![]() 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 fact, global obesity rates are likely to double by 2030 with more than 1 billion people worldwide already being classified as clinically obese. Following launch, users’ daily steps will have the power to literally mint them SWEAT: the token.Īccording to recent global estimates, no country will meet the World Health Organisation’s (WHO) target to halt obesity by 2025. 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. 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. This article originally appeared on GOBankingRates.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). Simple Ways To Start Investing for Any Budget With SWEAT, the token we’re also keen to see more Web 2 users embrace the possibilities and potential of crypto in the lowest risk way possible – by literally walking for it,” he said.ġ0 Things You Always (and Never) Should Buy at the Dollar Store ![]() “We should and can all get more movement into our daily lives. POLL: Where Have You Cut Back Most Because of Inflation?ĭiscover: What Is the Next Big Cryptocurrency To Explode in 2022? In terms of the audience the company is targeting, Fomenko said, “anyone and everyone.” Users will also be able to convert the token into other cryptos or fiat currency. ![]() “You will also be able to exchange it for other cryptocurrencies, like Bitcoin, so that you are literally walking for Bitcoin.”Īdditional features on the roadmap include the use of SWEAT in DeFi – whether that is for staking, liquidity provision, or other crypto opportunities, the ability to purchase NFTs, sell your personal data for more SWEAT or buy premium subscription services, Fomenko said. First of all, you will be able to stake your SWEAT to receive a really attractive return on it,” Fomenko said. “There are many things you can do with your SWEAT, with new features being added constantly. Other institutional backers include Electric Capital, Spartan Capital, Jump Crypto, OKX Blockdream Ventures (the venture arm of OKX) and GSR, as well as high-profile founders and builders like Terra founder Do Kwon, Sandeep Nailwal, founder of Polygon (MATIC) and Bjorn Wagner, co-founder of Parity (Polkadot), the company said. SWEAT will be built on Ethereum and use the eco-friendly NEAR as the blockchain for its token, and the Near Foundation is investing in the project. SWEAT – the token, which we’re announcing this week, is the turbo-charging of that vision…a vision to create wealth through health,” he said. “And it’s working: our 63 million users walk an average of 20% more after downloading the app. Sweatcoin was the answer – an app that counts your steps and rewards you for them,” said Fomenko.įomenko explained that while the company had the idea of a crypto reward mechanic in mind “from day one,” crypto wasn’t ready for mass market utilization in 2015 and so Sweatcoin developed as a rewards-currency app. ![]() The question kept coming – how can we make it more incentivizing for people to move that little bit more. ![]() “We want to make a billion people more active. The crypto is designed to capture the value of movement and is minted purely by steps, the company said, adding that it’s “pioneering a societal shift by empowering people to improve their health, and get paid for it.”Īsked what prompted the idea of the token, Oleg Fomenko, co-founder at Sweatcoin, told GOBankingRates that, “we were worried about the problem of the increasingly sedentary, unhealthy lives we are leading and the far-reaching ramifications of this for both us, as individuals, and society as a whole.” Learn: 6 Alternative Investments To Consider for Diversification in 2022įind Out: 8 Best Cryptocurrencies To Invest In for 2022 Tech company Sweatcoin announced the launch of SWEAT, a token designed to reward Sweatcoin app users for being physically active by converting physical movement into crypto. It’s rewarding to work up a sweat and get into physical shape, but it’s even more rewarding to earn crypto for that sweat. Ivanko_Brnjakovic / Getty Images/iStockphoto ![]()
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