Sweat Economy (SWEAT) is a cryptocurrency that rewards users for physical activity through its Move-to-Earn (M2E) model. It is the primary currency in the Sweat Economy ecosystem, which includes a mobile app and a decentralized data marketplace. Users earn SWEAT tokens by engaging in fitness activities, such as walking or running, which are verified through the app. The tokens can be used to unlock rewards, purchase goods and services, or exchanged for other cryptocurrencies. The Sweat Economy aims to incentivize a healthier lifestyle while promoting community development and decentralized governance.
The crypto Sweat Economy (SWEAT) is used as the primary currency of exchange within the Sweat Economy ecosystem. It is the reward token earned by users through physical activities tracked by the Sweatcoin mobile app. Users can accumulate SWEAT tokens by engaging in various fitness exercises, such as walking or running, which are detected by the app's GPS and motion sensors. These tokens can then be used in several ways:
- Spending and Rewards: SWEAT tokens can be spent internally to purchase goods and services, unlock rewards points, including vouchers and discounts for various brands, tickets to popular sports activities, and stablecoin prizes.
- Staking and Minting: Users can stake their SWEAT tokens to raise their daily minting limit and earn more tokens.
- NFT-Based Game: The Sweat Economy is developing an NFT-based game where users can stake their tokens and compete with others. This game causes SWEAT burn, helping to minimize the token's circulating supply.
- Advertising: External NFT owners need SWEAT tokens to pay for service charges to advertise their products to the Sweatcoin community.
- Decentralization: In the future, intermediaries like activity trackers, insurers, and healthcare providers will be able to run their nodes and receive a portion of the fees charged in the transactions they handle, further decentralizing the Sweat Economy.
Overall, the SWEAT token is the fuel behind the Sweat Economy, facilitating a Move-to-Earn (M2E) model that rewards users for their physical activities and fosters community development through various use cases.
To store Sweat Economy (SWEAT) tokens, you can use the Sweat Wallet, which is a non-custodial wallet that allows you to receive and store SWEAT tokens and possibly other cryptographic tokens. The Sweat Wallet is built on the NEAR protocol, and you can access it through the Sweat Token app. Additionally, you can store SWEAT tokens in other wallets that support the NEAR blockchain, such as NEAR Wallet.
To buy Sweat Economy (SWEAT) tokens, follow these steps:
Create an Account: Open an account on a reliable centralized exchange like Coinbase or Binance. This will serve as your portal for purchasing cryptocurrency, and you will need to provide proof of identification.
Choose a Payment Method: Each exchange offers various payment methods, including:
- Credit or Debit Card: The simplest method for new users.
- Bank Deposit: Transfer fiat money from your bank account to your exchange via SWIFT.
- P2P Trading: Purchase SWEAT directly from other users.
- Third-Party Payment: Check your exchange's FAQ for available options.
Fund Your Account: Deposit funds into your exchange account using your chosen method.
Buy SWEAT: Use your funded account to purchase SWEAT. You can buy a fraction of a SWEAT if needed. Confirm your order, and the process will vary depending on the exchange.
Store or Use Your SWEAT: Once purchased, you can store your SWEAT in your exchange wallet or use it for other transactions, such as trading for other cryptocurrencies or staking for passive income.
Alternatively, you can also use a decentralized exchange (DEX) that supports the blockchain where SWEAT is listed. For this, you will need to:
- Download a crypto wallet like Trust Wallet.
- Set up your wallet and note your wallet address.
- Buy ETH as your base currency.
- Connect your wallet to the DEX.
- Trade your ETH for SWEAT.
Remember to be cautious of scams and ensure you have the official contract address.