It is very hard to stay active all the time and that is why, more and more people are getting out of shape. They might be into active sports at one time in their life, but the real problem lies in keeping it. It is hard to stay motivated if you are just alone and that just why, you would need someone who enjoys the same activity that you do. A friend could help you with this, but if you don’t a have a friend who enjoys the same thing then the next thing that you could rely upon is Sweatcoin, a free smartphone app that pays people to be physically active, said on July 17 it has secured its first round of institutional funding after topping download charts in Britain and the United States.
It is unlike any app that you have seen before because you could earn something from it. Maybe not some money, but it app pays digital “sweatcoins” for how many steps users take daily as measured on their smartphones.
They can be exchanged for fitness-related products and services and, say its developers, could one day be traded like money or even cryptocurrencies such as bitcoin.
But most users just prize the virtual coins for the psychological boost they get from tracking their daily exercise.
The company said it had completed a US$5.7mil (RM22.55mil) initial “seed stage” round of financing from Silicon Valley and European investors including Goodwater Capital, Greylock Partners’ Discovery Fund and Seedcamp. It first funded itself by collecting US$600,000 (RM2.37mil) from individual angel investors.
If you are thinking that this is another bitcoin in the world wide world then you are right as it was modeled after the famous cryptocurrency.
While inspired by Bitcoin, the system is not yet on blockchain, a record-keeping system that is designed to make transactions irreversible, Fomenko said. It is also not formally convertible into established currencies, as widely traded, often volatile cryptocurrencies can be, he said.
Fomenko plans eventually to develop the technical and security features to enable it to be listed on cryptocurrency exchanges, creating a marketplace for movement, he said.
What is cryptocurrency?
“A Peer-to-Peer Electronic Cash System.“
His goal was to invent something; many people failed to create before digital cash.
Sources: Block Geeks, The Star Online