Sweatcoin is a free app founded in 2015 that rewards your daily steps with cryptocurrency. Sweatcoin is all set to attract 64 million of its users into the Web3 ecosystem, fulfilling its initial objective of motivating people to be more active. Sweatcoin awards will have real-world value when the popular move-to-earn app is ready to launch on the NEAR blockchain, along with its native cryptocurrency SWEAT. Sweatcoin’s entry into the Web3 ecosystem isn’t just about launching on a blockchain, as Fomenko explained that the company wants to reap all of the benefits of the new technological era.
Sweatcoin’s founder and CEO, Oleg Fomenko, spoke with Cryptonites’ Alex Fazel about the app’s future plans and the value that its transfer to Web3 will offer to its customers. According to him, Sweatcoin’s long-term goal is to transform into a DAO and totally decentralise the ownership of its user data. By becoming a decentralised organisation, people will regain control of their data, allowing for monetization directed by users rather than the firm. It believes that Web3 will open up even more opportunities to acquire and keep wealth for the company.
The NEAR protocol, a scalability-focused Proof-of-Stake (PoS) blockchain network, proved to be an ideal partner for Sweatcoin, whose aspirations for broad adoption aligned perfectly with NEAR’s vision. Sweatcoin will get a native cryptocurrency, SWEAT, when it launches on a blockchain network, which would replace the existing Sweatcoin incentives.
According to Fomenko, one SWEAT token will be issued for every Sweatcoin on users’ balances during the token generating event (TGE). With each step they take after the TGE, users will generate a SWEAT token. Sweatcoin users share this belief with Fomenko, who claims that over 262,000 wallets have been downloaded in the 24 hours after the network debuted its own token.
Sweatcoin had to debut as a centralised service because a decentralised launch would be slow, expensive, and difficult to sell to a large number of customers in the early days of blockchains like Ethereum.
Fomenko feels that Sweatcoin’s debut as a centralised service and later switch to a decentralised service contributed to the platform’s rapid growth and current user base of 64 million. The app currently handles over 1,500 transactions per second, necessitating the use of a highly scalable and lightning-fast blockchain network.
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