Sweatcoin is a London-based technology company that works on a mission to inspire a healthier planet by encouraging people to be more active. The company recently partnered with the NEAR Foundation to launch SWEAT, a brand-new token.
The token is designed to truly unlock the power of movement, which is minted with each move of the holder. With over 63 million users who have taken more than 19 trillion steps and over 600 brand partners who have generated over $200 million in Q4 FY21 alone. It can be remarked that SWEAT is the most important revolution in creating a new moving economy.
Anton Derlyatka, Sweatcoin co-founder said:
“Sweatcoin was founded with the vision of creating a prosperous new economy. For every 1,000 steps, you earn Sweatcoin and can exchange it for in-app goods and services from brands including Sonos and Reebok or donate to charities like “Save the Children” through the “Sweatcoin for Good” program.”
SWEAT is built on the NEAR blockchain platform – a blockchain known for its speed, security and infinite scalability. Derlyatka says:
“From the very beginning the project had a greater ambition. It’s about creating an open, ubiquitous cryptocurrency that delivers tangible value through movement. Thanks to NEAR, we’re now able to do that. SWEAT, the token that helps realize our mission of opening up an advocacy economy for a billion people. ”
Marieke Flament, CEO of the NEAR Foundation, said:
“One of NEAR’s core missions is to help the world access Web3. Partnering with SweatCoin brings us one step closer to that mission.”
How SWEAT tokens work
First, users download the Sweatcoin app. When walking, running, or moving, the Sweatcoin app determines the steps with the Motion Validator. The Foundation will decentralize this motion verification process to allow other apps and devices to verify new forms of motion. Therefore, users will be able to earn SWEAT through swimming, cycling, hiking, exercise, boating, etc,…
Sweatcoin already has more than 63 million users and has taken more than 20 trillion steps, meaning SWEAT will become harder to earn over time. So the sooner people walk, the more SWEAT they get, which can then be exchanged for in-app goods and services from more than 300 brand partners, including Sonos, Reebok and others.
Why Sweatcoin Encourages Advocacy
The World Health Organization (WHO) aims for 2025 to be the year to prevent obesity. However, recent global estimates suggest that it is unlikely that any country will achieve this goal. Instead, the obesity rate is expected to double to 1 billion “clinically obese” people by 2030.
Sweatcoin intends to change this landscape by encouraging improvements in people’s health and well-being. The app aims to create a social change where people feel empowered and motivated to improve their health through reward mechanisms.
Oleg Fomenko, Co-Founder at Sweatcoin said: “Traditional cryptocurrencies are that you have to use your own money to buy. While SWEAT will be there to buy, the main difference is that you invest with your moves, which we hope will encourage people around the world to follow suit. We are investing in the future health of our users and letting them literally enter the crypto world.
Sweat Foundation Ltd has partnered with Sweatcoin and will launch the SWEAT token this summer.