![]() ![]() ![]() Therefore, users can be assured that their data won’t be leaked to third parties when they sign up with Sweatcoin.Īdvantages and Disadvantages of SweatcoinĮvery app has its own pros and cons. Unlike many apps, Sweatcoin does not sell user information to other companies in order to generate profits. Once the mission is achieved, Sweatcoin converts those steps into SWEAT and donates the tokens to various charities. The app sets a certain number of steps to be attained within seven days and asks interested users to join the challenge and collectively work toward reaching that target. Sweatcoin hosts charitable campaigns weekly. British Journal of Sports Medicine has praised the team behind the app for promoting sustainable physical exercise behavior. Sweatcoin uses a unique algorithm to gather data from users’ mobile phones to determine the number of steps walked within a particular timeframe. Sweatcoin has multiple features that make it stand out from its competitors. The app also charges a fee for merchants wishing to feature on the marketplace. That becomes part of Sweatcoin’s revenue. Note that a 5% fee is incurred when swapping steps into SWEAT tokens. After accumulating several SWEAT tokens, users can exchange them for various perks like gift cards, fitness equipment, exercise classes and athletic footwear. According to the document, Sweatcoin plans to launch an NFT-powered game, establish a decentralized autonomous organization (DAO), and expand SWEAT, which currently lives on Near and Ethereum, to more blockchains.įor every 1,000 steps, users earn one SWEAT. Last year, Sweatcoin founders released the roadmap of the project, which indicated the goals they intend to achieve by 2024. So far, it has raised $13.5 million in funding from various investors, including Polkadot founder Bjorn Wagner, Civic founder Vinny Linghma, Polygon founder Sandeep Nailwal, Spartan Capital, Electric Capital, Near Foundation, and GSR. The founders believed offering rewards was the only option to keep people physically active. According to Fomenko, the app came into existence after they realized that people lack the motivation to engage in physical activities. Sweatcoin was founded by four Russian entrepreneurs, including Egor Khmelevl, Danil Perushev, Oleg Fomenko, and Anton Derlyatka. ![]()
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