- Sweatcoin is a free-to-use application that incentivizes users on behalf of their physical activities, whether it is walking, running, etc.
- Users are provided with SWEAT tokens that allow the purchase of products and services within the platform.
Sweatcoin emerged as an innovative cryptocurrency that aims to leverage blockchain technology to build a healthier and wealthier ecosystem. It comes in the form of a mobile fitness app that incentivizes its users by tracking their physical activities or outdoor steps throughout the day. After its inception in 2016, it gained huge traction within a short time. With a global user base of over 110 million, this app stands apart from the crowd as a health-motivational and user-rewarding platform.
What is Sweatcoin?
Sweatcoin is a mobile fitness app that keeps track of your outdoor steps and provides you rewards in the form of SWEAT tokens. This token is a type of quasi-crypto that provides you 1 SWC (SWEAT) each time you walk a thousand steps. Its main limitation is that a user can’t directly cash it out to a bank account. Instead, these coins can be used to access platform-relevant products and services provided via collaboration with certain companies through an in-app marketplace.
As per its tokenomics, this marketplace has the capacity to offer a wide range of services and products spanning various categories, including clothing, food, and exercise equipment. The offerings extend to items like televisions, iPhones, Amazon Credits, and PayPal services. Additionally, the platform actively notifies users about the rapid sell-out of these offers, encouraging users to visit the marketplace frequently and seize the opportunity to acquire desirable items when they become available.
SWEAT Tokenomics
The SWEAT Economy is a newly launched blockchain initiative of the Sweatcoin protocol. Within its application, the SWEAT token and crypto wallets have been launched. After its launch, over 13 million wallets were created in the initial 4 months, helping the platform to earn over $13 million in investor funding. It also aims to organize a public token sale with strong offerings on the Maker DAO Launchpad.
Another plus point of Sweatcoin is that it can be traded with other users. These tokens can also be donated for fundraising and charitable campaigns. As per its official website, this app is in official partnership with popular charities like “Save the Children” and organizations like “Cancer Research UK” and “The African Wildlife Foundation and Conservation International.”
How Does Sweatcoin Work?
Initially, users have to install the app on their respective smartphones or any other wearable gadgets. After this, the user must complete the registration process and they can then start any physical activity like walking or running to record their steps. This platform works on a special algorithm that uses GPS, mobile data, or movement sensors such as a gyroscope and accelerometer to track physical activity.
Its digital currency operates in the same way as other existing blockchain-backed digital assets which allows mining by performing a specific task. 1 Sweatcoin is provided for every 1,000 steps a user walks or runs. 95% of this mined crypto is earned by users while the remaining 5% is charged as commission fees for generated coins.
Conclusion
Cryptocurrencies’ wider adoption led to the revolution of many sectors and healthcare is one of them. Sweatcoin’s innovative approach not only motivates users to hop out of their comfort zone for a healthy lifestyle but also encourages them with the help of SWEAT tokens to step into the world of cryptocurrencies. This health-innovative approach could transform the blockchain industry in terms of facilitating healthier and wealthier lifestyles while users contribute to the platform’s development in a distinct manner.
