Sweatcoin is a move-to-earn ecosystem aiming to revive the habit of walking among humans worldwide. The project has three primary objectives:
- A healthier planet: carbon emissions pollute the atmosphere and the air we breathe. So, Sweatcoin is doing its best to limit carbon effects by encouraging people to walk as much as possible.
- Healthier humans: today, billions of people do jobs that need sitting for long hours. As a result, they get caught in a cycle of inactivity. Sweatcoin provides this set of people with a reason to take walks and exercise their bodies.
- Wealthier population: limited carbon effects and healthier habits reduce some diseases’ risks. Accordingly, people can channel their financial resources into productive and economic investments.
Obviously, Sweatcoin’s goals are well thought-out and impressive. But what are the plans for achieving them? This article explains how Sweatcoin is running its move-to-earn features.
Who owns Sweatcoin?
In 2015, four co-founders created Sweatcoin. Their vision was to unlock the actual value of movement. The co-founders include Oleg Fomenko, Anton Derlyatka, Egor Khmelev, and Henry Child.
Four of them have backgrounds in professions required to build a move-to-earn ecosystem. For example, Oleg Fomenko, Sweat Economy’s CEO, worked in behavioral change departments. His gained experience working with companies like PepsiCo and Visa.
Oleg founded Bloom.FM, a music streaming service, before creating Sweat Economy. Likewise, Anton Derlyatka worked at a fitness firm before working at Pepsi and Reebok.
How it Works
Sweatcoin has a mobile app where all the actions happen. It is available for free download on android and iOS devices. The android app has about 50 million downloads on Google Play Store alongside a 4.2-star rating. Meanwhile, the Sweatcoin iOS app ranks 9th among health & fitness apps on Apple Store. Also, it runs on Apple watches.
The Sweatcoin app
Sweatcoin incentivizes users for the number of steps they take daily. After installing the app, it will request permission to track your steps. Not to worry, it doesn’t track your location and cannot impair your privacy.
There are three ways to earn Sweat coins.
- Walking: when you begin walking, the app counts them and rewards you. Of course, the more steps you take, the more coins you make.
- Viewing ads: users can claim daily rewards by viewing adverts. This feature allows you to earn between 0.1 and 1,000 sweatcoins daily.
- Referrals: Sweatcoin also rewards users with crypto when they invite others.
Meanwhile, there is more to the Sweatcoin app than walking to earn. It features a marketplace where you can buy physical goods like high-tech shoes. Here is how the marketplace works:
- Select an advertised product
- Each product has a significant cash discount
- Pay sweatcoins to earn the discount on the price
- Sweatcoin provides a coupon code that buyers will use when paying for the product.
If you have the coins it takes, you can click “Bid” in the marketplace to take part in auctions. Sweatcoin holds auction events where it brokers the sale of goods to the highest bidders.
Additionally, users can donate sweatcoins to charities. The funds go to foundations in charge of displaced people. Sweatcoin also partners with charities to set up challenges or promote climate change.
Although the Sweatcoin app generates coins, they do not become cryptocurrencies immediately. There is another step involving Sweat Wallet. After installing Sweat Wallet, connect it to your device’s Sweatcoin app.
After that, it will display the same number of sweatcoins generated. At the same time, you will also see an available balance that might be lower than the original amount. Why?
As said, sweatcoins are not crypto assets. They turn to Sweat Economy tokens (SWEAT) when you sync the wallet with your Sweatcoin app.
As of this writing, Sweat Wallet allows you to transfer SWEAT to other users or account.near wallets. Also, the wallet offers a Growth Jar where users can stake SWEAT for a 12% annual yield. Soon, users will be able to store non-fungible tokens in Sweat Wallet.
Sweat Economy (SWEAT)
Sweatcoin launched Sweat Economy and the SWEAT token on September 13. A launch, those generating sweatcoins through steps unlocked about 10% of available tokens. But the remaining balance will unlock over the next 24 months.
The Sweat Economy token runs on Ethereum and Near blockchain. Its total supply is 21 billion. According to Coinmarketcap, about 2.05 billion SWEAT is currently in circulation. Crypto exchanges, like Bitfinex, joined Sweat Economy by listing SWEAT token at launch.
Strategic Partners of Sweatcoin
Sweatcoin For Good (S4G) is a branch of Sweat Economy. It uses the company’s technology to improve earth’s conditions and make it safer. For instance, S4G is an official partner of Save The Children. This partnership focuses on saving Ukraine’s children from dangers of the ongoing war.
S4G has partnered with over 100 charities, including:
- Cancer Research UK
- Conservation International
- African Wildlife Foundation
- International Rhino Foundation
- Partners Relief & Development Organization
- National Association for the Advancement of Colored People (NAACP)
- Lonely Whale
Sweatcoin Roadmap and Development Plan
Currently, over 120 million people use Sweatcoin in more than 60 countries. The project is targeting 1 billion users shortly. How will the team achieve this milestone? Consider the project’s roadmap.
In 2022, Sweatcoin launched its mobile app. Yet, it wasn’t until the SWEAT Token Generation that Sweat Economy began operating. Sweat Economy’s development will span for two years over four phases:
First Phase – Concluded
- SWEAT Token Generation Event (TGE)
- Sweat Wallet App
- SWEAT staking
- MVP: Staking Incentives
Second Phase – Ongoing
- SWEAT NFTs
- Fiat on-ramp
- More staking rewards
Third phase – 2023
- Sweat Economy DAO
- NFT marketplace
- Decentralized Exchange
- Marketplace curated offers
Fourth phase – 2024
- Creating an economy of movement
- Movement data analytics
- Reward generation for cycling, swimming, etc.
The Sweatcoin project is not about rewarding users with SWEAT tokens. Instead, the main goal is for humans to benefit themselves, society, and the earth at large.