Sweat Wallet and $SWEAT, the pioneers of the innovative Sweat Economy, have marked a significant milestone by being granted a Proof of Movement patent in Nigeria. It has also expanded access to users in Ghana and Botswana.
This act solidifies its commitment to authenticity and regulatory alignment in the world of decentralized tokens.
Sweatcoin is a free app that rewards users for their physical activity, particularly walking, by converting their steps into a new-generation currency called Sweatcoins.
Users can spend these Sweatcoins on a variety of products, including high-tech shoes, iPhones, and fitness classes, or donate them to charitable causes.
The app aims to incentivize exercise and promote a healthier lifestyle. Sweatcoin has been well-received, with over 120 million registered users and positive reviews.
It has a business model that involves promoting brands, subscription fees, and partnerships with insurance companies and governmental bodies.
$SWEAT, the unique token exclusively minted through genuine physical activity, has now elevated its status with the acquisition of a patent for its proprietary movement verification system in Nigeria.
This achievement not only validates the authenticity of every $SWEAT token but also grants Sweat Wallet sole ownership and use of the algorithm powering this revolutionary concept.
The expansion to Ghana and Botswana also affirms its readiness to serve the global economy while the team is diligently working towards securing similar patents in the U.S. and Europe.
According to the company, with the newly acquired patent, Sweat Economy users can now walk tall, knowing that every step taken is properly validated.
The Movement Verification System not only adds an extra layer of security to the token but also ensures that only genuine physical activity contributes to the minting of $SWEAT.
Tokenizing physical movement
Sweatcoin’s expansion aligns with Co-CEO, Oleg Fomenko’s statement at the Permissionless event in September. Fomenko emphasized the company’s commitment to promoting a more physically active world.
Notably, Sweatcoin stands out in the blockchain industry by taking a unique approach to tokenization. Instead of concentrating on utility tokens, Sweatcoin seeks to tokenize physical activity as an asset.
Fomenko asserted that physical activity inherently possesses value, and by tokenizing it, Sweatcoin has entered a distinct market.
This strategy positions Sweatcoin as a unique brand in redefining the concept of tokenization within the blockchain space.
