The app on a mission to power a billion more people is finally launching its crypto: SWEAT.
Image source: Sweatcoin.
After a few months of delay, Sweatcoin’s Token Generation Event (TGE) finally arrives tomorrow.
The new SWEAT token will officially launch on September 13, although $1 million worth of 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 took part in the public sale, which sold out in 15 minutes and set records for the platform in terms of both number of participants and sale time.
For the rest of the 110+ million users in over 60 countries who didn’t set foot in the door early, there’s still a way to get started with “money” in their crypto wallets when SWEAT is put online.
In fact, over 25 billion sweatcoins have been created so far that could be paired in crypto with the TGE.
So if you are a Sweatcoin user and haven’t gone crypto and downloaded your Sweat Wallet app, now is the time to do it.
The clock is counting down, and with only a few hours until launch, here’s everything you need to know about how you can earn money just by walking.
Sweatcoin versus SWEAT
The first thing to know is the difference between sweatcoin and the new SWEAT tokens.
Until now, app users turned their steps into sweatcoins, and 1,000 steps equaled one sweatcoin.
These sweatcoins can be used in the app in different ways.
Users can donate their steps to charity, use them to bid on big ticket items like gift cards, or purchase physical or digital products through the store.
Now the app is launching SWEAT tokens, a cryptocurrency that will be minted with the movement.
When TGE takes place, anyone who has already downloaded the SWEAT wallet and signed up will see their sweatcoins matched in crypto, with no loss to their existing sweatcoins.
After the event, the only way to create new crypto will be through movement.
Whereas previously all steps taken translated into sweatcoins, after Tuesday a user’s first 5,000 steps in a day will be hit in SWEAT, with more after that creating sweatcoins.
Old sweatcoins will also remain on the app and can still be spent the same way as before.
How much does a SWEAT token cost?
For starters, 1,000 steps will equal one SWEAT token, just like 1,000 steps equaled one sweatcoin.
However, in keeping with the app’s mission to get more people moving – and preserve utility, as the model “represents an ever-increasing marginal cost of production” – SWEAT will become harder to monetize over time.
So, in reality, each SWEAT will require more steps than the previous one.
The company estimates that in one year, 1,000 steps will equal approximately 0.33 SWEAT, in two years 0.19 SWEAT, and in 10 years only 0.02 SWEAT.
This means that while there is an unlimited supply of SWEATSHIRT to keep people moving, it will become increasingly difficult to create.
So if you have an interest in crypto, seeing where Sweatcoin’s mission to power a billion more people is heading, or if you’re just curious if you can really make money just by moving, then you should probably sign up for the SWEAT Wallet ASAP, and make sure you get the most bang for your buck.