A Move-To-Earn Platform That Offers Crypto Rewards For Your Daily Step Count

Please fol­low and like us:
Pin Share

Profile image

By CNBCTV18.com  IST (Published)

Mini

Using Sweat­coin is extreme­ly sim­ple. You down­load the app, sign up and allow it the per­mis­sions to track your move­ment. Then, based on your move­ment data through­out the day, you are reward­ed with a cor­re­spond­ing amount of SWEAT, the native cryp­tocur­ren­cy of the Sweat­coin app.

The pan­dem­ic has changed our world irre­versibly, at times for good and, at times, not so much. For every con­ve­nience work­ing from home offers, we also miss out on the move­ment, exer­cise, and fresh air a trip to work pro­vides us.

For most, that could be a prob­lem, but for Anton Derly­at­ka and Oleg Fomenko — the founders of Sweat­coin — it was an oppor­tu­ni­ty. They want­ed to encour­age peo­ple to get mov­ing again and cre­at­ed an app that rewards users with cryp­tocur­ren­cy for every step they take.

Let’s find out every­thing about the app and if it is as good as it sounds.

How does it work?

Using Sweat­coin is extreme­ly sim­ple. You down­load the app, sign up and allow it the per­mis­sions to track your move­ment. Then, based on your move­ment data through­out the day, you are reward­ed with a cor­re­spond­ing amount of SWEAT, the native cryp­tocur­ren­cy of the Sweat­coin app. Users can also stake their SWEAT to earn even more returns.

Users may also par­tic­i­pate in chal­lenges to increase their earn­ings. For instance, in Octo­ber 2022, there is a Sweat­coin race where­in users must com­plete 2,50,000 steps to earn 25 addi­tion­al SWEAT. Fur­ther, two lucky win­ners will also receive a $250 Airbnb gift card.

The sweat economy

The Sweat­coin app is not the only one in the move-to-earn are­na. Apps like StepN and Step­Watch have been around for a while. How­ev­er, very few of these apps have man­aged to gain the pop­u­lar­i­ty that Sweat­coin has. Its suc­cess can be cred­it­ed to a smooth and refined app and a sys­tem that works intuitively.

The learn­ing curve is almost neg­li­gi­ble as peo­ple know what they have to do when they look at the dash­board — just walk. Every 1,000 steps grant you one sweat­coin, which will remain the same until the end of next year. After that, it will come down to one-third of a sweat­coin in 2024, which could be fur­ther reduced the fol­low­ing year. The token is also list­ed on some exchanges and might soon make its way to the more pop­u­lar ones.

The app also has a pre­mi­um sub­scrip­tion that pro­vides users unlim­it­ed 2X earn­ings. Of course, this comes at a cost of Rs 2,199, to be more specific.

The longevi­ty of the com­pa­ny is high­ly depen­dent on the sweat econ­o­my. The com­pa­ny has vowed not to sell user data unless the user per­mits them to do so, and the user also gets paid for it. Addi­tion­al­ly, the cur­rent run­ning of the com­pa­ny depends on sweat­coin com­mis­sion that users pay on in-app pur­chas­es (5 per­cent of the coins go to the company).

The com­pa­ny is also try­ing to inte­grate a mar­ket­place with col­lab­o­ra­tions with giants like Reebok and Sonos. If every­thing goes to plan, you’ll soon be able to pur­chase sports­wear and every­thing else in exchange for sweat­coin. The app also enjoys seam­less inte­gra­tions with Googl­e­Fit and oth­er smart appar­el, increas­ing its appeal to audi­ences with smart acces­sories and the moti­va­tion to work out.

The app has been quite successful

In the short while that the app has been around, it has racked up more than 100 mil­lion users, mak­ing it one of the most active blockchain net­works in the world. With such a strong and ever-increas­ing user base, it is not sur­pris­ing that the app has dished out over 26 bil­lion tokens so far.

How­ev­er, the team has its sights on much larg­er goals, with a tar­get of 1 bil­lion users in the years to come. The app also launched a stak­ing mech­a­nism for SWEAT, which saw more than 45 mil­lion dol­lars worth of the token being staked on the first day, a remark­able feat.

The future of movement

The com­pa­ny seems to be doing every­thing right up to this point. The down­loads, rat­ings, and users are proof of that — but mov­ing for­ward, the cryp­to ecosys­tem they’re build­ing needs to be able to han­dle the traf­fic that is going to come their way. They also want gas fees on trans­ac­tions of their native token to be a stream of rev­enue — a pos­si­bil­i­ty if the token pass­es the rigours of the cryptoverse.

In the future, Sweat­coin also plans to release NFTs, like its coun­ter­parts StepN and Step­Watch. These NFTs will pro­vide users with bet­ter rewards, such as a stak­ing mul­ti­pli­er, high­er dai­ly mint­ing lim­its, etc.

The app also plans to cre­ate a DAO, intro­duce refer­ral bonus­es, and build a cryp­to-to-cryp­to exchange and an NFT mar­ket­place. Going for­ward, tiered trans­ac­tion fees could also be intro­duced where those fre­quent­ly trans­act­ing in high­er amounts will receive low­er trans­ac­tion charges.

Con­clu­sion

What remains an extra appeal of the app is that no one actu­al­ly los­es any­thing except their lost calo­ries. Also, with SWEAT trad­ing at $0.03972 at the time of writ­ing, it’s fair to say that the cur­rent user base isn’t using the app to make mon­ey. Rather, it is the gam­i­fi­ca­tion of move­ment that is dri­ving app down­loads. Peo­ple are doing it for the num­bers, and if some­day the scores and num­bers can buy them their new run­ning shoes or a sports watch, even better!

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *