Sweatcoin to launch SWEAT: The token to convert physical movement into crypto value
- Sweatcoin's SWEAT token can be earned just by taking steps
- Sweatcoin will match all opted-in users’ Sweatcoins, with SWEAT tokens for free
- SWEAT is built on the NEAR protocol
The below article is a press release:
Sweatcoin, the London (headquartered) tech company on a mission to inspire a healthier planet by incentivizing people to move more, today announces the imminent launch of SWEAT: the token with its partner, the Sweat Foundation Ltd, (a BVI headquartered cryptocurrency business). Designed to truly unlock the power of movement, this revolutionary cryptocurrency is minted purely by steps, with Sweatcoin verifying the steps on behalf of the Foundation for the minting of the token. With 63+ million users who’ve walked over 20 trillion steps, and 600+ brand partners who provided over $200 million worth of goods in Q4’21 alone, SWEAT will represent the world’s largest crypto-giveaway in history; where it will match all opted-in users’ Sweatcoin with the equivalent number of SWEAT for free. Following launch, users’ daily steps will have the power to literally mint them SWEAT: the token.
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. In creating the world’s first cryptocurrency minted by movement, Sweatcoin is endeavoring to create a societal shift, by empowering people to improve their health - and get paid for it; with users walking an average of 20% more when using the app.
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 GoodAnton Derlyatka, Co-founder at Sweatcoin.
“From the start, there was also a greater ambition: to make a global, open cryptocurrency, to more tangibly realize 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,” Derlyatka adds.
What is SWEAT: the token?
SWEAT is a cryptocurrency earned through movement, built on NEAR – a low cost, high speed, and eco-friendly blockchain. The value of SWEAT will be determined by the value users assign to movement; making it incredibly unique. Currently, the Sweatcoin App verifies steps as a Movement Validator. In time, the Foundation will decentralize the movement verification process to enable other apps and wearables to verify new forms of movement, paving the way for users to earn SWEAT for swimming, cycling, hiking, gym work and more. SWEAT will become harder to mint over time, meaning that the earlier you walk, the more value you receive.
“Sweat Economy is the natural evolution of Sweatcoin. Global, open, and fair, SWEAT is a next-generation cryptocurrency that will bring the next billion people into Web 3.0, and make physical activity part of global GDP. For those that are new to the space, it’s the simplest way to gain access to an asset that’s both challenging and expensive to tap into,” says Oleg Fomenko, Co-founder at 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.”
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How will the launch work?
This Summer, the Sweat Foundation Ltd, in collaboration with Sweatcoin, will launch SWEAT: the token by rewarding Sweatcoin users with a once-only offer to match the number of sweatcoins they hold in their wallet with an equal number of SWEAT, without losing any of their sweatcoins. This will be known as the Token Generation Event (TGE). For example, a Sweatcoin user who has opted in with 1,000 sweatcoins on the day of launch, would be given 1,000 SWEAT by the Foundation, whilst retaining their original sweatcoins. This makes it an opportune 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.