The Sweat economy, on 10th October, announced a new update on their SWEAT wallet, which brings significant inflation reduction. The reduction implies that it increases the minting difficulty level.
The change is expected to become effective from 10th October (Monday at 12:00 UTC). According to the foundation, they are looking forward to an environment where users can future-proof their tokens and enjoy sustainability in the ecosystem.
This is of course a great development in blockchain technology, and that needs a detailed explanation to know what changes happened. Also, it’s important that users understand how the new changes will affect their minting and interaction in the wallet.
💧SWEAT TOKENOMICS UPDATE📢
Live today 12:00 UTC: significant inflation reduction mechanic.
• Minting difficulty increases 400% faster
• Massive tightening of token emission curve
— Sweat Еconomy 💧 (@SweatEconomy) October 10, 2022
SWEAT ECONOMY: AN OVERVIEW
For a healthier planet and a healthier and wealthier you, the SWEAT economy decided to make walking pays. Medically, walking a few distances pays and makes one have a healthy body. However, the SWEAT economy decided to make it pay financial-wise too.
As an extension to the promising Sweatcoin product ecosystem, which will be discussed later, Sweat Economy is an evolving platform featuring millions of movers. It is an on-chain token ecosystem that rewards users for keeping fit. It’s also available as a mobile application.
According to the project, Swear Economy is currently the most downloaded Health and Fitness app across the globe. This is well understood since it offers rewards to users while making them keep fit. Sweat economy is simply a Web3 extension to the existing Web2 Sweatcoin platform.
The community currently houses over 120,000,000 users in web2 and web3 who come on board to move and earn while interacting with fellow users. On the platform, you can transfer your coin to millions of businesses that pay to access the vast network of users.
Also, you can stake and get rewarded in various clubs across the Blockchain. This will earn you a reasonable yield for just your SWEAT, which simultaneously keeps you fit. The more you stake, the wider your access to better rewards and a wonderful app experience.
Also, users with high staking records will enjoy perks like increased daily SWEAT minting limits, premium services, lower transaction fees, and lots more. You can as well feature or buy SWEAT in the platform’s marketplace using your debit or credit card.
The platform is looking to introduce cryptocurrency as a payment method in later updates and also bring NFTs and blockchain gaming to the platform. This will further make it more fun for game lovers who are passionate about keeping fit at the same time.
According to SWEAT Economy, it all started with SWEATCOIN. What then is SWEATCOIN and why is it significant to the ecosystem?
The SWEATCOIN App
Sweatcoin is a free mobile application that aids the counting of your steps and redeeming them into a digital currency known as sweatcoins. Its working principle is simple: “You work more, you earn more. Earning more makes it possible for you to walk more, and the cycle continues.”
The app simply rewards your steps daily with a virtual currency that you can convert to SWEAT, make purchases with, or donate to charity. The healthy planet we are in needs healthy people like you, and that’s exactly what Sweatcoins aim to achieve.
By looking after your health, you are indirectly benefiting society. You are saving thousands of prospective patients and expenses in the healthcare sector. Since your movement has value, don’t you mind getting a share of it?
New Changes in the Sweat Economy
In a bid to extend the scope of sweat economy, the foundation has come up with some changes to its application. This announcement was made public and the major point is just the significant inflation reduction.
They have decided to increase the minting difficulty rate of SWEAT by 400%. The change was implemented yesterday (Mon 10th, October at 12:00 UTC). The platform had earlier hinted to its users about the coming of a new global economy of wealth through health.
This is one of the scheduled steps toward achieving this objective. You should get ready and start growing your wallet by engaging in several exercises and walking. The new development will enhance your steps’ value and the strength of your SWEAT.
The SWEAT you hold in your wallet (Growth Jars) will certainly benefit from the new change. One important advantage of the new measure is that it will massively reduce the walking token emissions curve.
As a beginner or just an individual aspiring to join the ecosystem, you might be wondering how Sweatcoins get their value.
Sweat economy grants users rewards from value from their vast number of partners. Some brands just want to connect with health-conscious audiences. Others are government agencies and insurers looking to reduce healthcare costs and encourage healthier lifestyles respectively.
The sweat economy teams are purportedly working on other changes as well to produce slower inflation of the circulating supply. They have long since developed a method for making the next SWEAT harder to mint than the previous one.
This mechanism supports their mission of assisting individuals in getting moving now, not tomorrow.
Current Key changes
- Current minting difficulty increase of 2.9 steps per day
- New minting difficulty will make this 12 steps a day (0.5 per hour)
The modification they are implementing will result in a 4X/400% increase in the present mining difficulty. The minting difficulty number (located in the upper right corner of your Sweat Wallet interface) will immediately increase from about 1,080 to 1,270.
Finally, the platform implores you to stay tuned as they are working on further models to further decrease the rate of inflation. According to them, this is just the beginning.