Our vision is to create a virtual currency backed by physical movement to drive a lasting behavior change and make the world move more.

The problem that Sweatcoin tackles is Present Bias, a behavioral bug in our psyche that prevents us from doing things that do not give us an immediate result. Present Bias makes it difficult to keep up motivation to exercise beyond the initial ‘excitement spike’ (think New Year Resolution, when people give up on the gym after the first month or abandon their FitBits).

And there is only one solution to Present Bias known to man - Instant Gratification. Sweatcoin creates Instant Gratification by verifying and converting steps into virtual currency units in real-time. Users spend Sweatcoins on goods, services and experiences provided by vendors, user community and corporate wellness partners or donate them to charity. At the current stage, Sweatcoin is wrapped into an iOS app with Android to be live soon. The end vision is to become a distributed digital currency.

Sweatcoin’s value to vendors is in (1) user engagement and (2) user acquisition. With 200+ vendors currently accepting Sweatcoins, from September we are on track securing partnerships with major brands like MTV and VivoBarefoot. As we grow our user base we will start charging our vendors for featuring their products on our marketplace.

Sweatcoin has 3 main B2B applications: (1) corporate wellness; (2) insurance/health services; (3) local and federal governments (e.g. paying some of your tax with Sweatcoins).