Earned Sweatcoin (from the word sweat — sweat) can be spent on the purchase of goods or services offered by the project partners.
How does it work? Smartphone owner downloads an application that counts the number of steps and charges at 1 swc for every thousand steps. Typing the desired amount, the user can purchase on marketplace in the application any goods, such as sneakers, personal training session or game console.
Yet, it tells Derlyatka, the project has 12 partners, offering their goods and services in exchange for Sweatcoin, for example a Shoe manufacturer Vivobarefoot. “We’re just getting started, and finding partners is not the difficult problem. We have a very targeted audience,” says the entrepreneur. The founders of the project hope that in the future, and the users themselves will be able to offer its own products and services: “for example, the nutritionist may indicate that his services cost $ 20 per session swc”. In London shop Vivobarefoot sneakers cost starts from £ 85. Users will be able Sweatcoin for 250 swc to buy any pair, but given the 80% discount, Derlyatka said.
Work on the idea began about six years ago, the last four months the app was in closed beta, Derlyatka said. Derlyatka — a lover of long distance running: last year he ran the Berlin marathon. One of the problems in sports is the lack of instant results, says the entrepreneur. “To increase motivation can help an instant reward,” says Derlyatka. And one of the variants of rewards — money.” The idea to start releasing Sweatcoin was born when Derlyatka, senior partner and shareholder headhunting company Ward Howell, his thoughts Oleg Fomenko. Fomenko by the time he closed his own music startup Boom.fm and became interested in cryptocurrencies and Blockchain technology.
One of the founders Sweatcoin Oleg Fomenko
The first investor of the project, according to Terlecki, which is still a shareholder at Ward Howell, has made himself. “At first, I just invested money, but then I realized that the project was interesting, and decided to invest his time,” says the entrepreneur. In addition, the company has attracted funds from private investors — about $900 thousand “Is a well-known business angels from London, but I wouldn’t want to call them,” says Derlyatka. According to Reuters, among the investors there are people from the music industry. During the development phase, the project was joined by two partners — Daniel Petrushev and Egor Khmelev. They brought a team, which sits in Moscow.
While the app only to residents of the UK — there is located the main office of the company — and only for iPhone owners. Soon to come Android application and should also appear in the San Francisco office.
The main audience of the project — fans of active sports users fitness trackers. Derlyatka said that to compete with the trackers they don’t want — on the contrary, would like to cooperate with manufacturers. Fitness trackers and other wearable gadgets for health, including sports, have begun to capture the market recently. For example, in the United States — the largest market of users in the two years began to use mobile technologies for health and active lifestyles twice as often, according to the Accenture: if in 2014, wearable electronics used 9%, and mobile applications — 16%, in 2016- already 21 and 33%, respectively. Analysts MarketsandMarkets is expected in the coming years the volume of this segment in the money will grow by about 48% annually. And all the market apps and gadgets for health, according to analysts, by 2020 to achieve $60 billion.
However, fitness trackers there is one problem, say the founders Sweatcoin: “people buy the trackers, and after a month they are on the shelf. This, according to Terlecki, due to the fact that the information the user receives, day by day virtually unchanged. The businessman is sure that the partnership with Sweatcoin will give extra motivation to use the trackers daily.
In recent years, large companies began to buy their employees fitness trackers to monitor their health. Wearable gadgets are used for marketing purposes — for example, the Russian Alfa-Bank offers special conditions to people who will connect the fitness tracker to their system. But here lies another problem: the performance of the tracker it is possible to artificially inflate. It tells Derlyatka, there are even special sites where it explains the ways to increase the number of steps. “We worked a lot on the algorithm and now can guarantee that the movement is clean,” says Derlyatka. The algorithm not only uses built-in smartphone sensors, but also monitors the movement via GPS and uses other statistics. However, some problems still remain — for example, the app is not so good tracks steps in the premises.
What is going to make entrepreneurs? According to Terlecki, they will earn the release of cryptocurrency, they will take a percentage of the issue each sweatcoin. “We want to be the analogue of the Central Bank, even marketplace to outsource are willing to pay,” — said the businessman.
However, Sweatcoin have competitors. In November of 2015 on the launch of a similar project called Bitwalking said another London team. However, while this project is in the testing stage — on his website are invited to leave your email address below to get the app.
Derlyatka hopes that on the basis of Sweatcoin will create a new economy in which people will pay with his currency for goods and services. “We recently learned that people are already trying to share Sweatcoin to quickly accumulate funds for the purchase,” says Derlyatka. According to statistics on the project website, users Sweatcoin already made almost 233 million steps, and therefore, the same “coins” were produced. While the richest man in the economy of about 2600 swc.
In 2015 the use of mobile applications in the category “Health and fitness” increased by 52%, according to data company Flurry (she States that monitors monthly the number of sessions on 2.1 billion devices worldwide).
Applications for health and active lifestyles belong to the category of mHealth — along with the personal devices for measuring pressure, glucometers, heart rate monitors and apps for weight control, health, medicine, and a part of telemedicine services. The world market of devices and apps mHealth will continue to grow until 2020 by 33.4% annually and by 2020 should reach nearly $60 billion, predicts research firm MarketsandMarkets. While the most significant portion of this segment is 63.7% in 2014 — make up services remote monitoring of health status. But the category of devices and applications for fitness and Wellness in the coming years will grow faster than any other, expect analysts MarketsandMarkets, by 48.1% annually.
The main players in the segment of fitness apps Analytics company called Azumio All! (developer tracker Argus), manufacturers of bracelets Fitbit and Jawbone, developer of applications for control of workouts Runkeeper and sports apparel manufacturer Under Armour, offering a full range of devices and applications for active lifestyles.
The most active audience of the gadgets and applications to health and an active lifestyle, the predictable — people aged 18-34 years, according to the Accenture in the United States: of these, 48% are already using mobile applications and 26% are of a different health-related and active lifestyle gadgets. While fitness apps — the most popular of all apps in the category “health” — they have 59% of all U.S. users in second place — application for the control diet (52%).