StartKryptowährung NewsSweatCoin Price, SWEAT Live Chart, All-Time High & Market Cap

    SweatCoin Price, SWEAT Live Chart, All-Time High & Market Cap

    Video SweatCoin Price, SWEAT Live Chart, All-Time High & Market Cap

    Issued on the NEAR protocol, SweatCoin or $SWEAT is a utility token that fuels the mobile application aiming to help its users lead healthier lives. As the app connects with Google Fit, Apple Fit, and other similar fitness apps, it logs users’ steps and rewards them with SWEAT coins in accordance with their activity following the Move-To-Earn trend.

    SweatCoin app

    The London-based tech company SweatCoin was launched by two Russian cryptocurrency and fitness enthusiasts Oleg Fomenko and Anton Derlyatka in 2016. As they realized the problem of getting people to exercise, they invented a cryptocurrency-based app that would motivate its users to move more. For every 1,000 steps, users get 1 SWEAT as a reward and pay a fee of 0.05 SWEAT. The coin cannot be cashed out to a bank account, but it can be used for purchasing various items via an in-app marketplace.

    At this, the offers within the marketplace change every day. Users can exchange their SWEAT for a huge variety of goods, from subscriptions to other health apps to high-tech items such as iPhones or Samsung TVs. Those who feel altruistic and wish to help society can donate their earnings to charitable organizations.

    Read more: These Apps Pay You in Crypto for Working Out

    The Move-to-Earn concept

    Move-to-Earn, or shortly M2E, is a new trend promoted by fitness apps such as Sweatcoin. In short, it enables users to make passive income by walking or performing other physical activities on a daily basis. The gamification approach makes the process fun while the possibility to get something valuable motivates people to lead healthier lives. As people exercise, they may see their rewards grow in real-time which increases their motivation even more.

    Such an approach seems to be successful. At the time of writing, the white paper of the project states that in Q1 of 2022 alone, the app features already more than 76 million users who walk 20% more after downloading the Sweatcoin app.

    In addition, Sweatcoin conducts regular races that represent month-long games where anyone with a Sweatcoin account can participate. Users have to complete a specific step goal (e.g. 250,000 steps) within a calendar month in order to get bonus sweatcoins.

    How Sweatcoin works

    Read more: Sweatcoin – Revolutionärer Token wandelt Bewegung in Geld um

    The app is available for download via Google Play Store and App Store. The list of supported regions is huge, but still, there are still some counties where Sweatcoin doesn’t work. The team standing behind the project is working on expanding its presence.

    After downloading the mobile app, users have to provide some personal information such as their names and phone numbers. Most importantly, they also have to provide the app with access to their location to be able to count their steps. However, Sweatcoin only counts outdoor steps to prevent users from cheating. For the same reason, the app only counts steps from Android and Apple mobile devices, as the algorithms used by other wearables usually count extra steps generated by other activities besides exercises.

    Sweatcoin tokenomics

    At the time of writing, Sweatcoin plans to conduct a Token Generation Event (TGE) that should take place in Q3 2022. The Sweat Foundation aims to mint a number of SWEAT that should be sufficient to match users’ earnings. At this, users of the app will be able to claim 1 SWEAT for every sweatcoin that they have in their wallets. The marketing campaign that the project conducted in March 2022 was really successful as it resulted in the creation of over 4 million new wallets in less than a month.

    The token itself is issued on the NEAR protocol that is known for its fast speed, ultra low fees, and scalability. In time, the project should become multi-chain so as to become compatible with Ethereum and other popular blockchains.

    Read more: SWEAT Token: Sweatcoin wird zur Kryptowährung

    As new tokens are minted via verified movements, it gets harder to create in time. While at the time of launch it’s possible to earn 1 SWEAT for 1k steps, in the 2nd year users will earn the same amount for 4.9k steps and for 16.1k steps in the 5th year. Thus, the project strives to achieve its vision of making the world more physically active. Moreover, the app will charge its users an inactivity fee if their activity consistently stays below a specific threshold in order to motivate them to stay healthy. The project itself builds its revenue model on several types of activities that include DeFi functions, NFTs, advertising, staking, and more.

    Also, it’s worth noting that the total token supply has no limit, but it is balanced with ever-going inflation. At the same time, the majority of tokens in the circulating supply always belongs to the community. At this, only 10% of tokens were distributed via private sale. 20% of tokens stay in the treasury, 11% of tokens were given away to advisors, 7% were reserved for the ecosystem incubation and 22% belong to the company itself.

    Sweatcoin team and partners

    As stated earlier, Sweatcoin was founded by two fitness enthusiasts. Its co-founder Oleg Fomenko has another successful startup behind his shoulders as prior to launching Sweatcoin he has launched, an award-winning mobile music streaming service that attracted 1.2m registered users in the UK, as he states in his LinkedIn profile. In addition, he worked at a Strategy Development position at Visa, as a consultant in The Boston Consulting Group, and as a brand manager in a number of world-known companies such as Coca-Cola, Mars and PepsiCo. His colleague and partner Anton Derlyatka is an entrepreneur and investor in digital health and fitness technology as he acted as an investor in a bing number of other startups in the past.

    In April 2022, Sweatcoin signed a partnership agreement with the NEAR Foundation to launch its token SWEAT. Earlier, the project has also partnered with Busby, an application helping those who ride bikes or otherwise engaged in dangerous sports activities to automatically contact emergency when accidents occur.

    Read More

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