If getting paid to work out sounds like a dream, then this app can make it a reality.
Sweatcoin is a free app that pays its users for every step they take outdoors. The app pays in digital currency and can let users earn 0.95 sweatcoins for every 1,000 steps done.
These coins can be exchanged for items like fitness gear, gift cards, and workout classes in the app’s marketplace.
Co-founders Oleg Fomenko and Anton Derlyatka came up with the idea in 2015 when Fomenko’s previous startup failed.
This led to his loss of motivation to work out which sparked the idea of Sweatcoin.
Sweatcoin aims to compete with Bitcoin as another type of cryptocurrency.
Currently, users are only able to buy participating products on the app’s marketplace. Moving forward, the company wants to let its users be able to pay their taxes with Sweatcoin in the next 10 years.
To do this, they’ll be using blockchain technology, which other cryptocurrencies are using.
To stop people from cheating by shaking their phones, the app uses the cellphone’s built-in step sensor to track movement which then monitors algorithms for speed, consistency of movement, and location so any false data can be eliminated.
One of the main objectives of Fomenko and Derlyatka was to promote a healthy and more productive lifestyle.
Their long-term objective is to save society the cost in healthcare while keeping users motivated through instant gratification. The app is available for both iPhone and Android users.