Hey Steemians
So, I normally don't talk about apps I'm using to my friends and family, but this app caught my attention, the app I'm talking about is Sweatcoin. The way the app works is when you walking outside, you start the app, it then begins to count your steps and convert your steps it to a currency call Sweatcoin. So, only within a couple of days, I have gathered 17 Sweatcoin or SWC from just walking from university to work. Which then I used to buy a code for 3-month subscription period for Tidal for 5 SWC and It worked! So now the only thing I must remember is to cancel my subscription otherwise, it will charge for a normal subscription after the 3 months.
But what is Sweatcoin exactly, it is an app that counts your steps when you are walking outside and then converts your steps into digital currency. But a non-traditional digital currency, as we know from Bitcoin, Ether, and Steem. It doesn't have a blockchain nor is on an exchange currently. But Sweatco the creators of Sweatcoin announced in January 2018 that they eventually will be listed on an exchange and have a blockchain in the future.
So, it doesn’t have a blockchain, which then holds back for a single person from creating an infinite amount of SWC. Here is the thing about SWC, the only way to generate Sweatcoin is by walking outside, even for the developer they need to walk to generate Sweatcoin and the amount is also cap at 20 SWC per day for each user. So, no single person can generate an infinite number of SWC. So, how do they then make money?
Sweatco makes money by cooperating with different brand partners, which pays them to be featured in their marketplace. Where we then can use our Sweatcoins to buy different products and deals that are on the market. But Sweatco also makes some money, when you convert your steps into Sweatcoin. Sweatco charges a 5% commission fee which then goes to pay for the affiliate invites and other bonuses on the platform.
The only thing I don’t like about Sweatcoin is transparency of the currency. I really want to see them implementing of blockchain technology and getting on an exchange. But I see the app and their currency Sweatcoin to have great potential.
Thanks for reading
Also, let me know what you think about this app in the comment.
Cheers
link for sweatcoin:
https://sweatco.in/