What is the Sweat Economy Coin (SWEAT)?

Sweat Economy coin operates as a fitness platform utilizing the Move-to-Earn (M2E) concept, enabling users to transform their physical activity into digital currency. Through movement, individuals accumulate SWEAT tokens, which can be used for charitable donations, purchasing items, or exchanging for other forms of cryptocurrency.

Our exploration will commence by examining the Move-to-Earn principle before delving further into Sweat Economy Coin, its functionalities, the Sweat Economy, SWEAT token economics, and the process of acquiring SWEAT tokens.

Sweat Economy Coin began as a platform designed to encourage physical activity. The founders, driven by their passion for promoting fitness, developed a system that incentivizes individuals to engage in exercise. Users who consistently reach specific step milestones are rewarded with tokens that can be exchanged for various prizes.

The creators of Sweat Economy Coin were fascinated by the potential convergence of the cryptocurrency realm and physical well-being. However, at the platform's launch, they perceived their intended audience as not quite prepared for a payment reward system based on cryptocurrency. After six years of refining their project, they declared their intent to transition to crypto-based rewards. Sweatcoin's proprietary currency, the SWEAT token, operates on both the Ethereum and NEAR networks.

The Sweat Economy Coin app boasts a user base exceeding 63 million, collectively amassing nearly 20 trillion movements. Upon the introduction of SWEAT, early adopters were permitted to convert their rewards into equivalent amounts of SWEAT tokens. This move facilitated the largest airdrop ever to active and participating wallets. The incorporation of a crypto-based reward model on the Sweat Economy Coin platform attracted over 150,000 users within a mere 24 hours.

Since then, the user count has continued to climb, nearing 300,000 individuals. In contrast to most cryptocurrencies that require expensive equipment for mining or staking holdings to earn rewards,Sweat Economy Coin users aren't obligated to purchase costly mining rigs or stake their digital assets to acquire SWEAT. Their method is simple: keep moving.

Who are the founders of Sweat Economy Coin?

Oleg Fomenko, the co-founder of Sweat Economy Coin, is a Russian-born entrepreneur based in London. With extensive experience at Coca-Cola, Visa, PepsiCo, and the Boston Consulting Group, Fomenko also served as the founder and CEO of Bloom.fm, a mobile music streaming service that garnered over 1.2 million users by providing an offer of £1 per month for unlimited streaming. Following the closure of Bloom.fm, he commenced his involvement with Sweat Economy.

Anton Derlyatka, another co-founder, holds an MBA from the London Business School and has completed Executive Programs at Stanford Business School and UC Berkeley. Before joining Sweat Economy Coin, Derlyatka worked at a venture capital firm specializing in fitness technology and held senior management positions at Reebok, Kearny, and Pepsi.

Egor Khmelev, the CTO and co-founder of Sweat Economy Coin, graduated in Computer Science from the University of London and is a proficient developer. Before his tenure at Sweat Economy Coin, Khmelev spearheaded various tech startups in Moscow.

What is the Sweat Economy?

Sweat Economy represents an on-chain crypto ecosystem along with a mobile application that facilitates the M2E reward model. In essence, it serves as a web3 adaptation of the prevailing web2 Sweatcoin app, which the team claims to be the top health and fitness app downloaded in 58 countries throughout 2022.

Established in 2015, Sweatcoin asserts that its product has garnered 120 million downloads worldwide across both web2 and web3 platforms. With the aim of revolutionizing fitness through the utilization of the M2E reward model, the platform endeavors to offer this approach openly to all users. To maintain user interest, Sweat Economy has implemented various measures to manage its token supply, as evident in SWEAT’s supply schedule.

How does the Sweat Economy Coin operate?

The Sweat Economy Coin operates in tandem with the Sweatcoin mobile app, enabling users to earn rewards by engaging in diverse fitness activities, such as walking or running, via the app. Once accrued, these rewards can be utilized internally for acquiring goods and services, exchanged for SWEAT tokens, or stored in a web3 wallet.

The Sweat Economy Coin app employs multiple data collection mechanisms like GPS and motion sensors to detect and appropriately reward users for their physical activities. Additionally, the app employs motion validators to verify the authenticity of user movements on the blockchain. 

Raw data from a user's device undergoes algorithmic scrutiny to identify fraudulent activities, subsequently recording legitimate activities on the blockchain. Following the token acquisition, users have the liberty to decide their utilization, whether playing games, unlocking benefits, or trading with other cryptocurrencies. SWEAT tokens are also accessible to investors through crypto exchanges.

Presently, SweatCo Ltd stands as the sole validator of the Sweat Economy, yet the Sweat Economy Coin team envisions decentralizing this process in the future. This decentralization aims to enable intermediaries like activity trackers, insurers, and healthcare providers to operate their nodes and receive a share of the transaction fees they process.

Currently, users earn 1 SWEAT for every 1,000 movements undertaken. However, as per Sweatcoin's tokenomics, the issuance rate of tokens gradually decreases. After one year post-launch, 1,000 movements will generate 0.33 SWEAT, followed by 0.19 SWEAT after two years, 0.19 SWEAT after three years, 0.06 SWEAT after four years, and finally, 0.02 SWEAT after five years. Additionally, the token is expected to become deflationary as the Sweat Economy gains wider adoption.

To maintain sustainability and deter misuse, the platform has imposed a daily cap on the number of tokens a user can earn, presently set at 5 SWEAT tokens. However, users can elevate this limit by staking their tokens and thereby earning staking rewards. The Sweat Economy Coin operates on the NEAR protocol, a scalable, energy-efficient blockchain specifically designed for DeFi applications, marking it as the first M2E app constructed on NEAR.

What are the main features of the Sweat Economy Coin?

• 2x Daily Boost: Sweatcoin offers a unique 2x Daily Boost challenge where users can choose two 20-minute intervals per day to maximize their activity levels, doubling the number of moves recorded during this time.

• Daily Rewards: Users receive three rewards daily through different activities:

  ▪ Watching promotional videos earns users gift boxes containing random rewards ranging from 0 to 1,000 SWEAT tokens.

  ▪ Walking 1,000 steps equates to 0.95 SWEAT tokens, with a maximum limit of 10,000 steps, enabling users to earn up to 9.6 tokens.

• Shop and Bid: Sweatcoin collaborates with various brands to enhance the usefulness of SWEAT tokens:

  ▪ Shop - Users can use SWEAT points to acquire vouchers for services such as PayPal, Netflix, Adidas, and Amazon, and even redeem trips abroad.

  ▪ Bid - Rewards can be used in auctions for random Sweatcoin items.

  ▪ Donations - Users have the option to contribute their rewards to campaigns like "Sweatcoin for Good," supporting charitable causes such as restoring water wells in Africa and ensuring a sustainable future for water bodies.

To read more information about Sweat Economy Coin (SWEAT), visit Suncrypto Price Explorer.