Originally published on Sweat Economy’s Medium page.
Sweat Economy is for everyone: crypto beginners and experts. If you are new to crypto, and want to learn more about this amazing technology, visit our FAQ page.
From the day we started Sweatcoin in 2016, we wanted to develop a cryptocurrency. We knew that crypto could return the value of movement to the individual. We knew that a decentralized, borderless token could connect those who move with a true incentive for their movement.
Back in 2016, there was, however, no technology that could realize the vision. Now there is.
Welcome to Sweat Economy. An ecosystem designed to bring value to your movement, and inspire a healthier, wealthier planet.
Evolution… and revolution
We love incentivizing movement. It is what we do best. Here’s what we have achieved so far with Sweatcoin:
- 60M+ users (a predicted 70M more coming in global rollout)
- $60M exchanged in Q3 2021 on in-app marketplace for sweatcoins
- Users 20% more active after downloading the app
And yet, we know this is only the beginning. With Sweat Economy, we unlock the full potential of our vision.
We know that movement has value — whether to your government, health insurer, or favorite brand — there has simply never been a universal way to measure and apply that value.
Key qualities of Sweat Economy:
Powered by SWEAT
SWEAT is minted by verified steps. A cryptocurrency needs application, utility, and use cases to become truly attractive. For SWEAT, it achieves utility through Sweat Economy.
We often refer to “open” as “permissionless”, because no one needs our permission to partake in the economy.
- In principle, anyone outside of restricted territories is free to mint SWEAT with their movement, and earn rewards associated with the token (for the rewards, see About).
- Any entity is free to earn SWEAT by verifying movement, whether Apple with a watch, FitBit, Technogym, or other wearables and activity trackers. The entities that verify movement are called Movement Validators.
- Anyone is free to use SWEAT for business purposes; whether it is a brand purchasing SWEAT to advertize to the userbase, or a health insurer wanting proof of activity to reduce the cost of premiums
To create a healthier, wealthier planet, the economy needs to be borderless. There are a few areas restricted for legal reasons at this time, but Sweat Economy is fundamentally borderless.
- The Sweatcoin App is currently the only way to mint SWEAT, but the app is expanding globally.
- In time, the Sweatcoin App will be one fragment of Sweat Economy. Minting SWEAT will not be dependent on countries where the Sweatcoin App is available, giving way to truly global potential.
There is no central entity determining the rules of the new economy. It is a basic economic principle that open, free markets are more effective, efficient, and lucrative.
As such, we do not determine the rules of Sweat Economy. SWEAT holders will vote on important economy decisions via the Sweat DAO, which is scheduled for 2023–24.
While Sweat Economy may launch out of a centralized app (Sweatcoin), we will decentralize power to the community. In time, other marketplaces, other forms of movement, use cases, and applications can emerge as the community wishes. The Sweatcoin App will simply be one segment of a broad, free, and open economy.
Sweat Economy is founded on a simple principle: movement improves lives. As we have proven with Sweatcoin, movement can be incentivized. And so, with SWEAT, we expand and evolve on our vision to bring a new way for you to earn, a new model of economic incentive, a new way to bring about a healthier, wealthier planet. For everyone.