What Is Sweat Economy (SWEAT)? Complete Guide & Review About Sweat Economy

What Is Sweat Economy (SWEAT)?

Sweat Economy is a highly popular mobile fitness app that was first launched in 2016. With over 110 million users worldwide, the app sets out to motivate healthier living by rewarding users for daily physical activity.

Users are rewarded with an in-app currency — Sweatcoin, a non-crypto virtual token which functions as a monetary incentive to reward users for their physical activity. Users can now convert Sweatcoin to SWEAT — the crypto token — to claim real world prizes and experiences. At the time of writing in September 2022, This is ranked first for the most downloaded health and fitness app in 58 countries.

Sweat Economy is the newly-launched web3 initiative of Sweatcoin. Within the Sweat Economy app, a crypto token, SWEAT and cryptocurrency wallet, Sweat Wallet are launched. Over 13 million wallets were created in four months since the launch. Further, Sweatcoin has raised $13 million in investor funding and is planning to hold a public token sale and strong hold offering on the DAO Maker launchpad.

Important Points Table Of Sweatcoin

How to Buy the Continental & Trade On Exchange?

Who Are the Founders of Sweat Economy (SWEAT)?

Oleg Fomenko is the co-founder of Sweat Economy. Fomenko is a Russian-born, London-based entrepreneur with experience at Coca Cola, Visa, PepsiCo and the Boston Consulting Group. Fomenko is also the founder and CEO of Bloom.fm, a mobile music streaming service that amassed over 1.2 million users by offering a deal of £1 per month for unlimited streaming. Shortly after Bloom.fm shut down, he began working on Sweat Economy.

Co-founder Anton Derlyatka holds an MBA from the London Business School and has also completed Executive Programs at Stanford Business School and US Berkeley. Prior to Sweat Economy, Derlyatka worked at a VC firm that specializes in fitness tech and held senior management roles at Reebok, Kearny and Pepsi.

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

Henry Child is the CCO of Sweat Economy. He began in traditional finance and worked at a hedge fund before transitioning into tech and crypto. He previously worked at the Deliveroo HQ and also held roles at Bitfinex and Tether.

How they generate revenue

User engagement (B2B)

businesses pay to access vast network of users

Transaction fees (B2C)

on Sweat Wallet App features, including fiat on-ramp, off-ramp, crypto-crypto exchange, NFT purchases and more, will be enormous.

How revenue returns to the token

Buy and burn

Sweat Foundation will commit a % of its revenue to buying and burning the token on the secondary market, or to buying and distributing it as staking yield

Investment in rewards

Sweat Foundation is using revenue to fund rewards people really want, such as stablecoins, gift cards, and event tickets

Ecosystem development

Including product development, community growth, partnerships.

Buy and burn

The Sweat Foundation will allocate a portion of revenue to buy and burn SWEAT on the secondary market, or to buy SWEAT and distribute it as staking yield. More details to be released soon.

Rewards

Users stake SWEAT in the Sweat Wallet app to earn an attractive % yield and access rewards. Rewards will be tiered: users stake higher amounts of SWEAT to receive better rewards.

NFTs & Games

They are building a casual, dynamic NFT game in the Sweat Wallet app. This will arrive shortly after TGE. Users stake SWEAT when playing the game. The winner of the head-to-head claims the SWEAT, with the Sweat Foundation taking and burning a fee. As such, the game is net-deflationary. The primary goal of the game is enjoyment!

Platform token

Staking SWEAT unlocks features in the wallet. For example, higher stakers of SWEAT could access premium features, lower transaction fees, and increased daily minting limits. This aspect will become increasingly valuable as features of the Sweat Wallet app increase.

The token

SWEAT is a new cryptocurrency you mint with your movement. Holding SWEAT has many benefits: it can be staked for yield and amazing rewards, applied to NFTs, and grant access to improved features in the Sweat Wallet App.

Supply of SWEAT

SWEAT is minted solely by movement. They have introduced several mechanisms to decrease the rate of inflation of the token, and to constrict the circulating supply.

The big burn

They have committed to burn 4.5BN sweatcoins. Because SWEAT will match sweatcoins at the Token Generation Event, this significantly reduces the total supply of SWEAT at launch (from 25.5BN to 21BN).

How Many Sweat Economy (SWEAT) Coins Are There in Circulation?

The Sweat Economy team has not placed a cap on the token supply because they hope to incentivize movement; the more steps people take, the more tokens they will issue. However, the team will implement exponentially decreasing inflation, such that each consecutive SWEAT will require more steps to mint.

How Is the SWEAT Economy Network Secured?

Both the SWEAT token and Sweat Wallet are built on NEAR protocol, a layer-one blockchain running on the proof-of-stake (PoS) consensus mechanism. Validators need to stake a minimum seat price of 67,000 $NEAR, although the live seat price may differ. A maximum of 100 seats are allocated to validators to help secure the network.

Roadmap

Phase 01

• Token Generation Event (TGE)
• Sweat Wallet App
• SWEAT staking (Grow)
• MVP: Rewards for staking SWEAT

Sep – Dec 2022 Phase 02

• SWEAT NFTs
• Fiat on-ramp: buy SWEAT and crypto with fiat
• Adding further rewards for staking
• Inactivity fee

2023 Phase 03

• SWEAT DAO: governance and on-chain voting
• NFT marketplace
• Exchange crypto for crypto (DEX integration)
• Crypto Marketplace curated offers

2024 Phase 04

• Support the creation of an entire economy of movement
• Movement data analytics
• New movement Validators e.g. cycling, swimming etc.