Sweat Economy is the collective name for an ecosystem of solutions aimed at encouraging people to exercise through crypto rewards.
While everyone knows that physical activities are one of the basic requirements of a healthy lifestyle, not all are fans of these requirements and even view them as a major hassle. But one platform has found a way to encourage people to ‘sweat’ it out through an innovative rewarding system that can enhance their digital assets and health at the same time.
Sweat Economy is a platform that rewards users with cryptos for their physical activities, an incentive that can help reach its goal of creating a healthier and more active world.
The team is managed by Anton Derlyatka (CEO), Oleg Fomenko (CPO), and Egor Khemelev (CTO), who all serve as the cofounders of the platform.
What is SWEAT Economy?
Sweat Economy is the collective name for an ecosystem of solutions aimed at encouraging people to exercise through crypto rewards. It is a smart system that encourages users to exercise, gain tokens, and allow these tokens to be a means of exchange, which then creates a sustainable economy.
The elements included in the economy are the platform users, the tools that measure their movements (apps, wearables, and various equipment), and the SWEAT token.
The entire ecosystem is powered by the NEAR Protocol, a blockchain known for its high-speed, cheap, and green transactions.
The Sweat Economy is rapidly growing that in the third quarter of 2021, $60 million worth of goods and services have been generated inside the ecosystem.
This signals an active economy and a high demand for fitness reward transactions with the big potential of growing further.
Also, the platform has achieved huge followings in more than 30 countries, including the U.S, Australia, Belgium, the Philippines, Poland, the Netherlands, and Portugal.
One of the most important things that Sweat Economy wants to guarantee is that it doesn’t sell its users’ data.
Third parties wouldn’t be given access to the users’ sensitive and highly valuable fitness data as the platform prioritizes privacy, which is in line with one of NEAR’s initiatives.
But the platform also made it clear that it utilizes users’ data on specific aspects including:
- Providing enhanced services with the help of appropriate and carefully selected third parties.
- Verification of physical movements and location for accurate Sweatcoin distribution
- Providing constant updates on the Sweatcoin app and website
- Enhancing market and customer research
- Accurate rankings in the leaderboards
The SWEAT Token is Sweat Economy’s native utility token designed to provide holders with rewards for their physical movements.
SWEAT tokens are generated through users’ steps which are monitored, counted, and converted by the Sweatcoin app.
Currently, steps are the only exercise that users can convert into SWEAT tokens, but the platform will also include activities such as swimming, cycling, gym work, and more in the future.
SWEAT leverages the security suite provided by the NEAR protocol, giving holders peace of mind that both the SWEAT and the Sweat Wallet are protected from various cyber risks.
The platform claims that SWEAT tokens can be minted forever to maintain the continuous cycle of global incentives.
But it also reminded that as the time progresses, it will be gradually harder for participants to mint the token, a measure meant to prevent the rise of inflation.
In other words, the earlier a person starts minting SWEAT tokens, the bigger the value he can receive from his steps.
- Holders can stake SWEAT and earn yield returns
- Governance participation
- Trade for other cryptocurrencies
- Sell on an open market
- More use cases to come
Sweatcoin is a centralized app created for people who do not have access to cryptocurrency wallets and assets.
Also, it targets people who want to use the application’s capability to turn their steps into Sweatcoins and exchange them for goods and services without going into the crypto route.
It’s a simple fitness rewarding app that doesn’t require any capital or investments from users.
Earned Sweatcoins can also be used as a donation to selected charities supported by the Sweat platform.
For now, Sweatcoin is the sole “movement validator” of users’ steps, but it will soon be decentralized to allow other apps and wearable devices to participate in the calculation of the steps.
5,000 Limit of Steps Everyday
Sweatcoin app users will earn for the first 10,000 steps they made in a day, and if they opt-in for crypto, the first 5,000 steps will automatically be converted into SWEAT tokens.
After that phase, users can continue earning Sweatcoins, but they will now be limited to 5,000 walks per day.
This limitation is intended to prevent users from ‘overwalking,’ a risk that can defeat the purpose of the platform of improving users’ overall health.
Sectors That Can Benefit From Sweatcoin
National Health Service (NHS)
Sweatcoin has collaborated with the NHS, United Kingdom’s publicly-funded healthcare system, to roll out incentive programs around the country to improve citizens’ behavior towards fitness.
A growing number of insurance companies are now using Sweatcoin as a tool for insurance distribution and also as a policyholder engagement platform.
Governments can tap Sweatcoins to encourage citizens to increase their physical activities, which would contribute to the improvement of public health.
According to Sweat Economy, it has been proven that Sweatcoins has increased users’ activeness by +20%, a result that may encourage governments to integrate the coin into their health programs.
Sweatcoin for Good (S4G)
‘Sweatcoin for Good’ is Sweat Economy’s initiative that supports charitable activities for humans, animals, and the planet.
S4G currently supports charitable organizations, including African Wildlife Foundation, Conservation International, Save the Children, and Cancer Research U.K.
Since its inception, S4G has collaborated with 100+ charities which enabled the platform to be a force for good, not only for users’ health but also for the world’s welfare as well.
Each week, Sweat Economy features various charitable campaigns to encourage users to support these initiatives through Sweatcoins.
Bring Your Campaign to S4G
Users can also launch their charitable campaigns in S4G, and the platform will help them find an ideal corporate donor for their initiatives.
Users’ campaigns will run on the Sweatcoin app for a week, and within that time frame, interested users will help them reach their target amount by donating Sweatcoins.
Once the campaign reaches its desired fundraising amount, the donor will then release the funds, enabling a user to finally kickstart his initiative.
Sweat Economy’s 60 million + users and partnerships with various industries have proved that its health-focused advocacy and reward system actually works. Its utility-packed coin, secure blockchain, clear reward mechanism, and charitable arm make it an attractive platform for the public, organizations, and governments.