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With New $13M Funding, Sweatcoin App Transitions to Web 3.0

Oleg Fomenko, a co-founder of The Sweatcoin Economy, said that the company would build a brand-new application while preserving the current one.

Sweatcoin, a movement-based ecosystem, has raised $13 million in fresh investment as it aims to penetrate the Web 3.0 market. Some of the most well-known cryptocurrency investors, including Electric Capital, Spartan Capital, Jump, GSR, and the NEAR Foundation, supported the investment round.

Co-founders of Polygon, Polygon, and Polkadot, Bjorn Wagner, Sandeep Nailwal, and Civic creator Vinny Lingham, are among the angel investors. The Web3.0 investor profiles for the Sweatcoin app demonstrate the level of innovation the firm is bringing to the move-to-earn ecosystem.

As many as 100 million users have joined up for the Sweatcoin network, which is now operational, to use the program to reward their regular outdoor activity. By tracking steps performed, the program awards Sweatcoins that can be exchanged for branded goods, online services, and charity contributions.

The Sweatcoins produced in the parent app will now be interchangeable with the Web3.0 version, and Sweatcoin hopes to develop a new digital currency called SWEAT with the help of the additional funding.

Sweatcoin’s Web3.0 implementation is based on the NEAR protocol, but it can now also be used with Ethereum. The NEP-141 (NEAR) token standard and the ERC-20 standards are both supported by the SWEAT token. The token will work with any protocol that is EVM compatible, according to the company.

The business will establish a Decentralized Autonomous Organization (DAO) where members of the Sweatcoin community will be entrusted with the role of overseeing the system as part of the Web3.0 transition sponsored by the SWEAT Foundation. The firm said that it would retain a legal structure up until the DAO becomes online, where choices like the required minimum of actions will be connected to what is available in the main app.

Despite the Web3.0 transition, Sweatcoin will keep its current app.
Oleg Fomenko, a co-founder of The Sweatcoin Economy, said in a Decrypt interview that the company would be developing a whole new application while preserving the current one. He said that while many people would not be able to interact with cryptocurrency due to legal constraints in their country, this concept is intended to protect its initial users.

Since the cryptocurrency offering is a whole new product, we decided against integrating it into the current software, according to Fomenko. The Sweat Wallet App will provide a new connection to Web3, while the Sweatcoin app will continue to serve as the movement-validator app. It will provide users with a wide range of crypto services, including the ability to trade popular cryptos for fiat, NFTs, gamification, and more.

Up to 11 million individuals “have already opted-in to build their non-custodial wallet connected with the app,” as of right now. Since users won’t need to purchase a Non-Fungible Token (NFT) to begin started, unlike StepN, Sweatcoin Web3.0 administration is sure to have a low entry barrier.

Users who do not migrate may also be subject to a minor fine, the amount of which will be decided by the DAO.

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