat economy as it helps cryptocurrency work. Like other Proof-of-Stake (PoS) blockchains like Ethereum, Solana, and Cardano, coins are generated in a more environmentally friendly way, rather than being mined using harmful computing power.
Validators help keep the network functioning by employing a blockchain’s native cryptocurrency, thus enclosing coins that can then be used to validate on-chain transactions.
For those of us looking to take our practice further, staking can help convert the SWEAT we generate into greater returns over time.
How to use the SWEAT you generate
Although many users will be waiting to use SWEAT to build their cryptocurrency portfolios, the Sweat Wallet app offers a wide range of rewards programs to keep people busy and working towards new goals.
There are currently a number of raffles that players can enter based on how much SWEAT they want to bet, including things like prepaid Visa debit cards, Apple AirPods, Amazon gift cards and even a dinner with a Sweatcoin founder.
Additionally, Sweat Wallet has also integrated a raffle where users can win one of 888 NFTs in an exclusive collection of non-fungible token marketplace Paras. These rewards programs offer users the opportunity to further grow their investments in Sweatcoin by winning new collectibles and works of art.
Although Sweatcoin’s focus on NFTs is currently somewhat sparse, the inclusion of a dedicated NFT gallery in user wallets suggests that non-fungible tokens will play a central role in the development of the platform, with Sweat Economy’s litepaper highlighting, that they are “dynamic NFTs” in the second phase of their development, which can “evolve” by being fed $SWEAT.
With an estimated 120 million users, the development of Sweatcoin was a timely step to harness the potential of Web3. The Sweat Wallet is the first exciting step in revolutionizing the process of satisfying our fitness and exercise.
The crypto wallet that rewards practice
With the development of NFTs and even the prospective option to exchange our SWEAT for other cryptocurrencies in the future, Sweatcoin may have charted its path to becoming a must-have fitness app for everyone, and particularly for those of us who welcome an added incentive would go for a walk or run outside.
If you have your very own dynamic NFT to stay healthy, taking these all-important 1,000 steps could become important digital household chores.