Expectations for the upcoming SWEAT token
In case you weren’t aware, Sweatcoin is a rewards program that enables you to earn virtual tokens known as “Sweatcoins” by walking. You can exchange your earned Sweatcoins for gift cards, product promotions, auction items, and charitable donations. Additionally, Sweatcoin offers a paid subscription that entitles users to additional Sweatcoins each step and access to exclusive deals that are not available with a free subscription. Sweatcoin, however, only recently revealed that it would also be launching its own cryptocurrency called SWEAT.
The SWEAT Wallet’s release
The Sweatcoin Rewards app will be distinct from the SWEAT Wallet. Our best assumption is that the SWEAT Wallet will function similarly to a bitcoin wallet used by exchanges. You may currently download it from the App store as of this writing. The process is simple because you may log in using your current Sweatcoin account. Although you can only do a few things in the wallet right now, it gives you a preview of its features. On the primary wallet page, we can notice at least four of the following features: Transfer, WEAR SWEAT, Grow, and Exchange.
Since these features are currently in development, there isn’t much you can see from the app. However, based on what the Grow panel suggests, we can already anticipate that the wallet will have some form of “staking” capability. While I’m not sure if it’s a decentralized or centralized exchange, it also appears that you can exchange SWEAT for other cryptocurrencies within the app.
The app also provides links to the Sweatcoin community and has a FAQ area, albeit it appears to be incomplete as several sections lack queries. More information on how to earn SWEAT is also provided via the app.
Walk now to increase your SWEAT
Users can earn SWEAT through their Sweatcoin balance prior to launch, as is well known. You might wonder how users generate money after the launch, though. Fortunately, the team provided further information about this during the launch of the SWEAT Wallet. SWEAT will be generated from the first 5000 steps taken on the Sweatcoin app. We believe the counting will begin at the token launch, although we could be mistaken. Each SWEAT will become more difficult to mint over time compared to the previous one. This suggests that your current actions will be worth more SWEAT than your future ones. You should therefore increase your walking now to benefit from this mechanism. This is because there is a supply cap on SWEAT because the new supply will eventually decline. As of this writing, there is no indication of what the entire supply will be.
Conclusion
The tokens that you have acquired using the Sweatcoin app will be kept in the SWEAT Wallet. It appears that you may exchange, add, send, and even increase your SWEAT tokens through the app, similar to other cryptocurrency wallets. However, it is yet unclear whether Web3 integration will be supported. In addition, the app displays a section with FAQs and social media connections for the Sweatcoin community. According to what was discovered, the declining inflation will make it tougher to mint SWEAT over time. Therefore, it makes sense to take further actions right away to benefit from this system.
