Cryptocurrency, Blockchain and the Movement Economy

Jose Santana by on Mar 02, 2018

With the rise in fitness reward programs and blockchain technology, one startup aims to fuse the health and financial trends together, encouraging participants to earn cryptocurrency rewards just by walking. Offering a currency and platform of the same name, Sweatcoin positions itself as one of the first entrants in the movement economy to use open-source blockchain technology.

The Sweatcoin mobile app tracks steps and converts them to sweatcoins at a rate of 1 per 1,000 steps, minus a 5% commission. Currently, a free version of the app caps users at earning 5 sweatcoins per day and up to 150 per month, but upgrades to monthly subscriptions levels increase earning potential. Users can spend their sweatcoins on prizes like Fitbits, iPhones or Amazon gift cards as well as can transfer their coins to other users. Sweatcoin co-founders Oleg Fomenko, Anton Derlyatka, Danil Perushev and Egor Khmelev hope to make sweatcoin a crypto currency asset with a wide enough circulation where owners can exchange sweatcoins for other currencies.

The Sweatcoin app features a futuristic home screen with a Tron-like augmented reality design, prominently displaying the user’s daily earned sweatcoins, total daily steps and total earned sweatcoins. The app’s two other main screens house a marketplace of current offers as well as a leaderboard of connected friends that shows their subscription level and number of earned sweatcoins.

Despite its strong app design, users have experienced some issues due to the app’s strict usage requirements. The Sweatcoin app must stay on for steps to be recorded, noticeably draining devices’ batteries. In addition, because the app continuously interacts with the device’s location services to ensure that sweatcoins are earned through movement, GPS location, speed and consistency, the app may not recognize all steps. According to the app’s FAQs screen, Sweatcoin verifies 65% of steps on average. Users also have expressed dissatisfaction with the current conversion rate, which requires an enormous number of steps to earn enough to make purchases in the company’s store.

As Sweatcoin and others, such as fellow walking-currency app Bitwalking, continue to refine technology that addresses the intersection of fitness and blockchain, we expect these kinds of healthcare reward programs to only grow. Further, across the broader healthcare industry, we anticipate continued innovations and improvement of healthcare solutions using blockchain, such as in the realms of record management services and patient data sharing among providers.

 

Sweatcoin App Home Screen and Offers Screen

About The Author

Jose Santana

Jose is an Analyst for Healthcare Monitor at Corporate Insight. Read more