We recently sent a poll to members of Sweatcoin Club asking if they would prefer information on Fitness and Exercise OR Blockchain and Cryptocurrency. Not surprisingly, over 90% of respondents are more interested in information on the potential financial opportunity rather than health tips. This works pretty well for us as we are much more proficient in finance and technology than we are in fitness. Our initial interest in Sweatcoin was as a motivational tool to get us away from the screen, outside walking (we are much more walkers than we are joggers and most certainly not runners).
Blockchain - Decentralized digital ledger for recording transactions made in cryptocurrency. This data is recorded in chronological order and available publicly. While transactions are recorded and viewable publicly, accounts are encrypted ensuring anonymity. Read more here
Crypto (Cryptocurrency) - A virtual or digital currency that is secured using cryptography. Cryptocurrency is decentralized making it basically immune to government or organizational manipulation. Read more here.
ICO (Initial Coin Offering) - A new way for ventures to raise needed capital to expand a grow. It is a form of crowdfunding. Crowdfunding is a method of raising large amounts of capital in very small pieces from a large number of investors. ICO's are highly risky and speculative. The investor does NOT own equity (stock) or debt in the venture. It is a bet on the viability of a newly formed currency. Read more here.
Popular inquiries from Sweatcoin Club members
Q: How much is a Sweatcoin worth?
A: There is no official market rate.
Q: Will there be an official exchange / blockchain?
A: Early 2018 they announced that they're working on blockchain technology as well as the ability to trade coins on official exchanges.
Q: Where does the 5% fee go?
A: They go into our Treasury from which we pay for friend invites and other services to the community. Coins can not be born out of anything else other than sweating and we need to collect some to be able to make these payments.
Q: Blockchain release date? A: No date set yet - we work to quality rather than a fixed date
Q: Will the Blockchain coin be a separate coin? Can we buy offers with it?
A: Good question. Single currency would be ideal, but we are working through challenges of throughput first - thanks to you people, we already process 300 transactions per second at peak, which is 40x theoretical limit of bitcoin blockchain.
Q: What about TroubleMaker?
A: Trouble Maker is reserved for a really cool project and will be pretty special in comparison to other levels.
Q: Will Sweatcoin [blockchain coin] conversion ratio be 1:1?
A: We do not know an aswer to this question - we hope that it will get to a lot higher value than that, but when and how is hidden from us.
Q: Any plans to allow us to exchange our Sweatcoin into PayPal?
A: Blockchain project will come first. Once we are proper crypto all these exit routes will be easy for anyone to execute.
Q: Will the app be released for more regions?
A: Yes, more countries are coming soon. We will announce when ETA is set. To release our app we need to get a market place going and this takes time.
Q: Does Sweatcoin's Treasury receive fees from the Sweatcoin that I cannot generate after I hit the daily limit? And will TroubleMaker increase the max limit of 20?
A: No, when you do not receive sweatcoins they are not created at all - neither you nor us get anything from it as this would create a perverse incentive on our side. The cap exists as a security measure to protect you and us. Troublemaker will have a higher limit, yes.
Q: Because a lot of coins are added to the market but not removed, are there any plans to prevent inflation?
A: Great question. Yes, but too early to make announcements as this is now being discussed with scientists and economists. Pretty exciting stuff and makes economists wet themselves.
Q: Have there been any talks of a market cap / maximum number of coins? A: Yes, but these details are not yet ready to be released. Hint: check out the Ethereum model and their attitude towards the maximum.
Q: Will the 5 sweat coins from each invited person be a feature of the app forever or will it be phased out once there is blockchain?
A: No plans to phase it out, but the amount is not likely to stay the same. blockchain will not affect this as this is a payment from us to the other account and can be done in DLT easily. The amount comment is a hint of things to come.
Disclosures: We are NOT financial advisors. We do not offer financial advice. This site is to encourage people to use the Sweatcoin app for fitness and health. It is highly unlikely that Sweatcoin (the cryptocurrency) will ever have any value aside from purchasing rewards directly in the app. We do not know if there will be an ICO or any public exchange.
Sweatcoin club is in not affiliated with Sweatco or the official Sweatcoin App.