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New fitness app Sweatcoin charges users money for the walk

To encourage people to play sports, application developers implement a system of achievements and compete against friends. The company Sweatcoin went ahead and decided to encourage users to lead an active lifestyle with the help of monetary rewards. The idea belongs to Russian businessman Oleg Fomenko.

Fomenko has launched the UK digital currency Sweatcoin (from the English. sweat – sweat and coin – coin), which you can “earn” during walking.

The same application using the accelerometer and GPS on smartphone counts your steps and overall physical activity of man 1 000 steps is then converted to 1 SWC (Sweatcoin). It is not about the payment of remuneration for a walk, the currency generated during walking is similar to how the generated digital cryptocurrency in the implementation of computer calculations.

But SWC is more environmentally friendly currency, since its generation is not required to use the computing resources of computer systems, the electricity which causes emissions of CO2 into the atmosphere. SWC is generated with the help of human movement. To spend money on purchases at partner companies, including yoga classes, clothing, high-tech shoes or Apple Watch.

Co-founder of Sweatcoin said he plans to use the blockchain technology to control the distribution of the new currency, the rate of which will eventually be tied to the British pound sterling.

Fomenko also negotiates with insurance companies and corporations, which could use application data Sweatcoin in the design of health insurance to its customers or giving employees bonuses for an active lifestyle.

Sweatcoin app is available for free download on the iPhone. In the coming months, the developers promise to release an Android version of the program.

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