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About Sweat Economy
Key Points
- Sweatcoin is a mobile fitness app with over 110 million users worldwide.
- Sweat Economy is the web3 initiative of Sweatcoin, with a crypto token (SWEAT) and cryptocurrency wallet (Sweat Wallet).
- Over 13 million wallets were created in four months since the launch.
- Sweatcoin has raised $13 million in investor funding.
Founders
- Oleg Fomenko: co-founder, Russian-born, London-based entrepreneur.
- Anton Derlyatka: co-founder, MBA from London Business School.
- Egor Khme
About Sweat Economy: Empowering a New Era of Fitness and Rewards
Introducing Sweatcoin and the Sweat Economy (SWEAT): A Revolutionary Movement
Sweatcoin, a trailblazing mobile fitness app launched in 2016, has garnered a staggering user base of over 110 million individuals worldwide, driven by its innovative approach of incentivizing healthier lifestyles through rewards for daily physical activity.
Users are incentivized with an in-app currency, Sweatcoin, a non-cryptographic virtual token that serves as a monetary reward for their physical activity. This token can be converted into SWEAT, the cryptographic token, allowing users to redeem real-world prizes and experiences. As of September 2022, Sweatcoin has achieved a remarkable milestone, ranking first as the most downloaded health and fitness app in 58 countries.
Sweat Economy, a pioneering web3 initiative born out of Sweatcoin, has successfully launched its eponymous app, featuring a native crypto token, SWEAT, and a cryptocurrency wallet, Sweat Wallet. In a remarkable display of adoption, over 13 million wallets have been created in a mere four months since its inception. Furthermore, Sweatcoin has secured a substantial $13 million in investor funding and is poised to conduct a public token sale and strong hold offering on the esteemed DAO Maker launchpad.
Read: Move to Earn: Fad or the Future of Fitness?
The Visionaries Behind Sweat Economy (SWEAT): Meet the Founders
Oleg Fomenko, a Russian-born entrepreneur based in London, is the co-founder of Sweat Economy. With a diverse professional background that includes stints at esteemed companies such as Coca Cola, Visa, PepsiCo, and the Boston Consulting Group, Fomenko brings a wealth of experience to the table. Notably, he is also the founder and CEO of Bloom.fm, a pioneering mobile music streaming service that garnered an impressive 1.2 million users by offering an unbeatable deal of £1 per month for unlimited streaming. Following the closure of Bloom.fm, Fomenko redirected his focus towards developing Sweat Economy.
Co-founder Anton Derlyatka boasts an impressive academic pedigree, having earned an MBA from the prestigious London Business School, supplemented by Executive Programs at Stanford Business School and the University of California, Berkeley. His professional background is equally distinguished, with experience at a venture capital firm focused on fitness technology, as well as senior management roles at esteemed brands such as Reebok, Kearny, and Pepsi.
Egor Khmelev, a seasoned developer and University of London Computer Science alumnus, serves as the CTO and co-founder of Sweat Economy. His impressive entrepreneurial background includes spearheading multiple tech startups in Moscow prior to his involvement with Sweatcoin.
Henry Child, Chief Commercial Officer of Sweat Economy, boasts a diverse professional background. He originated in traditional finance, where he worked at a hedge fund, before making a strategic transition into the realms of technology and cryptocurrency. Notably, he has held positions at Deliveroo’s headquarters, as well as prominent roles at Bitfinex and Tether.
Unveiling the Unparalleled Attributes of SWEAT
The app is dedicated to reducing the global carbon footprint by motivating individuals to engage in physical activity, thereby fostering a healthier and more active world. Sweatcoin is a trailblazer in the move-to-earn (M2E) genre, a concept akin to play-to-earn games, where users are rewarded monetarily for their participation. Through this innovative M2E platform, users can earn cryptocurrency simply by incorporating physical activity into their daily routines.
The development team asserts that their application has successfully boosted users’ physical activity by a notable average of 20%. Furthermore, they have collaborated with the NHS to foster a healthier society and alleviate the strain on global healthcare systems. Notably, while Sweat Economy emphasizes that they have never exploited their users’ data, they will provide users with the option to voluntarily sell their movement data to healthcare companies.
STEPN pioneered the move-to-earn phenomenon in early 2022, boasting an impressive user base of over 3 million, thereby solidifying its position as the leading player in the M2E sector. Amidst the influx of M2E newcomers entering the crypto space, Sweat Economy has a distinct advantage, having already established a functional application and a global user base prior to launching a token and evolving into a Web3 “lifestyle application”.
What Is the Circulating Supply of Sweat Economy (SWEAT) Coins?
The Sweat Economy team has deliberately refrained from imposing a cap on the token supply, as their primary objective is to foster a culture of physical activity; the more steps individuals take, the more tokens will be issued. Notably, the team has devised a system of exponentially decreasing inflation, whereby each successive SWEAT token will necessitate a greater number of steps to be minted.
The SWEAT Economy Network: A Fortress of Security
Built on the NEAR protocol, a layer-one blockchain operating on the proof-of-stake (PoS) consensus mechanism, both the SWEAT token and Sweat Wallet leverage this robust foundation. To participate in the validation process, validators must stake a minimum of 67,000 $NEAR, although the live seat price may fluctuate. The network’s security is reinforced by a maximum of 100 allocated seats, entrusted to validators who help maintain its integrity.
When Will SWEAT Trading Commence?
Mark your calendars for September 12, 2022, as the highly anticipated SWEAT token is set to make its debut.
Will SWEAT Soar to $1?
At the time of writing, the token had not yet launched, and thus, it remains uncertain whether SWEAT will ultimately reach the $1 milestone.
Where to Acquire SWEAT Tokens
If you’re interested in purchasing Sweat Economy at the current market rate, the premier cryptocurrency exchanges for trading Sweat Economy stocks are currently OKX, Bybit, Bitfinex, and Kucoin. For a comprehensive list, please refer to our crypto exchanges page.
Associated Resources:
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