SWEAT crypto token was launched on April 12, 2020 and it has seen the creation of over 4 million sweat crypto wallets through mobile applications since it was launched. This total number of wallets represents an allocation of over 860 million sweatcoins. These sweatcoins will be matched with SWEAT at the token generation event in July. The concept behind Sweatcoin’s new ‘move-to-earn’ crypto token is unique as it allows users to mine the token by tracking their steps and movements on their smartphones.
A London-based tech company shared its view on the concept, saying the token’s idea is to launch a global currency based on the value of steps and movement. According to the tech company, the cryptocurrency will be minted purely by steps. The Sweatcoin app is experiencing massive adoption worldwide. The total number of sweatcoin users globally is around 90 million, witnessing a tremendous growth rate of over 22% in just a month of its launch.
In less than two months of its launch, the app has topped both the App Store and Google play in over 30 countries, including Canada, Brazil, Portugal, Spain, and Switzerland. The now popular app also saw a total worth of $71 million value exchanged in its in-app marketplace in Q1 of 2022 alone.
One of the co-founders of Sweatcoin, Oleg Fomenko, said in a statement that Sweatcoin has “seen around 100,000 people sign up every day since our launch. This is already one of the biggest onramps into crypto ever with more and more people buying into the move-to-earn concept and signing up so they can get their SWEAT when the token generation event comes.”
According to Blockchain.News, Sweatcoin was designed mainly to incentivize people’s health. It also said that the project is a pioneering idea to empower people to improve their health and earn through the process. According to a company’s report, sweatcoin users walk an average of 20% more after downloading the app.
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Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.