Sweatcoin Creates the First Token To Be Minted by Movement

https://thefintechtimes.com/sweatcoin-creates-the-first-token-to-be-minted-by-movement/
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UK tech company Sweatcoin and its partner The Sweat Foundation have launched a new product that allows users to mint and gain cryptocurrency with the number of steps they do a day.

SWEAT: the token is minted purely by steps, with Sweatcoin verifying the steps on behalf of the Foundation for the minting of the token. Users’ daily steps will have the power to literally mint new cryptocurrency

According to recent global estimates, no country will meet the World Health Organisation’s (WHO) target to halt obesity by 2025.

In fact, global obesity rates are likely to double by 2030 with more than 1 billion people worldwide already being classified as clinically obese.

In a world where modern technology appears to be conspiring to make humans more sedentary, Sweatcoin has pioneered a model to radically change the single most important part of people’s lives: their health and well-being.

Sweatcoin is endeavouring to create a societal shift, by rewarding people to improve their health; with users reportedly walking an average of 20 per cent more when using the app.

Anton Derlyatka, co-founder of Sweatcoin.Anton Derlyatka, co-founder of Sweatcoin.
Anton Derlyatka

“Sweatcoin was founded with a vision to create a new economy of wealth through health, for every 1,000 steps you take, you earn a sweatcoin that can be redeemed for goods and services in the app from brands including Sonos and Reebok, or to donate to important charities such as Save the Children via sweatcoin for Good,“ explains Anton Derlyatka, co-founder of Sweatcoin.

“From the start, there was also a greater ambition: to make a global, open cryptocurrency, to more tangibly realise the value of movement — Blockchain wasn’t sophisticated or fast enough back in 2015, but it is now. SWEAT: the token turbocharges our mission to create an open economy of movement for a billion people.”

Sweatcoin has selected its investor NEAR Foundation and its coinciding eco-friendly blockchain to support its token.

Marieke Flament, NEAR Foundation’s CEOMarieke Flament, NEAR Foundation’s CEO
Marieke Flament

“One of NEAR’s core missions is to help onboard the world to Web3, collaborating with the Sweat Foundation allows us to take a step closer to that mission,” says Marieke Flament, NEAR Foundation’s CEO.

“The company also aligns with our core values of sustainability. Building SWEAT, the token on NEAR’s carbon-neutral blockchain empowers more people to work towards a more sustainable future.

Currently, the sweatcoin app verifies steps as a movement validator. The Foundation has cited plans to decentralise the movement verification process to enable other apps and wearables to verify new forms of movement; however it is currently only limited to walking,

SWEAT will become harder to mint over time, meaning that the earlier you walk, the more value you receive.

“We’re turning movement into a valuable, recognisable currency with SWEAT: the token, and for those that are new to the space, it’s a little-to-no-financial-risk option to get on board and gain access to an asset that’s becoming increasingly harder to mint, helping us to achieve the mission of making the world more physically active by unlocking the value of movement,” said Oleg Fomenko, co-founder of Sweatcoin.

“The inherent issue with traditional cryptocurrency is that you have to use your own money. While SWEAT will be available to purchase, the key difference is that for everyday users, you invest your steps, which we hope is going to encourage people around the world to want to be more active. We’re investing in the future wellness of our users and literally letting them walk into the world of crypto.”

Token generation event

The Foundation and Sweatcoin are to celebrate the summer launch of the token by rewarding users with a limited offer to match the number of sweatcoins they hold in their wallet.

A user who has opted in with 1,000 sweatcoins on the day of launch, would for example be rewarded with an equal amount of SWEAT by the Foundation. The launch will be a good time for existing and new users to earn as many sweatcoins as possible in order to take advantage of this one-off crypto giveaway opportunity.

Following the TGE event, each SWEAT earned will be harder to mint than the previous one, meaning your steps today are more valuable than your steps tomorrow.

This is to encourage people not to put off walking, and to move sooner rather than later; reinforcing Sweatcoin’s mission and helping users feel the financial benefits of their physical activity sooner rather than later.

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

https://thefintechtimes.com/sweatcoin-creates-the-first-token-to-be-minted-by-movement/