Sweatcoin: Can your steps really be turned into digital gold in 2024?

Current Status: The Sweatcoin app has reached 120 million users globally, and they have collectively counted more than 50 billion SWEAT tokens since its launch in September 2022.

The mechanism is simple ( but genius):

Instead of wasting your energy on sports without benefit, Sweatcoin converts it into digital currency:

• For every 1000 steps = 0.95 Sweatcoin
• The app tracks your steps using GPS + your phone's sensors.
• The currencies accumulate throughout the day
• Daily maximum: 5 tokens ( but increases with staking )

Evolution: Initially, it was just in-app currency, but now they have launched the real SWEAT token on the blockchain that can be traded and stored in a wallet.

What is the difference with STEPN?

Stepn requires purchasing expensive NFT shoes to earn money, Sweatcoin is completely free. But STEPN has two tokens (GST and GMT) and stronger governance.

The Real Challenges:

1. Inflation: The earning rate decreases every year:

   • Year One: 1 SWEAT for every 1000 steps
   • After a year: only 0.33
   • After 5 years: 0.02 ( means almost finished )

2. Currency Value: With millions of users entering = Huge supply = Pressure on the price

3. Maintaining the momentum: Like all “earn while you move” games, keeping the motivation up when profits decline is very difficult.

Note the positives:

✓ Strong Partnerships: Over 600 brands (Apple, Audible, Headspace) ✓ Multiple Uses: Buy products, donate to charities, trade on decentralized platforms. ✓ Protection: The app does not sell user data and does not request sensitive information. ✓ Health is indeed improving: A 2018 study showed that users increased their activity by 20% after 6 months.

The Future?

The plans include:

• NFT marketplace
• Expanding activities (bicycles, swimming, no walking but )
• Convert to DAO ( Full Decentralization )

Summary: A unique model that connects health with cryptocurrencies, but investors must understand that profits decrease over time and competition increases. Is the idea silly? No. But expecting large profits? Dangerous.