Sweatcoin is one of the projects giving the rave of the moment — Move-to-earn — significance and traction. It was founded in 2015 by Oleg Fomenko who is also the CEO. Since then, the project has been on a mission to keep its users active and fit.
The Sweatcoin app was designed to unlock the power of movement. It has more than 63 million users who have walked over 19 trillion steps and 600+ brand partners who provided over $200 million worth of goods in Q4 2021 alone.
And now, the big news is that the London-based tech company has partnered with the NEAR Foundation to launch $SWEAT token on the blockchain and bring its current over 63million users to web3. NEAR protocol is a Proof-of-Stake (PoS) blockchain network focused on scalability.
According to Oleg Fomenko, what prompted the idea of the token, he told GoBankingRates that:
“We were worried about the problem of the increasingly sedentary, unhealthy lives we are leading and the far-reaching ramifications of this for both us, as individuals, and society as a whole.”
“We want to make a billion people more active. The question kept coming – how can we make it more incentivizing for people to move that little bit more. Sweatcoin was the answer – an app that counts your steps and rewards you for them,”
Furthermore, Fomenko stated that while the company had the idea of a crypto reward mechanic in mind from the beginning, crypto wasn’t ready for mass market utilization in 2015 and so Sweatcoin developed as a rewards-currency app.
How it works
Users need to download the Sweatcoin app to get started. As they walk, run, or move, the app verifies steps as a Movement Validator and assign value to their movement.
The Sweatcoin team has plans to decentralize the movement verification process in order to enable other apps and wearables to verify new forms of movement. This would allow users to be able to earn SWEAT by swimming, cycling, hiking, working out, rowing, and others.
The app already has over 63M users that have walked over 20 trillion steps. This is a pointer that the token might become harder to mint as it becomes bigger. The best decision is to join early and earn more tokens.
The Sweatcoin token would be redeemed for goods and services in the app from 300+ brand partners, including Sonos, Reebok, and others.
Unique feature of Sweatcoin
Obesity is one the world health problems World Health Organization (WHO) is trying to address. Sweatcoin aids WHO efforts and intends to change the troubling trend by incentivizing people’s health and well-being.
“The inherent issue with traditional cryptocurrency is that you have to use your own money. While SWEAT will be available to purchase, the key difference is that for everyday users, you invest your steps, which we hope is going to encourage people around the world to want to be more active. We’re investing in the future wellness of our users and literally letting them walk into the world of crypto.” – Oleg Fomenko.
The Sweatcoin Foundation aims to create a societal shift where people feel empowered and motivated to improve their health through reward. Jump on it!