Sweatcoin for iOS was recently launched in Canada in April 2018, and as of writing, currently sits atop the App Store as the number one downloaded free app. The premise behind Sweatcoin, which also is available in the U.S. and UK, is it allows users to earn cryptocurrency by walking outdoors. With these earned ‘Sweatcoins’, users can apply them to purchase goods and services inside the app.
How does Sweatcoin app work?
The app pays its users in digital coins, dubbed as Sweatcoins, in return for daily steps that the users have taken.
The Sweatcoins can then be redeemed over the app’s website for various products and services such as sneakers, healthy snacks, and books.
However, various users just value the psychological reward that comes with receiving the Sweatcoin after they have put in physical effort to maintain a healthy lifestyle.
The app has been a success since it started gaining popularity by getting featured in numerous publications such as Forbes and also featured on news channels ranging from CNBC to Fox News.
Gaining momentum from these mentions that began from 2016, Sweatcoin has been trending as the top health and fitness app in the App Store since September 2017.
The app currently holds more than 2.2 million active users that utilized the app in one week itself.
Uses coin system and yet does not operate on a blockchain
As the app does not operate on a blockchain, and the Sweatcoin does not act as a cryptocurrency due to this reason. However, one of the co-founders for the app, Oleg Fomenko, expressed the company’s plans to develop these features for Sweatcoin so that it could have the potential to grow as a blockchain platform with its cryptocurrency.
For now, the company is focusing on meeting the rapidly increasing demand for the app and the work that it causes for Sweatcoin’s current 8-person team. The company aims to expand their operations so that Sweatcoin can continue on its path to be an app that is as successful as other innovative ventures such as Snapchat – which continued being a global phenomenon and is still known for its “filters” and “stories”, features that most of the other chat apps rolled out later after seeing their adaptability by the public.
It will not be a surprise if you start seeing “clones” of Sweatcoin which might be trying to capitalize on the original team’s hard work and immense efforts.
The clones may have improvements, or they may be exactly like Sweatcoin, for now, Sweatcoin seems to be a unique player in the field, and it would be interesting to see how it affects fitness routines in the lives of its users.
What’s the deal in keeping fit?
According to Sweatcoin, 1,000 outdoor steps are equivalent to 0.95 Sweatcoins. So for example, if you have 20,000 Sweatcoins, you can redeem for a free iPhone X or $1000 in PayPal cash.
Sweatcoin says their upcoming blockchain technology will be able to turn your steps into cash and they’re “already processing more transactions a day than freaking Bitcoin.”
Also note that the Sweatcoin requires a tonne of your data to register. You need to provide an email address, mobile number for verification code, your Health data and always-on location data.
In order to delete your account, you need to request it within the iOS app’s contact feature, then click on a link they send you via email.
You can download the free app from the App Store—but be aware of what information you’re giving up for the allure of virtual cash.
Also this app requires iOS 9.0 or later device and is cmpatible with iPhone 5s, iPhone 6, iPhone 6 Plus, iPhone 6s, iPhone 6s Plus, iPhone SE, iPhone 7, iPhone 7 Plus, iPhone 8, iPhone 8 Plus, iPhone X and various other iPads.