For those of you who hate to leave their warm blankets on cold winter mornings or rush home from office to sit next to the fireplace, there is a new motivator on the block! A UK based health app, Sweatcoin has been designed on the lines of bitcoin to bring in monetary motivation to your fitness goals.
What Is Sweatcoin?
Sweatcoin, like other cryptocurrencies is a digital currency, but there’s a twist to it! You earn it while on the move! The app has so far, 5 million users and the numbers are expected to increase with its sudden fame. The company has reported an increase in revenue by a whopping 266%. As of now, the fastest growing fitness app, it has 2 million active users every week and the numbers are only going to increase with time. It is the topmost fitness app On Android and is the second most popular free app after the much famed Google Arts & Culture app, which topped the charts on weekend.
The app gives a psychological boost to all those who really want to be fit yet are unable to stick to their goals because of lack of motivation. According to Oleg Fomenko, the co-founder of Sweatcoin, “ It is the emotional element that makes people engage with Sweatcoin on a daily basis and opens us three times a day”.
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How Does It Work?
The free app is actually not very new and was first launched for iOS in December 2016 and in April 2017 for Android. However, it was only from September 2017 that the app started to pick up and is today the most popular fitness app. For now the app is available in USA, UK and Ireland.
The functioning of the app is simple, download, signup and it syncs with your health and fitness data, and the GPS location. More the number of steps, more you earn, it’s as simple as that. An individual earns 0.95 Sweatcoins for every 1000 steps recorded. The coins earned can be traded for fitness related offerings like fitness gears, gift cards, workout classes etc. However, there is a limit to the number of sweat coins that you can earn in a day, that is, 5 Sweatcoins.
What Lies Ahead?
For now it may not be acting as a full time currency like Bitcoin, however, the aim in near future is to enable the users to trade Sweatcoin like money or cryptocurrencies, which would indeed make the app more popular. According to the company, they have received $5.7M in funding from the likes of Goodwater Capital, Greylock Partners, Rublight and many angel investors. The total financial backing of the company now stands at $6.3 million. The co-founder, Oleg Fomenko said, “We are really pleased that our vision to build a ‘Movement Economy’ powered by the economic value of people’s physical activity is supported by such great visionaries”.
The investment is expected to support their efforts to notch up the step verification algorithm and convert it into a crypto currency or fiat currency. They are now looking at working on the user experience and expanding it globally.
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There is nothing better than being paid for your hard work and what better than shedding those extra pounds, getting in shape and getting paid for it. We can’t help but be excited about Sweatcoin turning into a cryptocurrency. Till then let’s be happy about spending the hard earned Sweatcoins on offerings at more than 300 stores that have tied up with them.