Shaking is fraud: Sweat Economy founder
Sweatcoin (SWEAT) is the token of the Sweat Economy, a move-to-earn (M2E) crypto application with 155 million users. The app pays out SWEAT for simply getting off your butt and moving.
And all you gotta do to earn the token is let the phone in your pocket track your steps.
Make sure to get your 10,000 steps a day! (Sweatcoin)
Seems like everyone has had the same idea… What if I stay on the couch and just shake the phone for hours?
Well, unfortunately for the slackers, Sweat Economy founder Oleg Fomenko tells Web3 Gamer that unlike traditional pedometers, it’s quite challenging to deceive the Sweat ecosystem.
“A lot of people do that, but of course they don’t earn, because that’s the first thing that we fixed,” Fomenko declares.
“If you could shake Sweatcoins into existence, that immediately gives you an immense amount of doubt that this can ever be a sustainable or interesting platform to use.”
In fact the project has an entire department dedicated to catching out phone shakers and SWEAT fakers.
“It’s our fraud detection department. In a bank that would be about financial transactions, in our world that would be about verifying physical activity.”
But, he says, people don’t realize straight away so they waste a lot of time fake exercising, only to find there’s not a pay cheque at the end of it.
“People get excited when they see their phone is being tricked into counting steps, expecting to be rewarded. But when they don’t, they have choices to make. Either, fuck it, I’m off, or, they realize this problem has been solved and Sweatcoins actually have value,” he explains.
“People start to realize that people who are above them on that leaderboard, they do walk. It is not some fake physical activity. It becomes real, and the token becomes valuable,” Fomenko says.
The Sweat Economy team seems dedicated to preserving the value of its token. They’re also diligently tracking inactive…
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