Sweatcoin, the App that Will Pay You to Exercise
von Satoshi Nakamoto
Would you be more willing to exercise if you were paid to do it? If yes, then Sweatcoin was designed for you. This is an app that you can install on your phone and it will reward you for every step you take, quite literally.
However, the rewards are not in your conventional fiat money. Instead, you will receive a few sweatcoins (SWC), a cryptocurrency like bitcoin or ethereum, everytime you exercise. You get one sweatcoin for every 1000 steps to be exact.
At a certain threshold, you can redeem these for your favourite gifts including sports watches, air miles, e-books etc. You can always view the available gifts from the app. Don’t get too excited though – the gifts are mostly fitness equipments and fitness classes.
Alternatively, you can use your coins to unlock your next level. That’s because there is a maximum number of coins you can earn per day in each level. You can only earn a maximum of 5 coins per day at the basic level for example.
The next level called the Shaker will allow you to earn 10 points but it will cost you 5 coins. The highest level is called the Breaker allows you 30SWC per day.
Sounds confusing? Think of it as your ordinary reward scheme from your retailer.
Only the steps you take outdoors count, so you won’t earn any points while moving inside your house. The app uses GPS to figure this out.
How it Works
You can earn sweatcoins only by walking or running. Of course people are always finding ways to trick the app –like tying your phone to your dog – to different levels of success. And no, sweatcoin won’t count those steps if you are working out on a treadmill.
Sweatcoin has some smart algorithms to guard against this. But most importantly, you will be cheating and it’s against the rules. You can only generate sweatcoins through genuine physical movement and you cannot enlist third parties to help you accumulate Sweatcoins, a section of the rules states.
As at now, you can only use the app on your phone, so you are out of luck if you don’t like carrying your phone when you are going out jogging. It would be much more convenient if it could be integrated into smart watches and other fitness gadgets.
Does it drain your battery?
To keep counting your steps, you will need to keep the app running. The major downside it will drain your battery. Although there is a battery saver mode, which is by the way the default setting, the app will ultimately drain your battery especially with the GPS on.
There are varied opinions online on the subject. Some people report little impact on the battery while others complain about high consumption.
Conclusion
Sweatcoin is currently not listed in any exchange although there are plans to do so. There is no way to covert the coins into fiat on the app at the moment. For now you can send your sweatcoins to friends or to charity.
How it generates revenue isn’t clear. The company behind it says it does not sell your data so ad revenue is probably what we can think of right now.
Bottomline, don’t expect to make anything much from this app. Nevertheless, it’s a great app, like many others to keep track of your exercise routine.
Source coinlist
Read the full article
However, the rewards are not in your conventional fiat money. Instead, you will receive a few sweatcoins (SWC), a cryptocurrency like bitcoin or ethereum, everytime you exercise. You get one sweatcoin for every 1000 steps to be exact.
At a certain threshold, you can redeem these for your favourite gifts including sports watches, air miles, e-books etc. You can always view the available gifts from the app. Don’t get too excited though – the gifts are mostly fitness equipments and fitness classes.
Alternatively, you can use your coins to unlock your next level. That’s because there is a maximum number of coins you can earn per day in each level. You can only earn a maximum of 5 coins per day at the basic level for example.
The next level called the Shaker will allow you to earn 10 points but it will cost you 5 coins. The highest level is called the Breaker allows you 30SWC per day.
Sounds confusing? Think of it as your ordinary reward scheme from your retailer.
Only the steps you take outdoors count, so you won’t earn any points while moving inside your house. The app uses GPS to figure this out.
How it Works
You can earn sweatcoins only by walking or running. Of course people are always finding ways to trick the app –like tying your phone to your dog – to different levels of success. And no, sweatcoin won’t count those steps if you are working out on a treadmill.
Sweatcoin has some smart algorithms to guard against this. But most importantly, you will be cheating and it’s against the rules. You can only generate sweatcoins through genuine physical movement and you cannot enlist third parties to help you accumulate Sweatcoins, a section of the rules states.
As at now, you can only use the app on your phone, so you are out of luck if you don’t like carrying your phone when you are going out jogging. It would be much more convenient if it could be integrated into smart watches and other fitness gadgets.
Does it drain your battery?
To keep counting your steps, you will need to keep the app running. The major downside it will drain your battery. Although there is a battery saver mode, which is by the way the default setting, the app will ultimately drain your battery especially with the GPS on.
There are varied opinions online on the subject. Some people report little impact on the battery while others complain about high consumption.
Conclusion
Sweatcoin is currently not listed in any exchange although there are plans to do so. There is no way to covert the coins into fiat on the app at the moment. For now you can send your sweatcoins to friends or to charity.
How it generates revenue isn’t clear. The company behind it says it does not sell your data so ad revenue is probably what we can think of right now.
Bottomline, don’t expect to make anything much from this app. Nevertheless, it’s a great app, like many others to keep track of your exercise routine.
Source coinlist
Read the full article
Satoshi Nakamoto
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