One of the biggest challenges in fitness is that humans are very impatient creatures, unable to move themselves to enjoy the long-term rewards of being active. Get fit and you’ll live a lot longer, but there is no immediate, significant advantage to working, even if this is clearly useful. Because of this, many people fail to try to make trouble.
The idea that “emotion” can have power in itself may seem strange at first, but it is completely logical when we consider the impact it has on our health.
“Sweat Economy believes that your physical activity – namely your steps – has tangible value, to you, your family, your doctor, your health insurer, your employer and ultimately even the country you live in,” said Sweat Economy co-founder and CEO Anton Derlyatka.
The point is that being active results in long-term health benefits, which means physical benefits for each individual. It turns to improvements in your mind, your productivity is reduced to absent labor in the workplace, Derlyatka said, ultimately to benefit the whole company. In other words, the act of moving has value because it enables people to live longer and more productive lives, he said, and this is the price that the Sweatcoin app is striking by paying users its cryptocurrency standards based on the number of daily steps taken.
“When people are encouraged to be more physically active, we increase human productivity, relieve the burden on the social health system and create a healthier planet.”
Derlyatka said. Thus, it makes sense that the movement has power, because it brings tangible benefits. The mission of the sweat economy is to transform value into something that is immediately profitable, moving the world to create even more.
The Sweatcoin app wasn’t always about crypto. When it was first launched in 2015, the badges that earned users rewards for taking a minimum of 1,000 steps per day were originally just reward points that could be redeemed for successful rewards and discounts on certain products sold by their partners. However, Crypto has been a project everywhere, it’s just that the founders of Sweatcoin came up with their idea a little prematurely, before the infrastructure was in place to bring the concept to life.
“We don’t want to make the world physically active by offering incentives,” Derlyatka related. “We looked at Bitcoin in 2015, and in 2016 we met with Vitalik Buterin to see if we should create a movement currency on Ethereum, but the blockchain was not ready for us yet. So we decided to start centralized, get the user base and business model right and go from there.”
So Sweatcoin came to life as a Web2 fitness tool, but always intended to transition when the time was right. With the launch of the Prope blockchain mainnet in 2022, Sweatcoin has finally decided that it is ready to make the leap into Web3, exchanging in-app reward points for a new cryptocurrency token, SWEAT.
The Biggest Web3 Onboarding Times in History
For an application that had already acquired more than 120 million users, the decision to suddenly jump from Web2 to Web3 might seem risky. While crypto has supporters, there are just as many – if not more – detractors who worry it’s a scam, worthless, difficult to understand, dangerous, etc.
Recognizing the need to appease these fears, Sweat Economy has taken multiple steps to make the onboarding process as smooth as possible. For one, no upfront investment is required from users, Derlyatka explained. Both the original Sweatcoin app and the new one sweat bag app, they can also use the download. In addition, there is no KYC process or complicated user interface, which is often the case in most other digital wallet applications.
“We set up a simple and seamless UX on the sweat wallet to put our users out of Sweatcoin,” said Derlyatka. “Then the user simply logs in with their Sweatcoin account, a wallet is created for them without any barriers to knowing what the seed word is or how to store it securely.”
Another method of acquiring users with a Sweat wallet and the idea of earning SWEAT tokens was to remove all crypto and web3 websites that are more or less exclusive to cryptocurrency enthusiasts. So instead of “stuking” your SWEAT tokens to earn interest, users have the ability to “grow” their properties. It’s a language that regular folks understand, and it allows the Sude Economy to literally “walk” people into the crypto world, in more ways than one.
It is a plan that has borne fruit. Out of Sweatcoin’s 120 million global user base, more than 13 million of them have created a Sweat Wallet at the time of the Sweatcoin token generation event in September 2022, making it the largest Internet event in history.
“Not just the biggest, but the biggest by a factor of ten!” Derlyatka said.
Since then, the Sweat Economy has gone from strength to strength, with organic growth of around 10,000 new Sweat sign-ups per day, with the app consistently ranking in the top 10 Blockchain Dapps of DappRadar since its launch in September.
Derlyatka said the success of Sweat Wallet shows that the world is ready for a low-barrier entry into Web3, and he anticipates even faster growth when the company launches a more aggressive marketing strategy that will encourage users to buy NFTs to increase the rewards token of Sweat.
A Teubneriana Ex Motu to be established
Sweating of the second economy was a major challenge so that the sweat could actually represent the value of the movement. What prevents millions of people from gaining sweat every day and flooding the world with sweat standards and diluting its value? This is where the singularity of it, which means sustainable “signs”, is combined with several different forms of utility.
The first reason is that SUDUM is designed to be anti-inflationary, with an ever-decreasing rate of growth. Derlyatka explained that as more users sign up to the wallet, it becomes progressively more difficult to earn each one a sweat coin. Now, six months after the shooting, SUDUM is now three times more difficult, he said.
In addition, Derlyatka explained that the coffers of Sweat Economy are credited with a minimum of 50% of the profits, derived from Web2’s revenue streams, to buy SUDUM tokens from the open market. Those tokens are then either burned – removed from circulation or distributed as rewards as “stipends” based on what the community’s popular and decentralized Sweat economy decides to do with them. As a result, as more users join and start to earn a profit, the number of tokens in circulation will remain fairly constant.
Sweat also has tons of benefits that encourage users to use their rewards. Users are encouraged to deposit their earnings in so-called “growth barrels”, which allows for an attractive return on deposits. Essentially, as in other types of cryptocurrency, in addition to income, users also stand a chance to win amazing prizes, including iPhones, fitness gear and a Tesla model 3, for example. Alternatively, Sweatcoin users can simply accept the winnings and exchange them for Bitcoin or any other cryptocurrency at a third-party crypto exchange, essentially cashing in their rewards.
However, users who want to be able to contribute to the Sweat Economy community, it is better to keep the rewards. Derlyatka said that the Sudores economy decentralization strategy provides a much greater role for SUDO in the future, providing the right to users of the regime.
“The signatories will have the power to make important decisions about the Sweat Economy, starting with the burning sign,” Derlyatka said. So the Sweatcoin users themselves want to affirm that the economic model remains sustainable and brings value to the movement.
According to Derlyatka, the ultimate ambition of the sweat economy is to build a global economy in which millions of people can experience the movement of value.
“When one of our users asks, ‘What makes SUDUM valuable?’, they don’t want to throw in the number of languages, utilities and use cases,” said Derlyatka. “They will simply be able to say, it represents the value of their physical activity.”