In spite of a parliamentary impasse over corruption, India’s struggling coalition government forced through another spending package on Thursday.
- Plans to force governments to take $SWEAT as tax money are revealed by Sweat Economics.
- Crypto Twitter criticises Sweatcoin’s incentive structure in light of the Tesla 3 scandal.
- Despite a threefold increase in minting difficulty, SWEAT declines 35.8% after a month.
Recent surprises from the top walk-for-crypto app Sweatcoin (SWEAT) included a free Tesla Model 3 giveaway and the NFT game Sweat Hero. Yet, Sweat Economy has been under fire from Crypto Twitter for having an unclear incentives structure in the Sweat Wallet. In addition to the debate about incentives, Sweat Economy endured multiple weeks of losses, shedding 10.3% and 18.8% of its worth, respectively, during the last week and two weeks.
The walking cryptocurrency’s value has decreased by 35.8% since last month and is now over 10 times lower than its one-day post-launch all-time high (ATH). According to CoinGecko, the walk-to-mint cryptocurrency Sweat Wallet (SWEAT) is now trading at $0.01004144. In order to sustain the step-counting cryptocurrency’s market value, Sweatcoin has upped the minting difficulty of its native cryptocurrency to 3,000 steps.
Taxes Paid in Sweat Pay Off with a Healthy Lifestyle
The goal of Sweat Economics is to provide people more options for earning money while walking. The team behind the most widely used health and wellness app in 66 countries wants to persuade governmental organisations to accept Sweat Economy (SWEAT) as a form of payment for taxes, according to Oleg Fomenko, the co-founder of Sweatcoin, who made this revelation in a recent interview.
Governments might do this to enhance public health and dramatically lower the expenses of the public health sector. Eventually, the energy costs associated with short transit would drastically drop if more individuals choose to take daily strolls and walk to their places of employment rather than driving automobiles and using public transportation.
Ambiguity: Where Is Tesla with Sweat Wallet Rewards?
The lucky winner’s Near Protocol (NEAR) wallet address was previously shared on Twitter by Sweat Economics along with a free Tesla Model 3 giveaway. Sweat Economics declined efforts to provide the winner’s login repeatedly since doing so would violate their privacy policies.
Since it’s hard to determine whether the winner has been notified and the majority of Sweat Wallet users aren’t even aware of where to verify their public wallet address, several cryptocurrency enthusiasts on the Twitter thread accuse Sweatcoin of misleading customers. Finally, this brings up the problem of transparency. As many users have previously noted, the Sweat Wallet rewards system may easily be improved by just declaring the winners in the app.
On the other hand
As the SWAP function on Sweat Wallet hasn’t yet been released, there is no method to trade Sweat Economy (SWEAT) for any other cryptocurrencies.
Why It’s Important
Sweatcoin, which is regarded as the inventor of walk-to-mint crypto technology, has more than 120 million active users globally across Web2 and Web3.
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