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The Sweat Economy platform, designed to earn money, is designed to repurpose over 2 billion native $SWEAT tokens that have been locked in dormant user wallets.
Approximately $10 billion worth of tokens were locked in dormant user accounts following the September 2022 token giveaway. were placed under a 24-month lockdown contract.
Users who have not been able to install Sweat Wallet over the past year and claim locked tokens have essentially left a significant portion of the ecosystem’s tokens frozen in inactive accounts.
The Sweat Economy Foundation controls the keys to the lock contract responsible for the token generation event, allowing the platform to repurpose tokens that would otherwise be “abandoned” and unrecoverable.
Sweat Economy users have been asked to participate in a Decentralized Autonomous Organization (DAO) vote to decide the fate of the locked $SWEAT tokens. Users can choose to recover, transfer and possibly repurchase the 2 billion tokens in the future, or leave them unclaimed in their respective inactive accounts.
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According to the platform, more than 355,000 users voted between June 7 and 14, with 83 percent of voters supporting the return of unused tokens. Sweat Economy will move approximately 2.4 billion tokens from the lockdown contract to the treasury management contract.
The Foundation intends to propose a new community vote for the distribution of recovered tokens on its American platform launched in September 2023.
A Sweat Economy spokesperson told Cointelegraph that the principle of a community-centric decision-making platform is based on the “one token holder = one vote” rule. The wider community will ultimately decide how the platform uses or repurposes the $10 million worth of repurchased tokens:
“This is a notable and groundbreaking change in the industry as most projects empower token holders in proportion to their holdings.”
The Sweatcoin web1 and web3 mobile application records the daily number of user steps and rewards them with $SWEAT tokens for activity: 4033.93 steps generate 1 $SWEAT token. The app enforces a limit of 5000 steps.
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