Sweatcoin Now in Canada
Special for any Canadian readers out there (or UK, Ireland and US). Sweatcoin recently launched in Canada, so feel free to give this cute app a try!
What is Sweatcoin?
Sweatcoin is a digital currency awarded for steps registered by the app.
It runs in the background, at least for Android, so it has low maintenance. You may want to turn on battery saving mode while you are not actively using it. I remember for iPhones it requires some action to bring the app to the foreground to start registering steps which can be a little annoying.
One very important thing to note is that you can only gain coins for steps taken outside, presumably with actually moving distances, since it uses GPS data as one of the signals for verifying the step.
You are also capped at 5 Sweatcoin earned per day unless you unlock higher tiers which you pay for using Sweatcoin. I don't go outside enough to warrant this, though in the past week I've really been hitting that limit...
Redeeming Coins
It has partnered with various companies to offer rewards to redeem with this coin. Take a look here:
Smart move to obtain these kinds of partners, and I see it as a win win in terms of advertising value for both parties.
Blockchain?
It appears the digital asset is centralized and not blockchain based, or at least it should be assumed to be so until there is official word of blockchain. There seem to be mostly rumors and old news articles hinting at a launch of a blockchain. This is one of the red flags of this token, but I find it's harmless to collect the coin in the event it follows through with its plans.
At the very least, the coins can be transferred between users, and someone on Reddit seems to have organized an informal exchange for buying and selling Sweatcoin. I'd probably stay away from that unless you really do due diligence in researching the background of the person you trade with because this is an informal swap.
Prospects
If you were to ask me now what I think about its chances as a cryptocurrency, I'd say it's not too good :). Even with a blockchain coming it feels like something that doesn't need its own blockchain. Just set up a user issued asset or something, as the verification and issuance of the token is centralized anyway (maybe that can change later, who knows). But it's a fun concept and there is already funding for the company, and with real partners, and a functional app, so those are always nice!
PS I'm giving away 5 Sweatcoin. Leave your address as a comment and I'll send it to a arbitrarily chosen one.
Also, feel free to add me as a friend and we can have some fun with its social leaderboard feature.
Here is the link again, and yes, it's a referral link: https://sweatco.in/hi/eonwarped
| Get Universal Income: MannaBase and SwiftDemand | |
| Trade STEEM on Binance | |
| Sola.ai :: Earn.com (airdrops) :: Refereum :: Earn STEEM with tasks :: Earn Sweatcoin | |
A question my husband asked on this, is why would they pay people (sweatcoin in this case) to do nothing other than take steps to be able to purchase items? What do they gain in other words? His way of gaining trust is to find the deep down reasons behind it al :)
Well there are multiple reasons why.
One is the fact they might be selling your data. But remember your data getting sold anyways might as well get paid.
Another reason is tax benifts:
Companies who pay people to walk will get tax breaks/cuts.
Sweatcoin is also tokenizing their token. So you can trade it in outside exchanges.
Their hope is then to use that idea and make it so partnered stores accept their tokens as payment.
Hope that helped :)
its crazy to think all these years weve been giving data away for free!
Crypto has let us control the way our data be sold and let us earn in the process.
I'll link a post here if you want to read more way to sell your data....
Eon read it as well.
https://steemit.com/earn/@sames/earn-passive-income-selling-by-selling-your-data
Yeah! Only now do we even have a chance to shift this balance. Still curious to see how it will look!
Crazy for sure! I had no clue!
I had no idea about the data. O.O This did help me understand more. I knew nothing of this actually. Its good to know. Thanks ^_^
Actually, one question I have about this and it may be a silly question as I don't know all this stuff, what kind of data could they be selling?
Just another day for cryptomonk ;)
Probably your phone habits or location habits bc it connected to gps but if it makes you feel better Google and others are doing it for free.......
It is all connecting now. I don't have the GPS activated on my phone. I barely use it. I do not think they would get much out of me that way, but for google through my computer well, thats another story lol
IDK if it will help but i did make a post on more ways to sell your data.
https://steemit.com/earn/@sames/earn-passive-income-selling-by-selling-your-data
I am checking it out now. Thank you
To me there is value even just in advertising. Since this app is gaining traction there are companies that offer discounts through this app. Since many users are fitness oriented (presumably) it explains the concentration of offers for fitness related products.
@sames also brings up some good points as well that I didn't think of.
One thing I thought of is that it does point towards helping people get fit and thought it was a good thing for the people. Just needed to know the facts behind it as sometimes something can be too good to be true.
I keep thinking that this could be easily hacked by an android developer who could create an emulator with an affectable location. There are already some like this that were used for Pokemon Go, and if you made a mistake, just reset the phone with another identifier, get the app again and keep trying.
I don't have the skills lol, very far away from that, but I think that if this reaches any level of mainstream, it will get hacked and people will either get a passive income doing nothing (and even multiple wallets at the same time running on the background) or the coin will be devalued to the point that the project won't be that useful anymore except for third-worlders like Venezuelans who can live off 10 dollars a month.
Sure it's possible, it'll be a bit of a cat and mouse thing. They don't have details for what's used but I assume it's smarter than what Pokemon Go is using. There's a claim about artificial intelligence backed verification of the data but yeah, I'm not sure :P. It'll be in their best interests to stay ahead of the game....
Yeah, maybe it'll be like the fight against piracy, only that it'll be the central bank trying to fight forgers, but with very limited resources. I hope the best for the project. If it succeeds I'll certainly use it, since when I have routines, I rarely use cars or bicycles and always end up walking for hours.
If i could do this in my country I would become a marathon runner and make all my family get healthier lol!
They going to tokenize it so even easier to use it later this year :)
this is cool eon! hadnt heard of it. im going to try to download today (will use your link!)
wish i had it on my trip to london last week bc i walked A LOT ;p
bet its great in nyc!
Yeah! It's rather fun! This is how Opal can start paying for rent ;) kind of.....
So, if you walk 10,000 steps per day every day you get around $50 per year at current prices?
Cheers
Yeeeupp! Literally drowning in sweat money.
Ish xD
I may perhaps give away all my coins, lolz... We here will just sweat and earn nothing :( ... I am so pissed of man...
Yeah they really should find a way to turn sweat into gold over there :)
Thanks for ketting me know about this buddy ole pal☆
Curious to see how you will stream it :)
wechat has an app call werun that tracks your step, and places you go because they have their integrated map too. I don't mind a app that actually pays me for walking than just sharing how much i walk to my wechat moments and getting likes and comments for it
Yeah! I also think sweat coin will let you share to social media too for similar effect haha.
I think this is one my kid has on his phone. He does a lot of wandering around outside.
I personally don't sweat. When I'm out walking Trevor, he stops every couple of metres to pee on everything.
Wonder if it works if you're out in the car and persuade a passenger to wobble the phone while you're driving.
cheers