Sweatcoin. The name is kind of gross, but the idea behind it is genius. The app is currently topping health and fitness charts in the United States, and demand is increasing. But, how easy is it to make money (and get fit) using Sweatcoin?
So, What Exactly is Sweatcoin?
It’s an Android and iOS app that tracks your daily steps and converts them into a digital currency called ‘Sweatcoin’. After you’ve earned enough of the currency, you can use it to buy many things including PayPal gift cards or an iPhone X.
The app was created by a London-based startup called SweatCo, and according to the NY Times, the company has already raised $1.6 million in financing.
Sweatcoin’s “first premise is that physical movement has economic value,” Anton Derlyatka, a Sweatcoin co-founder, told the NY Times. It seems that the company’s genuine goal is to make us exercise.
— Katherine Bryant (@Katherine_Coach) February 7, 2018
What’s the Catch?
The app rewards one Sweatcoin for every 1,000 outdoor* steps taken. But, users are complaining that they are being credited for fewer steps than expected. According to the app’s help section, Sweatcoin’s algorithm usually verifies 65% of the user’s total steps.
*Yes, that right. Only outdoor steps count towards Sweatcoin. So, all those miles you racked up on the treadmill won’t make you any money.
The algorithm is in place to deter cheating techniques, like strapping your phone to your dog. Effectively, it makes sure that you can only earn Sweatcoin one way – through exercise.
While the iPhone X is a rather ambitious goal – the NY Times estimates it’ll take five years to earn one, you can buy cheaper things like running shoes, tea, and subscriptions to other things that promote health like the meditation app, Calm.
Despite the controversy, Sweatcoin is a great motivator for people who want to get healthy. As well as making positive changes to your body and mind, you’d score free money and merchandise. What’s not to like?
Is Sweatcoin enough to motivate you to start running?
Ready to earn Sweatcoin?
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