SWEATCOIN- THE NEW ECONOMY THAT MONETIZES YOUR STEPS

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Coinmonks

9 min readMay 25, 2022

General Concept of Sweatcoin

Physical inactivity alongside Tobacco abuse, Alcohol Abuse, and Unhealthy diets has since been identified as a leading risk factor for global mortality. In 2018, the World Health Organization (WHO) launched a Global Action Plan on Physical Activity 2018–2030. This Action Plan outlines four policy action areas and 20 specific policy recommendations and actions to increase, in no small measures, physical activity worldwide. The global action plan demands from countries, cities and, communities across the world to adopt a holistic response. A response involving all sectors, stakeholders and, individuals taking action at global, regional and, local levels to provide supportive environments and opportunities to help people increase their levels of physical activity and awareness of its health benefits. In 2020 World Health Organization further came up with World Health Organization 2020 guidelines on physical activity and sedentary behavior and these guidelines are geared toward making people embrace physical activities.

With the advancement in technology, physical inactivity levels have greatly skyrocketed in developed and developing countries. This is because one can from the comfort of his bedroom go around the world. That is, one can virtually survive at one point so long as he has an internet connection. For example, one can buy and sell from his bedroom, in fact, there is virtually nothing we cannot do from the comfort of our homes including performing our employment duties.

It is no secret that humans are always chiefly concerned with how they can make a living. Hence, virtually most human actions are geared toward making ends meet for themselves and their dependants. So naturally, humans will always listen and key into any idea that has the capacity to earn them money. And it is almost certain they are going to try the ideas, especially where the requirements are simple and undemanding. These factors or ideas gave rise to the emergence of SWEATCOIN.

Sweatcoin came up with an opportunity for one to be able to earn while improving his health through engaging in physical activity by walking. Basically, sweatcoin entails staying healthy through exercise and getting paid for attempting to stay healthy. It is an incentive towards getting people into engaging in physical activity which gives rise to a healthier life and in turn, a better society. The initiators of sweatcoin believe that when you take proper care of your health, you, directly and indirectly, benefit society as you are going to be more productive, more useful, and happier.

We can compare sweatcoin to gamefi. Just as Gamefi uses the play2earn (p2e) model to operate, sweatcoin uses the move2earn (m2e) model in its own operation. To learn more, you can check out the SWEAT Litepaper here

Origin of Sweatcoin

Since we have already taken ample time and space to explain the concept of sweatcoin in detail, we will not be dueling so much on the origin. Sweatcoin was founded and launched in 2015 by Oleg Fomenko together with Anton Derlyatka, Danil Perushev and Egor Khmelev as co-founders. It is a web2 project, which has been diversified into launching a web3.0 project (@sweateconomy), with a vision to inspire a healthy and wealthy planet by rewarding all forms of movement.

Progress of Sweatcoin

Sweatcoin has kept progressing since its introduction into our space. The project cost the founders over 700,000 euros to develop the application. However, in 2018 the company strengthened its capital with a round of funding of 5.7 million euros, to accelerate the expansion of Sweatcoin. This process was led by Goodwater Capital together with investors in Seedcamp, Silicon Valley, and Europe. On January 25, 2019, it was shown that Sweatcoin had obtained a total of 6.3 million euros through three rounds of financing. The founders were able to partner with numerous charities such as Save the Children, Cancer Research, and Conservation International alongside working with government organizations such as the National Health System (NHS) to help motivate people to move more through incentives. The company showed its means of business as the firm boasted over five million registered users in under a year. Today, it has over 64 million registered users worldwide and just recently ranked number 1 in the App Store and google play store in 33 countries and counting.

Destination of Sweatcoin

Reports suggest there are currently more than 5 million people in England alone who are at high risk of developing Type 2 diabetes, which is largely preventable through lifestyle changes. Physical activities also aid mental health, including the prevention of cognitive failure and symptoms of depression, anxiety, and other psychological imbalances.

Nearly 40% of American adults have obesity. This is according to research conducted by the Centers for Disease Control of the United States led by Craig M. Hales, MD, MPH of Division of Health and Nutrition Examination Surveys, National Center for Health Statistics, Centers for Disease Control and Prevention. This was published on 13th October 2017. The pandemic can be drastically reduced if people can cultivate the habit of proper and effective physical activities, and yes sweatcoin is here to help.

Over time, and with more advancement in technology, decentralization, and cryptocurrency adoption, there aroused an increased need to tokenize every step and so the sweatcoin team had announced that they will be creating their own cryptocurrency. And as at the time of writing this article on the 25th of May, 2022, it is worthy to note that the sweatcoin team will be launching their crypto this summer, on Ethereum and using NEAR as its blockchain provider.

This application is programmed to read every user’s steps and convert the same to tokens. Currently, 1000 steps generate 1 SWEAT token and after the launch, your first 5000 steps will mint 1 SWEAT token, and minting will become harder over time (just like bitcoin). Also, sweatcoin will take a 5% fee from the SWEAT created. So you see why you need to start accumulating as much as you can before the launch? You guessed right.

Things you can do with your sweatcoin

This is more like “Things you can do with your money”. Sounds funny right? Yes. The SWEAT token is a valid means of exchange just like money and other cryptocurrencies. Even though it has not been fully launched, it is still exchangeable/ spendable in certain places like the in-app marketplace on the sweatcoin app and Flare app.

Also, there are lots of things you can do with your SWEAT tokens such as:

Purchasing both digital and physical items from the sweatcoin marketplace.
Make donations. The sweatcoin app allows you to utilize your SWEAT for the greater good, by making donations for humanity. Just like the ongoing campaign of the week, “The Davos Challenge: Walk for Ukraine ” with a 3,000,000 SWEAT objective and “Sweatcoin for good: Aid firefighters injured in action” with a 1,000,000 SWEAT objective. Don’t hesitate to make your donations.
Participate in auctions and place your bid

Hopefully, in the future, there will be a greater opportunity to buy cryptos with the SWEAT token.

Restriction on the Use of Sweatcoin

The only restriction to the use of sweatcoin is that people below 13 years of age are prohibited from using this product. This is on the privacy policy of the company which has since been last updated on 22nd November 2019.

Furthermore, it has gotten to the economy how some people try to maneuver the system by tying their phones to their pets like dogs and cats to do the steps, but unfortunately for them, the sweatcoin app recognizes and approves only human physical activities.

How much do you pay to get started on Sweatcoin?

Sweatcoin is absolutely free for all users, with no signup charges. You are given good health and cash. No compulsory monthly subscriptions, no hidden charges. Nothing is taken from you. As earlier stated, the idea is basically to encourage you to embrace healthy living.

How to set up your Sweatcoin wallet

The sweatcoin wallet is, of course, the simplest wallet creation in crypto and it takes just a few minutes to set up amongst which are:

Follow here to accept the invite and download the sweatcoin app. You have the option to either download from the Apple store or the Google play store. Also, ensure the app is available for your country before use.
Login to create your sweatcoin account.
Visit the marketplace, and then ‘crypto’, where you can create SWEAT wallet.
Start walking to earn sweatcoin.
Follow the sweat economy on Twitter discord and telegram to stay in touch for updates.

Best ways to earn with Sweatcoin

Basically, the simplest way to earn sweatcoin is just by walking. How many steps are you willing to take every day? How much energy are you willing to burn just by walking? Well, you never can tell until you get it started. Another interesting aspect of this is that there are so many other ways to earn more sweatcoins, some of which include:

The daily rewards. This allows you to unlock certain rewards after you must have completed some steps or even set new records for the day.
The daily 2x boost works, which allows you to earn double your steps when you walk, run or move for about 20 minutes daily. To achieve this, you can select the hour of the day when you are most active. And at the end of the 20 minutes task, you earn double the steps walked.
Join the monthly challenge. What this typically does is motivate you towards achieving the desired target for a particular month just like the recently concluded 5 billion steps to save Africa’s Elephants challenge.
Get premium: Do you know that sweatcoin has a premium version that typically allows you to earn double sweatcoin for every step you take? All you need is to tap on the premium version on your sweatcoin app and select either a monthly or yearly subscription plan, make your payments according to your country’s currency and you are good to go. Also, the app gives a free 1-week premium trial, which allows you to try the premium features for 1 week before deciding whether to cancel your subscription or not.
Join the Sweatcoin Influencers program. As an influencer, your sole responsibility is to promote sweatcoin on your different social media channels and spread the word. In return, you get paid through PayPal or your bank account through wise (formerly transferwise).
Invite friends: Sweatcoin has a referral program that allows you to earn 5 sweatcoins for every successful invite. Just imagine inviting your friends, colleagues, and coworkers to use the sweatcoin app while earning more. That’s amazing, right? Yes, I know. Don’t waste any more time, just click on my referral link here to get started.

Truth is, Sweatcoin has given us all lots of opportunities to earn in a healthy way. It’s only a matter of time before other activities will be earnable in the sweatcoin app.

Conclusion

This project has been incredibly successful. As earlier stated, just a year after its establishment, Sweatcoin was able to garner over 5 million registered users and as of the time of writing this article (25th May 2022), Sweatcoin now has over 64 million registered users worldwide and this number keeps increasing exponentially. There is no better way to explain the success of this project than these numbers.

Everyone is therefore encouraged to key into this great idea which has turned into a fundamental success for the benefit of your health or for the mind-blowing rewards that it offers or for both reasons.

Don’t be left out! Stay healthy! Stay Wealthy! Health is Wealth! And this is what SWEATCOIN represents!

About

Igwe Ihuoma Patience is a self-taught creative and industry-specific content writer, and cryptocurrency enthusiast with 2years plus experience and knowledge of the constantly evolving blockchain space.

I am skilled in content creation, copywriting, curating captions, video editing & graphic designing with mobile phones and I teach others how to get started in the cryptocurrency and blockchain space and My goal is to make blockchain learning and updates easy for anyone to understand.

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