Each time you walk or run outside, you stand a chance to win sweatcoins, courtesy of the most popular free fitness app known as Sweatcoin. The popularity of this app began to go up during last summer. According to a renown analytics firm known as App Annie, Sweatcoin was the most downloaded fitness and health app in the United States as at 31st August and has retained its leading position ever since. Sweatcoin is a product of a start-up based in London known as Sweatco. The start-up has managed to get over $1.6 million in finances and is optimistic to make more. By developing Sweatcoin, Sweatco is one of the companies that have invested in applications that track health such as Apple, Samsung, Fitbit as well as Garmin, all that are known for monitoring an individual’s physical activities as well as statistics such as heart rates. According to Gartner, over 350 million health devices are expected to be sold in this year alone.
One thing that makes Sweatcoin stand out from all its competitors is the fact that its ideas are derived from behavioral economics as well as the study on the role of emotions and psychology in influencing the decisions that people take. The popularity of Sweatcoin comes at such a time when insurers, as well as corporate wellness programs, are trying hard to have people improve their behavior. According to Mr. Derlyatka, the co-founder of Sweatcoin, the app’s primary objective is to do away with the propensity for individuals to opt for things that are fast gratifying in place of activities that offer lifelong benefits such as daily exercises.
For every 1,000 steps that one makes, a sweatcoin user receives one sweatcoin. All the steps that the app user makes are appreciated. Many Sweatcoin users are excited since they get the credit that they would have otherwise not received had they stayed home reading a novel or doing any other indoor activity. To ascertain that an individual is making outdoor steps, the app makes an analysis of GPS signals as well as the user’s phone motion data. Those intending to cheat and get the Sweatcoins by for instance strapping the phone to a pet do not succeed since the app verifies few of their steps. The app uses an algorithm known as the draconian algorithm. The co-founders of the app intend to contract a team that will help in improving the speed and accuracy of the algorithm.