App pays people 'sweatcoins' for exercise

App pays people 'sweatcoins' for exercise

A new iPhone app is hoping to help users beat the flab by handing over "sweatcoins" in exchange for movement.

The app uses the phone's accelerometers and GPS to track a person's steps, which are then converted into sweatcoins at a rate of 1000 steps to one SWC.

The hard-earned "money" can then be spent like rewards at partner firms on goods and services including anti-gravity yoga classes, high-tech shoes, and Apple Watches.

Company co-founder Oleg Fomenko told Reuters that the firm is developing blockchain technology to manage the distribution of the new currency, which will ultimately be pegged to the British pound.

He has also talked to health insurers about using Sweatcoin stats to calculate health risks for policy premiums. However, users need to sign up before any deals are struck.

Eventually, insurers or employers might pay to take sweatcoins off the market to boost their value, rewarding users for physical activity.

Says Fomenko: ""Right now, movement is valued at zero. How much value a sweatcoin will have will be a market decision but we know it's not zero."
 

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India 06 May, 2016, 15:37Be the first to give this comment the thumbs up 0 likes

Recent survey of Top executives of Insurance companies to understand contribution and influence of IoT (Similar to Sweatcoints - Blood pressure, heart beat, temperature etc from werables are measured) on its business reflected that, its still time for IoT based data to influence next risk cover and premium on renewal.

Obino - Fitness app I use also has Pedometer similar to Sweatcoins.

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