There are many gym and professional home workout machines today, or field workout and exercising plans. Even those using mobile applications to track data in order to optimize workouts.
Although many render the benefits of helping users lose weight and build muscles, most do not offer the option to earn extra coin from the workout or field exercises. So with Sweatcoin app available in the App Store, you can earn some coins as you sweat exercising or training on the field.
The app rewards users a monetary value of Sweatcoins according to the steps taken in a day. The only requirement is that you have to workout out of the house. Thus, it won’t count steps walked on a treadmill at a gym. Once earned, these coins can be traded for fitness gear, workout classes, gift cards and a number of other offerings.
The company plans to develop an “open-source blockchain DLT technology. Since that will allow Sweatcoin to be trading like any other major crypto- or fiat currency”. They could also add the ability to pay taxes with the coin.
Co-founder Oleg Fomenko told TechCrunch,
“We are out to fundamentally change the value ascribed to health and fitness. It provides the motivation for people to lead better lives”.
Sweatcoin app already has 5 million users signed up in the past year. Company revenue increased by 266 percent in the last quarter. The app records more than 2 million weekly active users. That makes it one of the fastest fitness apps on the App Store and second in the list of free apps after the Google Arts & Culture app.
A user signs up and hooks up smartphone’s health and fitness data and GPS location to the app. The app starts to calculate the number of steps taken in a day. You will receive 0.95 “sweatcoins” for every 1,000 steps recorded on the machine.
You can still earn only five coins per day on the free version of the app but in order to earn more, you will need to get a paid version. That’s the drawback. The company raised $5.7 million in seed capital and plans to use the amount in expanding operations outside of the US and UK. Later on, to continental Europe and Asia.