Sweatcoin

Sweatcoin app logo

Price:

Free

At a Glance:

Convert your steps to a virtual currency you can redeem for rewards.

Features:

  • Redeem for Charity
  • Redeem for Gift Cards
  • Redeem for Products
  • Redeem for Services

Description:

Use it if: You want to develop healthier habits and be rewarded for doing so. Sweatcoin tracks your steps and awards a unique currency for getting out and being active. You can redeem these “sweatcoins” for gift cards, services with Sweatcoin partners, products, and charitable donations. It seems to be a more extensive variety of offerings than you would get through other reward apps.

Try it out: App Store

Publisher:
SweatCO LTD
Platform:
Interview with Anton Derlyatka, co-founder of Sweatcoin

OppLoans: What features of Sweatcoin are you most proud of?

Anton:

  1. Sweatcoin delivers a sustainable behavior change: +14 percent uplift in activity levels after 6 months(!) from install. This is due to a unique incentive platform using instant gratification techniques to tackle present bias, a behavioral bug preventing us from focusing on long-term benefits.
  2. Intuitive and easy-to- use user experience (UX).
  3. Proprietary Step Verification algorithm that makes sure that the system cannot be gamed (i.e. you cannot generate Sweatcoins by putting your phone on a dog, washing machine etc., like you can with Fitbit).
  4. In less than 6 months we already have 100+ vendors accepting Sweatcoins in the US and UK.

OppLoans: What benefits does Sweatcoin provide your users?

Anton: Sweatcoin provides a non-intrusive motivation to be more active and move more: +14% after 6 months; all other solutions like Fitbit, activity trackers or even Pokemon GO fail to deliver meaningful behavior change beyond the initial excitement spike of 6 weeks.

OppLoans: What’s the story behind the creation of Sweatcoin?

Anton: Oleg and I, friends for longer than we’d care to admit, are both successful entrepreneurs passionate about fitness, health and making the world a better place. I was thinking about a way to tackle the HUGE problem of lack of sustainable motivation to be more active and Oleg was recovering from 3 years of inactivity due to an incredibly stressful time driving his previous business forward. We decided to go for a run in Richmond Park, London, one of the most beautiful places on Earth and a fantastic place for running. I explained my ideas and Oleg supplemented it with a crypto-currency foundation. This is how Sweatcoin was born.

OppLoans: Are there any upcoming features or releases you’d like our readers to be aware of?

Anton: We are working on a Peer-to- Peer Marketplace where our users, like you and me, will be able to create their own products and services and offer them for Sweatcoins.

Also, we are in talks with a London Council to deliver a program that would motivate a disadvantaged social group to be more active. To do so, they would be allowed by the Council to pay part of their Council Tax (local tax) in Sweatcoins.

The long-term vision for Sweatcoin is to become an independent virtual currency that can pay taxes or buy health insurance

OppLoans: How were you able to determine that 14 percent rate?

Anton: We used a dataset of 11,000 users and looked at their activity levels (steps per day) for six months after they started using Sweatcoin. We then compared the data with similar data for 6 months prior to the install (health kit collects the data and we were able to access it with user permission). 14 percent is the net increase in activity after 6 months, but obviously, it is much higher after 1, 2 or 3 months.

OppLoans: Did you run experiments with Pokemon GO and Fitbit, or were there previous studies tied to those tools you were able to use?

Anton: Yes, we have some insider data on Fitbit and a few other activity trackers. On Pokemon GO there was a very useful study by a bunch of Harvard medical school guys.

OppLoans: Those long term plans are very interesting! It actually reminds me a bit of the second episode of Black Mirror, if you’ve seen it. It’s the one where everyone rides on stationary bicycles to earn currency, presumably because much of the world’s necessary work has been automated. Do you imagine Sweatcoin one day filling a role like that? Obviously in a far more optimistic, non-sinister way.

Anton: Yes, there are similarities. However, we see ourselves quite differently. A lot of current tech, such as AI, VR etc. makes us focus on virtual, simulated reality. As a result, we move less and less and spend less time in the real world. With the Sweatcoin motivation hack we want to sort of go back to basics and encourage people to walk/move more, to be in harmony with their physical self, go outside and enjoy the walk!