Need motivation? This app will pay you to exercise.
The app that pays you to get fit ( Sweatcoin ) rewards people for the number of steps they make every day Sweatcoin is available for free in the UK from Apple’s app store It offers one coin for every 1,000 steps which can then pay for goods Rewards include Vivobarefoot shoes and fitness classes from Wonderush Android app is in development, and app will roll out to other regions soon. It can be difficult to stay motivated when trying to get fit or lose weight, but being rewarded for every step you take could make things a little easier.
That is the thinking behind the Sweatcoin app. It tracks the number of steps using the iPhone’s built-in sensors and uses ‘complex software’ to make sure people aren’t cheating. It then rewards them with a digital currency called ‘sweatcoins‘ that can be redeemed with select retailers. The Sweatcoin app tracks your steps using the iPhone’s built-in sensors and uses ‘complex software’ to make sure people you aren’t cheating. It then rewards users with a digital currency called ‘sweatcoins‘ that can be redeemed with select retailers. An example leaderboard is pictured right. Rewards include Vivobarefoot running shoes, Kymira infra-red clothing and fitness classes from Wonderush or BOOMCycle. To put this into perspective, official guidelines encourage people to walk between 5,000 and 10,000 steps a day.
An Android app is in development, and the app is expected to roll out to other regions soon. Within weeks users can have enough to exchange for fitness products or services in its marketplace. The company has signed up four London start-ups to offer sweatcoin as part of an employee rewards program that will offer extra days off, subsidized healthy meals or free massages for sweatcoins they accumulate through activity. If sweatcoin succeeds, the long-term idea is that insurers or employers might pay to take sweatcoins off the market as a reward to users for their physical activity. Right now, movement is valued at zero, Fomenko said. How much value a sweatcoin will have will be a market decision but we know it’s not zero.
There will be competition. Another British start-up, Bit walking, is also seeking to launch its own digital currency. This whole business is pegged to making movement valuable, co-founder Oleg Fomenko told Reuters. ‘Eventually, sweatcoin is going to have a rate of exchange tied to the British pound. But sweatcoin is confident in its software, which is carefully calibrated to prevent slouchers from faking activity by cross-checking data on activity and location to verify steps.Most rival apps rely simply on user-reported information.
The company is also developing a proprietary version of blockchain anti-tampering technology to manage the distribution of its currency, akin to how bitcoin transactions work. It’s an elaborate second act for Fomenko, whose last start-up, Bloom.fm, a UK music app launched in 2013, drew 1.3million downloads before imploding when its sole investor, a unit of Gazprom Media, pulled out after Russia’s invasion ofCrimea and he failed to find fresh funding.
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