What Exactly Are Sweatcoin and the Sweat Economy (SWEAT)?
Sweatcoin is an immensely popular mobile application centered around fitness, which first made its debut in 2016. With a user base exceeding 110 million globally, the app's mission is to encourage healthier lifestyles by offering rewards for regular physical activity.
Users earn Sweatcoin, an in-app currency that isn't a cryptocurrency, as an incentive for their exercise. They can now exchange Sweatcoin for SWEAT, a crypto token, to unlock real-world rewards and experiences. As of September 2022, Sweatcoin has claimed the top spot as the most downloaded health and fitness app in 58 countries.
Sweat Economy is Sweatcoin's newest venture into the web3 space. The app includes the SWEAT crypto token and a cryptocurrency wallet called Sweat Wallet. Since its launch, over 13 million wallets have been created in just four months. Additionally, Sweatcoin has successfully raised $13 million from investors and is planning a public token sale along with a stronghold offering on the DAO Maker launchpad.
Read: Move to Earn: Trend or Future?
Who Founded Sweat Economy (SWEAT)?
Oleg Fomenko is one of the co-founders of Sweat Economy. He is a Russian-born entrepreneur based in London with professional experiences at prestigious companies like Coca Cola, Visa, PepsiCo, and the Boston Consulting Group. Furthermore, Fomenko founded and led Bloom.fm, a mobile music streaming app that gathered over 1.2 million users by offering unlimited streaming for just £1 per month. After Bloom.fm closed, he turned his attention to developing Sweat Economy.
Co-founder Anton Derlyatka brings an MBA from the London Business School to the table and has completed executive courses at Stanford Business School and UC Berkeley. Before joining Sweat Economy, Derlyatka worked with a venture capital firm focused on fitness technology and held senior positions at Reebok, Kearny, and Pepsi.
Egor Khmelev serves as the CTO and is another co-founder of Sweat Economy. He boasts a background in software development and a Computer Science degree from the University of London. Prior to his work with Sweatcoin, Khmelev led several tech startups in Moscow.
Shaun, as the CCO, manages the ecosystem, ensuring commercial operations run smoothly. His background in banking and corporate finance, coupled with experience in various startups, equips him to lead their tokenomics and token strategy.
What Distinguishes SWEAT From Other Tokens?
The app's goal is to reduce global carbon emissions by encouraging physical exercise, which contributes to a healthier and more active world. Sweatcoin introduces a move-to-earn (M2E) style game, akin to play-to-earn models, where users receive financial rewards for their activity. This M2E game allows users to earn cryptocurrency by staying active in their daily routines.
The developers claim that, on average, their app has increased users' physical activity by 20% and have teamed up with the NHS to aid in building a healthier society and lessen the strain on world healthcare systems. Moreover, although Sweat Economy states they haven't sold user data, there is an option for users to sell their movement data to healthcare firms if they choose.
In early 2022, STEPN sparked the move-to-earn trend with over 3 million users, becoming a leader in the M2E space. While many new entrants are arriving in the crypto world, Sweat Economy already had a running application and a worldwide user base before launching its token and evolving into a Web3 "lifestyle application."
How Many SWEAT Tokens Are in Circulation?
The team behind Sweat Economy has not set a limit on the number of tokens because their aim is to encourage more movement; the more steps that are taken, the more tokens will be distributed. Nevertheless, they plan to introduce a system of exponentially decreasing inflation, meaning that each subsequent SWEAT token will require more steps to be minted.
How Is the SWEAT Economy Network Safeguarded?
The SWEAT token and the Sweat Wallet are constructed on the NEAR protocol, which is a layer-one blockchain utilizing the proof-of-stake (PoS) consensus model. Validators must stake a minimum seat price of 67,000 $NEAR, though the actual seat price may vary. Up to 100 seats are allocated to validators, who play a key role in securing the network.
When Is the SWEAT Token Set to Trade?
The launch date for the SWEAT token is set for September 12, 2022.
Is It Possible for SWEAT to Reach $1?
Since the token is yet to be launched, it remains uncertain whether SWEAT will reach the $1 mark.
Where Can You Purchase SWEAT?
If you're looking to purchase Sweat Economy at its current rate, the leading cryptocurrency exchanges for trading SWEAT include OKX, Bybit, Bitfinex, and Kucoin. Additional options can be found on our crypto exchanges page.
