Sweatcoin Getting All Into Web3, Along With 64M Users

• The significant move to earn app Sweatcoin is about to move all in crypto with integrating blockchain. 

• His company’s aim was to bring Sweatcoin to a blockchain and take advantage of the idea of decentralization, highlights the CEO.

• It is to look forward to how its native token would perform and emerge to be in the vast crypto space. 

Sweatcoin focused on bringing people to be more active and seems like now it is about to fulfill that vision, as it is all set to bring a massive number of new users to the Web3 ecosystem. 

The significant move to earn app is about to roll out on the NEAR blockchain and introduce its native cryptocurrency SWEAT in order to get real-world value to the Sweatcoin rewards. 

Oleg Fomenko, the founder and CEO of Sweatcoin, had a discussion with Cryptonites’ Alex Fazel about the app’s potential and how it would facilitate the users with its transition into Web3. 

Sweatcoin was founded in the year 2015, with its focus on keeping its users active for all these years. Fomenko highlights that his company aimed to bring Sweatcoin to a blockchain and take advantage of the idea of decentralization. 

Given the fact that back then, Ethereum was still early, that signified that a decentralized rolling out would be slow and costly, which prompted Sweatcoin to be unboxed as a centralized service. 

According to the CEO, this facilitates the project to gain a user base pretty fast, which is approximately 65 Million so far. Back in 2017, Swaetcoin was processing around 400 transactions per second, and in the current times, the app processes more than 1500 transactions per second. This is possible as it requires a robust, scalable, and fast blockchain network behind it. 

SWEAT, native crypto, would be brought to Sweatcoin by launching on a blockchain. This would replace the current Sweatcoin rewards. 

Talking about the SWEAT token, he signified that during the token generating program, one token would be created for every Sweatcoin that is on the user’s balance. And following the TGE, users can mint a token with every move. 

He further highlighted that it would become hard to mint SWEAT with time. And that in five years, it would require five more steps to mint each token compared to now. He directed towards making SWEAT a true deflationary token. 

The CEO aims to take all benefits from Web3. This was clear when he signified the long-term goal of transitioning into a DAO and truly turning into a decentralized organization. 

It is to see how the project performs while it moves towards decentralization. 

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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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