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The Sweatcoin Economy co-founder Oleg Fomenko said the firm will be creating an entirely new application while maintaining the old one.
Sweatcoin, an ecosystem that rewards people for movement has pulled $13 million in new funding as it looks to expand its reach into the world of Web3.0. The funding round was backed by some of the prominent investors in the world of crypto including Electric Capital, Spartan Capital, Jump, GSR, and the NEAR Foundation.
Angel investors include Bjorn Wagner, the co-founder of Polkadot, Sandeep Nailwal, the co-founder of Polygon, and Vinny Lingham, the founder of Civic. The profile of the Sweatcoin app’s Web3.0 investors showcases how much innovation the startup is bringing into the move-to-earn ecosystem.
Sweatcoin is an already functioning platform that has as many as 100 million users signed up to use the app to incentivize their daily outdoor exercises. The app works by counting steps taken and awarding the Sweatcoin which can be redeemed for branded products, digital services, and charitable donations.
With the aid of the new capital, Sweatcoin looks to create a new digital token called SWEAT, and the Sweatcoins issued in the parent app will now be interchangeable with the Web3.0 version.
The Web3.0 version of Sweatcoin is built on the NEAR protocol, but can now also be accessed via Ethereum. The SWEAT token confirms both the ERC-20 standards as well as the NEP-141 (NEAR) token standard. As revealed by the startup, the token will also be compatible with any protocol that is EVM compatible.
With the transition into Web3.0 supported by the SWEAT Foundation, the startup will be creating a Decentralized Autonomous Organization (DAO) in which the Sweatcoin community members will be tasked with the responsibility of governing the system. Prior to when the DAO will go live, the startup said it will maintain a statutory system where decisions such as the minimum threshold of activities will be related to what is obtainable in the primary app.
Sweatcoin to Maintain Its Old App Despite Web3.0 Move
The Sweatcoin Economy co-founder, Oleg Fomenko in an interview with Decrypt said the firm will be creating an entirely new application while maintaining the old one. He noted that this model is to preserve its original users as many may not be opportune to deal with crypto based on restrictions in their jurisdiction.
“We chose not to integrate the crypto offering into the existing app because it is an entirely new product,” Fomenko said. “The Sweatcoin app remains the movement-validator app, but the Sweat Wallet App will provide a new portal to Web3. it will offer people a host of crypto services, from purchasing popular cryptos with fiat to crypto-to-crypto exchange, NFTs, gamification, and more.”
As of now, as many as 11 million people “have already opted-in to create their non-custodial wallet associated with the app.” The administration of the Sweatcoin Web3.0 version is bound to offer a low barrier to entry as unlike StepN, users will not need to buy a Non-Fungible Token (NFT) to get started.
A small penalty may also be levied should users fail to move, and this threshold will be determined by the DAO.