New Launch: Decoding Sweat Economy (SWEAT)
Indian-based cryptocurrency exchange Giottus has announced the launch of Sweat Economy (SWEAT) on its platform for trading.
Sweat Economy (SWEAT) is based on the Ethereum (ETH) and Near Protocol (NEAR) blockchains and is designed to reward users who sign up for the system and engage in physical activity. Sweat Economy is part of the developing Sweatcoin product ecosystem.
Giottus now offers SWEAT for trading in the SWEAT/INR pair, and the trading started at 7 pm on 21st September 2022. Withdrawals and deposits are not available now but will be made functional in the future.
About Sweat Economy
Sweat Economy is a Web 3.0 extension to the currently existing Web 2.0 Sweatcoin platform, presently the most downloaded Health & Fitness app globally. Sweatcoins are created by the value of your physical activity. The more active you are, the more tokens you can earn!
Sweat Economy works in tandem with the Sweatcoin app. With the help of the app, users earn digital rewards points by engaging in physical activity. These rewards may be gathered, utilised within the app, or changed into on-chain SWEAT coins and kept in the non-custodial Sweat Wallet app.
Being one of those cryptocurrencies with real-life utility, it is a step-counter app that tracks all your steps while rewarding you with Sweatcoins. This digital money can be exchanged for gadgets, fitness essentials, discounts, and various coupons.
The total supply of SWEAT is uncapped and is minted by verified movement. Now this could be discouraging for long-term holders. This move is because Sweatcoin wants to permanently encourage movement and fitness, which they can only do if they continually reward your steps.
However, the SWEAT minting difficulty will rise in the future, reducing this inflationary element and bringing inflation closer to zero with each passing month.
In short, the entire Move2Earn ecosystem is approached differently by Sweatcoin. Their aim is to integrate their token into the real-world economy as it is a great concept that motivates the audience toward health and fitness.