With cryptocurrency enthusiasm on the rise, people tend to jump into anything that advertises itself as a digital currency. Enter Sweatcoin, which is actually NOT a normal cryptocurrency.
After this coin was brought to my attention, I decided to see what it was all about. Sweatcoin is earned through a phone app, but it is not currently running off of a blockchain. Anyone can get the app for free and earn fractions of coins by walking. However, to earn coins in any decent amount of time, it is necessary to keep the app running at all times and never force close it.
This has been quite problematic for me, since I am in the habit of constantly clearing out all my open pages and apps. Absolutely every time I exit out of the app without thinking, I get alerts to turn it back on. And then I have to wait as it slowly types out a lesson about not closing the app if I want to earn more Sweatcoins.
I also find it slightly disconcerting to have an app that is always tracking my every move all day, every day, although my other problem is that I don’t tend to carry my phone everywhere I walk, which makes it difficult to have my steps counted and converted into Sweatcoins. Having had the app for two weeks, I have managed to earn a whopping 3 coins.
This aside, the app itself is kind of fun and unique, and I know several people who like it and take their phones with them everywhere, so they are earning Sweatcoins much faster. These coins can be used as currency to buy special things the app offers online, such as gift cards or audio books. You can also donate your Sweatcoins to charities the company is partnered with.
A person can earn an unlimited amount of Sweatcoins to use, although there is a limit to how many can actually be generated each day. This means the coin has no cap and can be considered an inflationary currency. The more this app is used to generate coins, the less valuable the coins will be.
I like that Sweatcoin is a digital currency that motivates people to want to exercise, and I’ve spoken to a few people who have increased their steps for the sheer purpose of creating more coins. That is a really positive aspect to this currency.
Although this digital currency does not currently run off blockchain, back in January the Sweatcoin founders shared that this token will eventually have a type of blockchain attached to it and will be listed on an exchange.