What is Sweat Economy (SWEAT)?

What is Sweat Economy (SWEAT)?

Sweat Economy is a cryptocurrency project that originated from the popular fitness app, Sweatcoin. The app, which has over 110 million users worldwide, encourages people to lead healthier lives by rewarding them for their daily physical activities. Initially, users earned Sweatcoin, a virtual token, as a reward for their hard work. But with the introduction of Sweat Economy, users can now convert their Sweatcoins into SWEAT, a crypto token, which they can use to claim real-world prizes and experiences. As of September 2022, Sweatcoin is the top-rated health and fitness app in 58 countries.

Who are the Founders of Sweat Economy (SWEAT)?

Sweat Economy was co-founded by Oleg Fomenko, a London-based entrepreneur with prior experience at major companies like Coca Cola, Visa, PepsiCo and the Boston Consulting Group. Fomenko also founded and served as CEO of Bloom.fm, a mobile music streaming service that gained over 1.2 million users with its offer of £1 per month for unlimited streaming. After Bloom.fm shut down, Fomenko began working on Sweat Economy.

Another co-founder, Anton Derlyatka, holds an MBA from the London Business School and has completed Executive Programs at Stanford Business School and US Berkeley. Derlyatka previously worked at a VC firm specializing in fitness tech, as well as held senior management roles at Reebok, Kearny and Pepsi.

Egor Khmelev, the CTO and co-founder of Sweat Economy, is a graduate of the Computer Science program at the University of London and has led several tech startups in Moscow.

Henry Child, the CCO of Sweat Economy, has experience in traditional finance and worked at a hedge fund before moving into tech and crypto. Child previously held roles at Bitfinex, Tether and the Deliveroo HQ.

How does Sweat Economy (SWEAT) Work?

Sweat Economy operates on a Web3 platform. It's backed by the popular fitness app, Sweatcoin, which has over 110 million users worldwide. The Sweat Economy's "Sweat Wallet'' has already seen over 13 million wallets created in just four months since its launch. Users can earn SWEAT tokens by being physically active, and these tokens can be staked in "Growth Jars'' for more rewards, better app experiences, and reduced transaction fees. Additionally, Sweat Economy offers an exciting NFT game named "Sweat Hero," where players can compete to win SWEAT tokens. Sweatcoin is currently the top-rated health and fitness app in 58 countries as of September 2022.

What makes Sweat Economy (SWEAT) Unique?

Sweat Economy is a unique app that encourages physical activity to create a healthier and more active world. The app utilizes a pioneering move-to-earn (M2E) game, similar to play-to-earn, which allows users to earn monetary rewards for their participation. Users can earn crypto for being physically active in their day-to-day lives. According to the team, the app has increased users' physical activity by an average of 20%. Sweat Economy has partnered with the NHS to help create a healthier society and reduce burdens on global healthcare systems. While the app has never sold users' data, they have the option to sell their movement data to healthcare companies. STEP has already kickstarted the M2E trend with reportedly over 3 million users. Sweat Economy has an existing application and a global user base before launching a token and transitioning into a Web3 "lifestyle application," making it a unique player in the crypto space.

How is the SWEAT Economy Network Secured?

The Sweat token and Sweat Wallet are developed on the NEAR protocol, which is a layer-one blockchain that operates on the proof-of-stake (PoS) consensus mechanism.

Conclusion

To sum up, Sweat Economy's current user base and shift towards a Web3 "lifestyle application" make it a standout and promising player in the cryptocurrency industry. It helps promote a healthier and more active future for individuals all over the world.