If you are a cryptocurrency investor or fan here is an app for you but it comes with a catch. Meet Sweatcoin, a free app for Android and iOS users based on the idea that the more you exercise, the more cryptocurrency you earn.
Yes, Sweatcoin pays its users cryptocurrency depending how far you have walked and it is taking over the market like a wildfire since it has already beaten WhatsApp as the most popular app in App store. It must be noted that the app pays in its own cryptocurrency (sweatcoin) which can be used in more than 300 stores including Boohoo, Hellofresh, and Graze.
Launched in 2016 in London, Sweatcoin recently gained popularity, thanks to the sudden surge in Bitcoin prices and raised $5.7 million (€4 million) in fundings from different investors. However, the app is currently available only in Ireland, United Kingdom, and the United States while its developers are planning to make it available for Asian and Europen users soon.
How does it work
The app works in such a way that its ‘Walk&Earn’ feature tracks user’s movement and rewards 0.95 sweatcoins for every 1,000 steps. Therefore, not only is it a case of the more you walk the more you burn calories but also the more you walk/run the more you earn money.
“We track & verify your outdoor steps using your phone’s accelerometers and GPS location. Those steps get converted into our currency — Sweatcoins,” explains the firm.
Its free version allows users to earn 5 Sweatcoins per day with 5,000 steps while upgrading it lets users earn more Sweatcoins on daily bases. Furthermore, the app also offers Amazon and PayPal gift cards, lets users donate to charities, send it to other users, and shop with Sweatcoins.
According to Sweatcoin’s co-founder Oleg Foment “As we grow and execute upon our vision, we plan to develop an open-source blockchain DLT technology that will allow Sweatcoin to be traded like any other major crypto- or fiat currency.”
Good for health bad for privacy?
While the basic idea of the app is to bring people out from their houses and develop a healthy environment worldwide; for those concerned about their privacy it might not be a good idea since the app tracks user’s precise location through their device GPS. However, if you have no problem with that then you are good to go.