Sweat Economy Chief Makes Bold Claim Amid Tesla Controversy

The walking crypto app will require more sweat to mint Sweatcoin as co-founder reveals ambitious plans.

Sweatcoin founder Oleg Fomenko standing in a black background with purple bubbles.
  • Sweat Economy reveals plans to push governments to accept $SWEAT for taxes.
  • Crypto Twitter blasts Sweatcoin’s rewards system over the Tesla 3 controversy.
  • SWEAT sinks 35.8% in a month despite three times increased minting difficulty.

The leading walk-for-crypto app Sweatcoin (SWEAT) recently surprised many crypto enthusiasts with a free Tesla Model 3 giveaway and NFT-based game Sweat Hero. However, Crypto Twitter has turned the heat on Sweat Economy for a vague rewards system in the Sweat Wallet. In addition to the controversy regarding rewards, Sweat Economy had several weeks in the red, losing 10.3% of its value in the last seven days and 18.8% in the last two weeks.

With a 35.8% decline since last month, the walking crypto is worth almost ten times less than the all-time high (ATH) one day after launch. At press time, the walk-to-mint cryptocurrency Sweat Wallet (SWEAT) trades at $0.01004144, according to CoinGecko. Currently, Sweatcoin increased its native cryptocurrency minting difficulty to 3,000 steps, which is meant to maintain the market value of the step-counting crypto.

Healthy Lifestyle Pays off with Taxes Paid in SWEAT

Sweat Economy’s vision doesn’t just revolve around enabling users to make extra money by walking. In a recent interview, Oleg Fomenko, the co-founder of Sweatcoin, revealed that the team behind the most popular health and well-being app in 66 countries aims to convince governmental institutions to adopt Sweat Economy (SWEAT) as a means of payment for taxes.

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This way, governments could improve the general public’s health and significantly reduce public health sectors’ costs. Ultimately, if more people would go for daily strolls and walk to their workplaces instead of driving cars and riding public transport, the energy costs generated by short transportation would radically decrease.

Sweat Wallet Rewards Ambiguity: Where’s Tesla?

Previously, Sweat Economy gave away a free Tesla Model 3 and posted the lucky winner’s Near Protocol (NEAR) wallet address on Twitter. After many requests to share the winner’s username, Sweat Economy refused, as it goes against their privacy guidelines.

Many crypto enthusiasts on the Twitter thread accuseSweatcoin of deceiving customers, as it’s impossible to find out if the winner has been contacted, and most Sweat Wallet users don’t even know where to check their public wallet address. Ultimately, this raises an issue of lack of transparency. The Sweat Wallet rewards system could easily be fixed by simply announcing the winners in the app, as already suggested by numerous users.

On The Flipside

  • There’s no way to exchange Sweat Economy (SWEAT) for any other cryptocurrencies, as the SWAP feature on Sweat Wallet hasn’t launched yet.

Why You Should Care

Sweatcoin has over 120 million active users worldwide in Web2 and Web3 and is considered the pioneer of walk-to-mint crypto technology.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.