Walk into Crypto - Step by Step
Are You Still Walking for Free? ;-)
That’s not necessary anymore because you can easily collect money for any step that you take. And when I’m talking “money”, I do mean virtual coins that can be exchanged into traditional “fiat money” such as Euro or Dollar, or coins that can grow over time in value as they are supposed to be a financial asset (cryptocurrency). But step by step:
For the past 4 months I have been collecting sweatcoins, some virtual coins, for every step I took:
For walking from the sofa to the kitchen to make a coffee, for walking outside to do some grocery shopping, for walking inside the supermarket, for going for a walk with my girlfriend, for walking to a nice restaurant, for workouts such as playing football - you get the idea.
I’m getting paid by any step I do, and as we are usually utilising health tracking apps on our phone or smartwatch, your steps are anyways tracked. So why not linking your health data to a “Move to Earn” Fitness App, that pays every step you do - and smoothly onboards you into Web3?
As I've been a happy user of the Sweatcoin App for almost half a year, I’d like to introduce you to this app briefly and hopefully motivate you in installing your first crypto app - and join the Move to Earn movement :)
What is Sweatcoin?
There are indeed a lot of fitness and health apps, but based on my research there are not many apps out there that are totally free to use - and even paying you for every step you do. The good thing with Sweatcoin is that Sweatcoin did not jump on any “Move to Earn” Crypto Web3 Hypetrain as many companies recently did. No, because:
Sweatcoin is a traditional Web2 company founded in 2016 with the purpose to make the world more physically active. In their Sweatcoin App users earn a virtual currency called sweatcoin for their steps. These sweatcoins reward physical activity, and sweatcoins can be redeemed for exclusive rewards from partner companies in-app. Furthermore giveaways, competitions and games can be accessed via the app. And this is how the company can pay you for your steps:
By having advertising, affiliate and partner deals: Companies are paying money to get listed in the app, reach new audiences - and Sweatcoin is using the revenues to pay users for being active.
As of August 2022, Sweatcoin has been the No. 1 App overall in 58 different countries - and the No. 1 downloaded Health & Fitness App of 2022. With 100+ Million Sweatcoin App downloads, Sweatcoin is the fastest ever growing Health & Fitness app with 20+ Million downloads in 2022 alone. Since June 2021, Sweatcoin states that they have worked with 1300+ brand partners providing the equivalent of $200 million of value in exchange for users' steps.
On September 13, 2022, Sweatcoin will launch their own crypto-based token SWEAT on the high performance and carbon-neutral blockchain protocol NEAR - and enter the web3 economy.
There are three important aspects to this token launch and from the transition of Sweatcoin from a Web 2.0 to a Web3 company, that are worth paying attention to:
With the transformation of the sweatcoin virtual currency into SWEAT, a real cryptocurrency, there will be more use cases and benefits possible than before. SWEAT can be spent in the real world, and provide further utility, that I will touch on in the next chapter
It has always been the Sweatcoin’s company mission to create a global, open cryptocurrency generated by physical movement - in order to more tangibly realise the value of movement. But blockchain technology was not as sophisticated or fast and scalable enough back a couple of years ago. With advancements in the space it is now. And with the NEAR blockchain, the Sweatcoin team picked an efficient and environmentally friendly protocol to create an Open Economy of Movement for a billion people.
Carbon neutrality: When you have doubts against blockchain technology that you may read about in traditional mainstream media outlets such as high energy usage or that blockchains are bad for the environment: Rest assured that these arguments are not valid when talking about modern, next generation blockchains such as NEAR. The NEAR Protocol, launched in 2020, is a third-generation blockchain based on the Proof-of-Stake consensus mechanism, processes 1,000 transactions per second while running much more efficiently than other Proof-of-Work chains such as Bitcoin or Ethereum, that you may have read about in a negative way. So NEAR is definitely the “greener alternative” and can be considered carbon neutral. Especially NEAR's unique scaling mechanism and easy onboarding methods of new users (by for instance named accounts), makes it a great home for Web3’s “Move to Earn” applications such as Sweatcoin.
I hope these notes provide some background on why building the SWEAT token on top of the NEAR protocol’s super-fast, scalable and green blockchain is a great combination to open the door to mass-adoption for Web3. So with this - are you ready to walk?
An Easy Walk into Crypto
I’m already walking the talk - join me!
As already learnt, Sweatcoin wants a healthier you on a healthier planet. The Sweatcoin App (here my personal invite link) is trying to achieve their vision by converting a user’s steps into a currency to spend on cool products and services. Sweatcoin believes that a world where an open-economy of movement - of wealth through health - exists.
The concept is simple:
For every 1,000 steps you take, users earn a sweatcoin that can be either collected or immediately redeemed for goods and services in the app from various brands such as Sonos or Reebok, or to donate to important charities such as Save the Children via Sweatcoin for Good. That’s basically the Sweatcoin (Web 2.0) approach in a nutshell. As the company and the app transitions into Web3, on September 23, 2022, all collected sweatcoins will be transformed into SWEAT.
SWEAT is a new cryptocurrency you create (“mint”) with your movement. The Sweatcoin company announced that holding SWEAT will have many benefits:
The SWEAT token can be staked for yield and amazing rewards, applied to NFTs, and grant access to improved features in the Sweat Wallet App. Further down the road there are cool features such as SWEAT NFTs, marketplaces or exchanges planned. So just image that you will get additional benefits with the SWEAT that you created for free by walking - and you can grow the amount of cryptocurrency you have in your digital wallet, you can spend it on things, or exchange it in other cryptocurrencies such as Bitcoin, or as earlier highlighted, swap it into “money” that you are using in a traditional sense.
All of these future perks will be something I’ll explain to you in a further BENNY KONG blog post as soon as the SWEAT token is live, and first features such as staking, can be used. I'll walk you through what I’ll be doing with my SWEAT - and hopefully show you how to make the most out of your steps.
For now I’d love you to consider joining this unique “Move to Earn” movement and make every step count! The timing couldn’t be better, as the amount of SWEAT you will mint, will potentially decrease. Only now, around the time of the “Token Generation Event” (the time when sweatcoins will be transformed into SWEAT), the aforementioned 1,000 steps will translate into 1 SWEAT, whereas already in 2023, 1,000 steps will only create 0.33 SWEAT.
Have a look at the following chart to better understand how Sweatcoin is planning the decrease the rate of inflation of the SWEAT token over time:
The SWEAT minting difficulty increase
Such mechanisms are common in blockchain-based programmatic monetary protocols since the projects ensure by design that there is a certain deflationary pressure on cryptocurrencies. Bitcoin’s halving in which the block rewards are cut down by half is a prominent example for such a method. In simple terms that means that as time progresses and more bitcoins are mined, bitcoin becomes increasingly scarce, and thereby increasing its value. Similar effects can also be expected for SWEAT.
Let’s Walk - What Should I Do?
I’m happy to hear that you are ready to earn by walking! The steps to make every step count are very simple:
Download the Sweatcoin App for free here. In case you want to support my work, you can also use my affiliate link which is also completely free for you! Only difference: I would get 5 sweatcoin for my successful invite. Thanks for considering this option to support me - at no cost for you!
Create a Sweatcoin account: The process is straight-forward, but please be reminded that as at least for every financial or crypto-based application, you should use a fresh-email address as well as passwords you haven’t used before!
Opt-in to Crypto: Navigate in your brand-new Sweatcoin App to the section where you can opt-in to crypto! Only by enabling the crypto feature in the app, you are walking for your future crypto tokens. Make sure to keep the confirmation email that will be sent out when you created your wallet - based on NEAR. The email contains a password (private key) to restore your crypto wallet, so keep this email private and safe.
You are all set to earn Sweatcoin - and claim your SWEAT tokens on September 13, 2022!
Simple steps to walk into Web3 and starting earning SWEAT
Don’t miss reading my upcoming BENNY KONG blog post (coming super soon) to learn how to earn even more when using the Sweatcoin App :)
Final Thoughts
Please keep in mind that we are still in a very early phase of Web3 and all blockchain-related activities can be considered as experimental as of now. Although Sweatcoin showcases great achievements so far and is on a good way to onboard many new users to crypto by offering them a healthy way to create passive income as described, this does not mean that all use cases will work out.
We don’t know yet what the price of 1 SWEAT will be but there might also be some certain volatility involved. So you have to be prepared that in very positive and bullish market environments, such as we had most in 2021, coins will be higher priced as in more bearish scenarios that we experience now.
As we create SWEAT with our movement and no initial investment is necessary, the Sweatcoin App is in my mind a relatively risk-free way to get into Web3 and that’s why I highly recommend it to you.
My humble guess is to accumulate SWEAT (currently expected to be at approx. €0,05 per coin and prices are might be volatile ) would translate into a passive income between €5 and 10€ on a monthly basis - what is a great payment for your steps! Steps that you do anyways! And on top there will be further opportunities to grow that passive income (eg staking) which we will be looking into as soon as more details are released.
I hope you enjoyed this first non-video gaming related content on BENNY KONG! And don’t miss my upcoming blog post on how to even earn more sweatcoins!
Please let me know if you like this new content and if you are interested in the topic of creating passive income through the power of Web3. Happy to learn more about this in the comment section!
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