Table of Contents
- Introducing Sweat Economy
- The History Behind SweatCoin
- How Does Sweat Economy Work?
- What Can I Do With My SWEAT Tokens?
- Final Thoughts
As people continue to lead busier lives, with jobs to juggle, relationships to navigate, and friendships to sustain, people have less time in the day. With a restricted number of free hours each day, people across the world are prioritizing different elements in their free time. When it comes to keeping healthy, this is often one of the first things to go, with less than 5% of Americans participating in 30 minutes of physical activity each day.
With rates of exercise nearing an all-time low and bad eating habits taking over, it’s no surprise that it’s projected that half of all adults in the USA will be obese by 2030. A whole plethora of health conditions are associated with obesity, with high blood pressure at the least and diabetes, osteoporosis, and higher rates of anxiety and depression at the most.
The CDC recommends that the average adult should undertake at least 150 minutes of moderate-intensity physical activity and two days of muscle strengthening each week in order to keep in line with the best current practices for health. But, with the many other areas that people need to keep track of, it’s becoming harder and harder to find the motivation to prioritize keeping fit.
Although diet restrictions, exercise plans, and nationwide incentives have been suggested before, nothing has really stuck. That’s where Sweat Economy comes in, providing a financial incentive for users to get active, stay fit, and move their bodies.
Introducing Sweat Economy
Sweatcoin is a Web 2.0 downloadable application that has been going since 2016. Seeing the rising obesity levels around the world and the deprioritization of exercise, the team behind the app wanted to design something that helped people to make exercise a more active habit.
While people have tried workout apps before, Sweatcoin is completely distinct as it actively rewards people for exercising. Using instant gratification and giving users SWEAT coins to spend on brands, charity donations, or services, they include a financial reward to exercise. For those that don’t prioritize exercise, this financial motivation has been life-changing, giving people more of a reason to put their health first.
With an impressive user base and an array of awards, Sweatcoin has diverged in 2022 into a new Web 3.0 system - Sweat Economy. Sweat Economy takes the principles of financial incentives to exercise and pushes them one step further, incorporating cryptocurrency into the mix.
Instead of only being able to use Web 2.0 Sweatcoins for pre-created deals that Sweat Economy has with other brands, the generation of SWEAT cryptocurrency opens up the possibilities of the coin. By walking, users can collect SWEAT tokens, which can then be used for a variety of different actions within the world of blockchain.
For those not interested in cryptocurrency, users can cash out their SWEAT tokens into a stablecoin and then into USD. Equally, users could add their coins to liquidity pools and stake them, turning them into a form of passive income. As Sweat Economy pushes into the world of blockchain, the extent of financial choice that comes with earning from walking is extended, making this into an even more comprehensive system.
The History Behind SweatCoin
SweatCoin started back in 2015 and hit the ground running. Aiming to combat the rising tide of global obesity, they set out with a goal of actively changing the world. From awarding individuals that go for daily walks to attempting to shift away from our sedentary lifestyle, SweatCoin attempts to get people up and moving.
They’ve gained a huge deal of traction since its beginning, currently sitting at the most downloaded health and fitness app in 2022. But, even before the success of this year, SweatCoin has been the number one app in over 60 different countries, pulling in over 100,000,000 registered users to the platform. Even within investing circles, Sweatcoin has turned a lot of heads, raising over $13 million in a private token sale.
While the central idea of the application is largely responsible for its success, the team behind it and the vision they have held since the beginning is arguably equally important. In an interview with Anton Derlyatka, the CEO and Co-Founder of Sweat Economy, showed his passion for the project:
“I think what’s important is to have an idea that you really, really believe in that can touch a billion people.”
The principles behind Sweat Economy all come back to this, with the application and its extension into the world of crypto finance allowing people from all over the world to get support with their fitness journey. Quite simply, this app was designed to be a global success, touching the lives of billions.
How Does Sweat Economy Work?
Sweat Economy is a direct extension of the features that have made Web 2.0 Sweatcoin a hit. The main premise of this application is incredibly simple - you walk, and those steps are converted into cryptocurrency at certain distances. The application works in the background, taking data from the Health app in order to collect an accurate step count.
The UX of the application is very straightforward, displaying an active step counter at the top and the current ratio between steps and Sweatcoins. This ratio will continuously change over the years, combating inflation to ensure the supply of SWEAT remains stable.
For example, after the token generation event in September, 1k of steps will convert into 1 SWEAT. By 2023, 1k of steps will be 0.33 SWEAT. A little under a decade later, in 2032, 1k steps would only convert into 0.02 SWEAT, helping to ensure the economy isn’t flooded with coin minting.
This sustainable tokenomics model is designed for longevity, with this scaling structure and periodic token burning creating a stable token development model.
Another major part of the Sweat Economy is focusing on social sharing. A leading mechanism that they use to increase user consumption and sign-ups is a referral scheme. Any user that currently has a Sweat account can refer a friend to the application, getting 5 SWEAT as a reward. By incorporating this system into the fundamental features of the application, they incentivize community sharing, helping push further toward their goal of uniting a billion users that are actively working for better health.
What Can I Do With My SWEAT Tokens?
Currently, with the Web 2.0 Sweatcoin, the SWEAT that people generate is not a cryptocurrency, but simply a digital token that the application itself deems valuable. With the current system, users are able to use the SWEAT that they’ve earned in a range of ways, each providing users with a distinct way to spend the tokens they’ve accumulated through moving.
Currently, there are a few main methods of spending SWEAT:
- Spend - Since its founding back in 2015, Sweatcoin has built up a network of partnerships with 1000s of brands around the globe. With Sweatcoins, you can unlock discounts in stores, pay for certain goods, and pay for subscriptions to your favorite services in SWEAT.
- Donate - Sweatcoin frequently runs donation events for a variety of environmental, animal preservation, and humanitarian causes. By selecting one of the over 100 charities that they work with, you’ll be able to donate to their fundraisers, giving back to a cause that moves you.
- Exchange - Finally, with the TGE on the horizon, you’ll be able to match your current base of Sweatcoins with an equal amount of SWEAT cryptocurrency, then using this as an active digital asset.
As the Token Generator Event goes live in mid-September, SWEAT will be imbued with another range of different functions. As a cryptocurrency, SWEAT gives users the ability to get involved in a range of different blockchain systems.
For example, with the cryptocurrency SWEAT, users can:
- Exchange - They can exchange their SWEAT tokens for USD or stablecoins.
- NFTs - They can buy NFTs within the SWEAT network, investing in other digital assets.
- Stake - Users of SWEAT could stake their coins, locking them away in liquidity pools and earning a consistent yield return on their coins.
As SWEAT launches as a cryptocurrency, those in the community that have already accumulated SWEAT will be able to turn all of their current coin base into crypto and start to get involved with all the new functions that Sweat Economy is proposing.
Sweatcoin, and its soon-to-launch web3 Sweat Wallet, allows users to take fitness into their own hands. By incentivizing walking and active movement, Sweat Economy helps users to work towards a healthier tomorrow, rewarding them for walking with cryptocurrency. From staking to earn a passive yield to exchanging their coins for goods and services, this financial incentive might be just the thing people need to inspire themselves to get moving.
With a devoted team, a clear roadmap for long-term growth, and impressive fundamentals and tokenomics, Sweat Economy has all the markings of a fantastic product. At its core, Sweat Economy pushes people to put fitness first, helping to combat the rising levels of global obesity and make exercise a daily habit.
Quite simply, with Sweat Economy, it pays to keep fit.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice