What is Sweat Economy? Sweat Economy is a Move To Earn project that aims to incentivize users to engage in physical activity by rewarding them with SWEAT tokens. So what is special about Sweat Economy? Let’s find out with HAK Research in this article.
To better understand what Sweat Economy is, people can refer to some of the articles below:
- What is STEPN (GMT)? Overview of Cryptocurrency STEPN
- What is Move To Earn? Bringing Blockchain into Reality or Just a Cake
Sweat Economy Overview
What is Sweat Economy?
Sweat Economy is a Move To Earn project that aims to encourage users to participate in physical activity and exercise by paying rewards with SWEAT tokens. This is done through the Sweatcoin app. Currently, the application is available in more than 60 countries. Everyone can download and participate in the experience for free via the Apple App Store and Google Play.
Sweat Economy is built primarily on Near Protocol, this is a rare bright spot when the Near ecosystem in the recent context has not had much expansion, development and innovation.
What is Sweat Economy?
Sweatcoin was first launched in 2016, by 2022 the application has up to 120 million registered users and the project’s expectation is to connect and attract more than 1 billion users from the electricity customer base. smart phone. Along with that are more than 600 partners from all over the world
With vision is a free app that rewards daily steps in a variety of new generation currencies (Crypto currency). Users can spend exciting products in the Sweat Economy ecosystem or donate to charity. Most importantly, it improves users’ health and brings benefits to society and the community.
Sweatcoin is honored to appear at the British sports magazine, with statistics increasing an average of 20% of users’ physical card activity when using the application. Besides, the application commits 100% not to use users’ private data and will not be sold to any third parties.
Sweat Economy’s operating mechanism
Users will install the Sweatcoin application on their mobile phones. Then, register an account and complete the verification and experience steps. The application will silently track the user’s number of steps every day. It will count both running and walking modes. During exercise and movement, users need to turn on the application and always carry their phone with them.
According to the project’s published data, starting from October 2022, for every 1300 steps, users will receive 1 SWEAT token. Then every 6 months the difficulty will gradually increase, specifically as follows:
- Minting change (October 2022): 1300 steps = 1 SWEAT
- After 6 months: 4500 steps = 1 SWEAT
- After 12 months: 8600 steps = 1 SWEAT
- After 18 months: 13100 steps = 1 SWEAT
- After 24 months: 18200 steps = 1 SWEAT
With tokens being generated at every move and no maximum total supply, Sweat Economy has placed a daily limit on the number of tokens earned by users, minimizing abuse and ensuring sustainability throughout . The current limit is 5 SWEAT per day, but users can increase the limit by staking SWEAT tokens to earn staking rewards.
Sweat Wallet
Sweat Wallet is a new application that shares the principles of Sweatcoin, but leverages Web3 to unlock new value. The application will include DeFi services, such as Token Staking and trading, Learn and Earn, NFT Games, and Decentralized Governance.
Sweat Wallet
A recent notable new feature is Sweat’s new NFT game which is in Beta with the aim of giving users more experiences and earning more SWEAT token rewards. For details on how to play and rules, everyone can refer to the link from the project team:
- How to play
- Sweat Hero Beta
Notable features
Like its predecessor Move To Earn projects, Sweat uses several mechanisms to prevent fraud, and permanently lock accounts if such a situation occurs:
- GPS, motion sensors and health data.
- The raw information is sent through an algorithm to detect fraudulent activities before recording legitimate activities on the blockchain.
- SweatCo Ltd is the only validator of Sweat Economy for the purpose of tracking activities, authenticating, and processing transactions. But in the future, the project will expand to organizations that can run their Nodes and receive a portion of the fees charged on the transactions or data they process.
Development Roadmap
Phase 1: 2022
- Token Event (TGE)
- Sweat Wallet App
- SWEAT staking (In development)
- MVP: Rewards for staking SWEAT
- Sweat Hero NFT game MVP
- Fiat on-ramp: buy SWEAT and Crypto with fiat
- Adds additional rewards for Staking
- Learn and Earn v1 education systems
- Portfolio: multi-token wallet (Only integrated with NEAR network)
- Decentralization: governance and Voting v1
- Sweat Hero NFT game
- Trade crypto (DEX and on-ramp integration)
- Multi-token and Multi-chain wallet interface with single balance
- Fees for application inactivity
- Learn and Earn on-chain education
- Support the creation of an entire economy in motion
- Analyze motion data
- New movement Validators. For example: cycling, swimming…
Core Team
The Sweat Economy team has about 50 employees. Among them, core members include:
Core Team Sweat Economy
Oleg Fomenko: Co-founder
- Since 2005, he has been Strategic Development of VISA leading the development of medium and long-term payment processing and strategy in the UK.
- Then in April 2006, he took on the position of Head of Proposal Department of BT Group.
- In 2008, he became CEO and Founder of Digital Distribution Networks, an award-winning mobile music streaming service that has attracted 1.2 million registered users in the UK.
- Then, in 2014, he was Co-founder of Sweatcoin with a team focused on application development.
- When everything was completed, in 2020, when Sweat Economy was first launched, he also acted as Co-founder to this day.
Egor Khmelev: CTO & Co-founder
- In 2009, he was Co-founder & Mobile Director of Bookmate, This is a subscription-based community reading service available on all mobile, tablet and online platforms in the Russian capital Moscow.
- In 2013-2014, he still held that position and together with the team launched the MNEMONIC platform. It provides revolutionary crowdsourcing for real-time photo moderation.
- Then, in 2015, he became CTO & Co-founder of Sweatcoin along with Oleg.
Anton Derlyatka: Co-founder & CEO
- He was senior manager of Sports & Entertainment at AT Kearney in 2002.
- Then in 2006, he was a member of the Board of Directors of Ward Howell International. This is a leading human resources consulting group in Eastern Europe.
- Until 2013, he continued to be a core member of the AESC Board of Directors. This is Association of leadership and executive search consultants.
- During those years, he also established a Venture fund focusing on investing in Technology, talent and Fitness Tech equipment.
- Finally, in 2015, he and the two above Co-founders developed Sweatcoin and became the CEO of Sweat Economy until now.
Henry Child: CCO
- He graduated from Bocconi University in 2014 with a Bachelor of Economic Science in Management and Finance.
- Next, he earned a Master’s degree in Innovation and Entrepreneurship at ESADE Business & Law School in 2016.
- He worked as a commercial strategist at Bitfinex and Tether and is now a core member of Sweat Economy.
Investor
The total amount of money that Sweat Economy has received through 4 capital calls is $18,692,679. Including the participation of floating funds such as Jump or OKX.
- Seed Round: Raised 6,697,679 $ with 562,593,784 tokens.
- Private Round: Raised $10,000,000 with 699,986,000 tokens.
- IDO Round: Raised $1,995,000 with 279,294,414 tokens sold from the DAO Marker platform.
Tokenomics
Basic information about SWEAT token
- Token name: Sweat Economy
- Ticker: SWEAT
- Blockchain: Ethereum, NEAR
- Standard: ERC-20, NEP-141
- Total supply: 22,081,859,143 SWEAT
- Contract ERC-20: 0xb4b9dc1c77bdbb135ea907fd5a08094d98883a35
- Contract NEP-141: token.sweat
Token Allocation
The total supply of SWEAT tokens will be distributed as follows:
- Foundation Treasury: 27.71%
- Lockdrop: 25%
- SweatCo Ltd: 22%
- Team and Advisors: 10.92%
- Ecosystem: 7.02%
- Private Round: 3.33%
- Seed Round: 2.68%
- Public Sale: 1.33%
Token Release
Exchanges
Currently SWEAT is present on exchanges: Kucoin, OKX, Bybit, HTX, Gate.io, MEXC….
Sweat Economy Information Channel
- Website: https://sweateconomy.com/
- Twitter: https://twitter.com/SweatEconomy
- Discord:
Summary
Sweat Economy is a Move To Earn platform that is easy to use and aims to be very beneficial to our user community. It’s worth experiencing and is even more appealing when there’s some economic reward. With a fairly accessible smartphone user base for SWEAT today. Sweat Economy promises to expand and develop even more.
