Gate.io Blog What is Sweatcoin?

What is Sweatcoin?

02 June 16:05

In 2019, the UK government spent $225.2 billion on health care. By 2021, that amount increased to over $277 billion, and analysts expect it to keep rising. Sweatcoin is a direct response to this situation.

Founded in 2016 by Anton Derlyarka and Oleg Fomenko, the app rewards users to walk outdoors. It pays 0.95 sweatcoins for every 1000 steps taken. Users can purchase fancy items and services like sports gear, i-phones, high-tech shoes, and antigravity yoga classes in their store with this currency.

They can choose to donate their coins to various charities or convert them to SWEAT, a cryptocurrency that is soon to launch as well. Finally, Sweatcoin owners can decide to sell them on third-party platforms for money.

The app partners with the government, NHS, and various partners and insurers to create sustainable change in citizens' lifestyles. They believe that if people can be rewarded to stay healthy, it would save money spent on healthcare and ultimately, keep our world healthy.
According to, Daily Mail, Sweatcoin beats Whatsapp as the most popular app on the app store. They have 64million registered users and with the upcoming launch of SWEAT, are expecting over a 100million users to join before long.

The creators of the app aim to make you wealthier just for living a healthier lifestyle and making a healthier planet. Read on to find out how this works.

A Brief Expo of Sweatcoin.

Sweatcoin is an app that rewards its users to walk outside. It counts users’ steps and rewards them with Sweatcoins which they can exchange for valuable items, donate or sell off the app. The free app launched in 2016, the brainchild of two entrepreneurs Anton Derlyarka and Oleg Fomenko. Derlyarka is an investor in digital health and fitness tech, while Fomeko has experience in telecoms and consumer goods. Together, they aim to support the war on climate change by encouraging people to walk and keep fit.

Sweatcoins Audience Reach, Partners, and Investors.

So far, their invention has widespread acceptance with users that span over 5 planets and 87 countries. A few of these countries are the USA, United Kingdom, Israel, UAE, Lithuania, Luxembourg, Jordan, Philippines, Malta, Ghana, and many more. They currently have 64 million registered users and rank NO 1 among apps in over 30 countries.

Sweatcoin partners with the following entities in other to achieve its goals:

The Government

As government spending on healthcare continues to increase, they are looking for taxpayer-centered solutions to the issue of health care. Sweatcoin is proving to be a viable solution to this issue. It has the potential of helping users become 20% more mobile beyond six months. That could improve the health of citizens and therefore reduce spending on healthcare. Some of these government organizations include Healthy London Partnership and Digital health London.

NHS

National Health Service is a principal partner of Sweatcoin. They assist them with a data-personalized approach that will create sustainable results.

Insurers

Insurance companies, like Hannover Re, use the health and fitness platform to connect to increase distribution and engagement from their policyholders.

Health and Fitness Brands.

Sweatcoin has partnered with 600 plus brands that are looking to connect with the health-conscious market. Headspace and Audible, Tidal, and Yogaclub are a few of them.

What Can Your Earnings Buy?

Source: Google Play.

What is the Value of Sweatcoins?

Sweatcoin pays 0.93 (S) for every 1000 steps users take.

There are currently 3 different ways you can use these earnings although only 2 are supported by the app.

Exchange: many businesses in the health and fitness sector offer their goods and services in partnership with Sweatcoins. Hence, there are a plethora of high-value items on the Sweatcoins marketplace for users to buy with their coins. You can find items ranging from Apple watches to blood pressure monitors on their market. Amazon gift cards, Meditation classes, podcasts, etc. are other likely options you might find.

Donate: another option the health and fitness app provides you is making donations. There are over charities listed on the Sweatcoin platforms. Charities supporting humanity like Save The Children and Cancer Research UK, some supporting animals, and wildlife, for example, African Wildlife Foundation, and others supporting the environment. They create fundraising events and listings for their users to contribute to these efforts. They called this initiative; Sweatcoins for good, or (S4G).

Sell: The app does not offer this final option because Sweatcoins currently have no monetary value outside the app. However, it is still possible for holders to sell it on third-party apps to parties who might be interested. It’s just a matter of reaching out. Just because the coins cannot be exchanged for cash does not change their exchange value on the Sweatcoins marketplace. There will always be people interested in that.

Sweatcoins about to Launch on the Blockchain: SWEAT.

The fitness app announced in January this year that they were working on a way to put its coins on the blockchain. This new token would be traded and exchanged on the blockchain and sold for real money. They are calling it SWEAT, and it is launching this summer.

There will be a massive Token Generation event to launch the new Move-to-earn arm. Current holders of Sweatcoin are eligible to convert their coins to SWEAT, so many users are saving up their coins in anticipation.

The amount of Sweatcoins generated at present is already over 22 billion and still counting. The creators of the app anticipate that SWEAT will have the largest Token Generation Event in history to date.

Source: Sweatco.in

How To Earn Sweatcoins.

The process of becoming a user of the app is relatively easy. Just follow these steps:

1. Download the App.

2. Log in your details

3. Proceed to create your wallet ahead of earning SWEAT

4. Get outside and start walking

5. Congratulations, you are a Sweatcoin user

6. Exchange your coins in the marketplace or don’t.

Let's wrap things up.

The climate-friendly App is a favorite of the health and fitness world. It has helped millions of users become more active and thereby improve their health. The Government is also breathing easier on healthcare budgets thanks to it. In addition, one cannot quantify the help it is offering charities and the environment.

Moreover, Its imminent foray into the crypto world is about to make many wealthier while becoming healthier as well. With its current user base, Sweatcoins will have no problem moving comfortably into the move-to-earn crypto space. It will compete favorably with Dapps like STEPN, an app that pays its users to run, jog and walk outdoors.

Author: Gate.io Observer: M. Olatunji
Disclaimer:
* This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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