What is Sweat Economy?

Sweat Economy is a unique initiative that strives to promote healthier living by rewarding physical activity. It is the web3 initiative of Sweatcoin, a mobile fitness app with a large user base worldwide. The app aims to reward users with Sweatcoin, a non-crypto virtual token, for their daily physical activity. These tokens can then be converted into SWEAT, a crypto token, which can be used to claim real-world prizes and experiences. The Sweat Economy also includes a cryptocurrency wallet, known as the Sweat Wallet, which was launched alongside the SWEAT token.

How does Sweat Economy work?

Sweat Economy operates on a move-to-earn (M2E) model, where users are intended to receive compensation for being physically active. The more steps users take, the more SWEAT tokens they may receive. The SWEAT token and Sweat Wallet are built on the NEAR protocol, a layer-one blockchain running on the proof-of-stake (PoS) consensus mechanism. The Sweat Economy team has not placed a cap on the token supply, as they aim to incentivize movement. However, they will implement exponentially decreasing inflation, meaning each consecutive SWEAT will require more steps to mint.

What are the potential use cases for Sweat Economy?

Sweat Economy seeks to incentivize physical activity and promote healthier lifestyles. Users may receive SWEAT tokens for their physical activity, which can then be used to claim real-world prizes and experiences. Additionally, users have the option to sell their movement data to healthcare companies. The Sweat Economy also includes features such as Growth Jars, where users may increase their SWEAT by locking it in Growth Jars to receive more SWEAT, access better rewards, enjoy an optimized app experience, and lower their transaction fees. Other features include Sweat Hero, a dynamic, free NFT game where players compete to win SWEAT, and Learn & Earn, where users can learn about the world of Web3 and receive SWEAT and other tokens for successfully completing short lessons and quests.

What is the history of Sweat Economy?

Sweat Economy is the web3 initiative of Sweatcoin, a mobile fitness app launched in 2016. The app quickly gained popularity and is currently ranked first for the most downloaded health and fitness app in 58 countries. The Sweat Economy, including the SWEAT token and Sweat Wallet, was launched later as part of the app's transition into a web3 lifestyle application. The co-founders of Sweat Economy are Oleg Fomenko, Anton Derlyatka, and Egor Khmelev, who have extensive experience in entrepreneurship, fitness tech, and computer science. Since its launch, Sweat Economy has created over 13 million wallets and accumulated $13 million in funding.