What Is Sweatcoin and Sweat Economy (SWEAT)?
Sweatcoin is a highly popular mobile fitness app that was first launched in 2016. With over 110 million users worldwide, the app sets out to motivate healthier living by rewarding users for daily physical activity.
Users are rewarded with an in-app currency — Sweatcoin, a non-crypto virtual token which functions as a monetary incentive to reward users for their physical activity. Users can now convert Sweatcoin to SWEAT — the crypto token — to claim real world prizes and experiences. At the time of writing in September 2022, Sweatcoin is ranked first for the most downloaded health and fitness app in 58 countries.
Sweat Economy is the newly-launched web3 initiative of Sweatcoin. Within the Sweat Economy app, a crypto token, SWEAT and cryptocurrency wallet, Sweat Wallet are launched. Over 13 million wallets were created in four months since the launch. Further, Sweatcoin has raised $13 million in investor funding and is planning to hold a public token sale and strong hold offering on the DAO Maker launchpad.
Read: Move to Earn: Fad or The Future?
Who Are the Founders of Sweat Economy (SWEAT)?
Oleg Fomenko is the co-founder of Sweat Economy. Fomenko is a Russian-born, London-based entrepreneur with experience at Coca Cola, Visa, PepsiCo and the Boston Consulting Group. Fomenko is also the founder and CEO of Bloom.fm, a mobile music streaming service that amassed over 1.2 million users by offering a deal of £1 per month for unlimited streaming. Shortly after Bloom.fm shut down, he began working on Sweat Economy.
Co-founder Anton Derlyatka holds an MBA from the London Business School and has also completed Executive Programs at Stanford Business School and US Berkeley. Prior to Sweat Economy, Derlyatka worked at a VC firm that specializes in fitness tech and held senior management roles at Reebok, Kearny and Pepsi.
Egor Khmelev is the CTO and co-founder of Sweat Economy. Khmelev is a developer and graduate of the Computer Science program at the University of London. Prior to Sweatcoin, Khmelev led several tech startups in Moscow.
Henry Child is the CCO of Sweat Economy. He began in traditional finance and worked at a hedge fund before transitioning into tech and crypto. He previously worked at the Deliveroo HQ and also held roles at Bitfinex and Tether.
What Makes SWEAT Unique?
The app aims to lower global carbon footprints by incentivizing physical activity to create a healthier and more active world. Sweatcoin pioneers a move-to-earn (M2E) style game, which is similar to a play-to-earn game, where users can earn monetary rewards for their participation. In this M2E game, users can actually earn crypto for being physically active in their day-to-day lives.
The team states that their app has increased their users’ physical activity by an average of 20% and has partnered with the NHS to help create a healthier society and reduce burdens on global healthcare systems. Moreover, though Sweat Economy states that they have never sold their users’ data, users will have the option to sell their movement data to healthcare companies.
STEPN has kickstarted the move-to-earn trend in early 2022 — with reportedly over 3 million users, it is the leading player in the M2E sector. While there are a wave of M2E incumbents joining the crypto space, Sweat Economy already has an existing application and global user base before launching a token and transitioning into a Web3 “lifestyle application”.
Find out more about STEPN — one of the leading “web3 lifestyle app” that started the move-to-earn trend.
Check out Genopets (GENE) — a Solana-based M2E game inspired by a combination of Tamagotchi, Pokemon, and Strava.
Learn more about Step App (STEP) — an Avalanche-based move-to-earn game where users and their metaverse avatars complete fitness quests and PvP (player versus player) challenges.
Read more about the different play, move, watch and create-to-earn sectors.
Take a deep dive into the NEAR Protocol ecosystem with CMC Alexandria.
How Many Sweat Economy (SWEAT) Coins Are There in Circulation?
The Sweat Economy team has not placed a cap on the token supply because they hope to incentivize movement; the more steps people take, the more tokens they will issue. However, the team will implement exponentially decreasing inflation, such that each consecutive SWEAT will require more steps to mint.
How Is the SWEAT Economy Network Secured?
Both the SWEAT token and Sweat Wallet are built on NEAR protocol, a layer-one blockchain running on the proof-of-stake (PoS) consensus mechanism. Validators need to stake a minimum seat price of 67,000 $NEAR, although the live seat price may differ. A maximum of 100 seats are allocated to validators to help secure the network.
When Will SWEAT Trading Begin?
SWEAT token will be launched Sept. 12, 2022.
Can SWEAT Hit $1?
The token has not yet launched at the time of writing, so it is unclear whether SWEAT can hit $1.
Where Can You Buy SWEAT?
At present, you cannot purchase SWEAT on any exchange. However, the team expects that after the TGE, you will be able to purchase SWEAT on all major DEX and CEX exchanges.