Introducing Sweat Foundation

Introducing Sweat Foundation

Originally published for Sweat Economy

Our mission is to get the world moving. We will do this by rewarding movement with SWEAT, and by ensuring this token has a thriving ecosystem of rewards, applications, and use cases.

This ecosystem is Sweat Economy, which requires goods and services, products, partners, rewards, technological development, integrations, and a supportive community who share our vision. The Foundation’s role is to develop and maintain this economy.

Our mission is established on the fact that movement has an inherent economic value. Our work is to unlock that value, while creating business models that can drive new value into movement.

The method behind our mission

Video script written by me. Production overseen by me.

We know that, for most societies, obesity is a greater problem than malnourishment. We know that many people struggle to exercise — whether because of expense, access, or motivation.

We know, too, that movement can improve lives.

Fiscal incentive is our method for changing movement habits. SWEAT is the reason people download the app and move more. The value of this reward is quantifiable and objective.

But to gain a full appreciation of our mission, it is worth digging into the dynamics of this incentive mechanism. The fiscal reward may be the catalyst for downloading the app, but it results in something far deeper, and more powerful. This is a value which, by contrast, is unquantifiable and subjective. It is the personal value an individual now places on their movement.

The fiscal reward is not the only reason people will value their movement. The simple fact is that movement brings its own reward. Going for a walk/run can help with physical health, mental health, and general sense of achievement and wellbeing.

This is the real power of our mission. Getting people to care about their movement is good for them, and good for the economy. It’s a win-win.

→ free fiscal reward → increased care for personal movement → increased care for the fiscal reward

… and so on. This is the reason Sweatcoin has been such a successful and loved app.

Success with Sweatcoin

The Foundation includes all the founders of Sweatcoin, the success of which is worth covering again:

  • 90M+ users
  • $165M exchanged in 8 months on in-app marketplace for sweatcoins (see chart below)
  • №1 App in 45 countries
  • Users 20% more active after downloading the app

The obvious caveat: our success in Web2 cannot guarantee success in Web3. We know that. But the vision of rolling a crypto out of Sweatcoin is not a thoughtless response to the growing popularity of Web3. Quite the opposite. Since we created Sweatcoin, we planned for it to be a cryptocurrency. Hence the name!

We knew that a cryptocurrency was the best way to create a true movement revolution. It was only following a conversation with Vitalik Buterin, who warned us that the blockchains available could not satisfy the speed and scale we aspired for. So our plan was: build centralized, get the userbase, build the product, and then move into Web3.

The council

Oleg — Crypto enthusiast since 2012, Oleg spearheads our Web3 vision, product development, and execution. He is a serial tech founder and leader, and a seasoned marketer with Visa, BT and Coca-Cola, and strategy with BCG.

His Sweatcoin journey began when he went for a jog to clear his head. After a few hundred meters, he was puffing, and knew he needed to get in better shape. Then, while watching Wall-E with his children, he saw the picture of a dystopian future: obese humans being wheeled around on forklifts. It was at this moment that he decided to create Sweatcoin.

MA Economics

Anton — Together with Oleg, Anton dreamed up Sweatcoin to make the planet healthier by creating a global currency used by a billion people. Anton is a wellness industry pro, formerly with Reebok, and Kearney Sports.

MSc Computer Science, MBA and ExEd at LBS, Stanford and Berkeley.

Egor — The tech guru, Egor is a software engineer, turned UX designer, turned technical cofounder, turned CTO. He is a serial cofounder of mobile and tech businesses.

Computer Science at the University of London. Additional accolades in Machine Learning, Engineering, Product and graphic design

Henry — Commercial Strategy at Bitfinex and Tether. Henry knows token launches and ecosystem development inside out. Previously, he ran Market Launches at Deliveroo.

MSc Innovation and Entrepreneurship; BSc. Economics

What does the Foundation do?

We are responsible for creating the technology of SWEAT, and developing the ecosystem of Sweat Economy. This involves, but is not limited to:

  • building the SWEAT smart contracts on NEAR
  • working on bridging solutions to bring SWEAT to new blockchains
  • creating partnerships in Web3 — exchanges, blockchains, NFT providers
  • creating partnerships in Web2 — payment providers for on-ramp, brands, advertisers
  • creating the Sweat Wallet App
  • developing products, features, and marketplaces
  • forming the Sweat DAO
  • generating funds that can be used by the DAO
  • developing the code to help third party developers establish new Movement Validators

The list is not complete. It is only an example of some of the work we will be doing over the coming years. Everything you see in the roadmap is in our plan (below). More generally, our duty is to ensure SWEAT finds as much use for you, the user, as possible.

Designed to decentralize

Our job is to launch SWEAT, nurture it, and create an ecosystem that supports its adoption, development, and usage.

And then, our job is to get out of the way. We will remain a guiding influence, but power will reside with token holders — and at any one time, the community will hold more liquid tokens than the Foundation.

The open economy of movement must be open. For the economy to succeed, it cannot be governed by one Foundation acting as arbitrator, or a bottleneck to the global and continual adoption of this technology.

That is why we designed SWEAT as an open, permissionless token. In time, the DAO will make important community decisions. If a brand wants to join the marketplace, they can do so by buying SWEAT — it doesn’t require our interference. If a Movement Validator wants to verify movement, they can do so by staking SWEAT and performing the technological integration. If health insurers want to purchase an individual’s movement data, the individual can choose to do that and earn for it through the Sweat DAO. We don’t need to get involved.

In fact, it’s important we don’t. The very purpose of decentralization is to “cut out the middleman”, and thereby allow value to return to those who produce it. To give value back to those who make a network great.

And that is what Sweat Economy is: a network, made great by individual movers, who can now find the reward they deserve for contributing to a healthier, wealthier planet.

Take a hike,

The Sweat Foundation

To start earning crypto for your steps, follow this link. To learn more about Sweat Economy, visit our website. For the latest news, make sure to follow us on TwitterDiscord, and Telegram.

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