Gate News message, April 16 — Sweat Economy, a Web3 move-to-earn (M2E) ecosystem built on NEAR Protocol, has been granted a patent for its movement verification system and method in Nigeria. The company is also pursuing patent applications in Europe, according to a statement to Technext.
Sweat Economy’s Sweatcoin app verifies users’ steps, with $SWEAT tokens subsequently minted in the Sweat Wallet mobile application. The platform allows users to earn tokens through physical activity while offering features such as Growth Jar for earnings growth, Learn & Earn, Sweat Hero NFT game, and prize draws. The company is particularly popular among Nigerian users.
CEO Oleg Fomenko stated that Nigeria is among the first regions globally to recognize the value of Sweat Economy’s movement validation algorithm. “We have developed a precise and energy-efficient way to remove all attempts at faking, hacking, or gaming the system,” he said, emphasizing the company’s focus on making physical activity valuable without negatively affecting device battery or server energy consumption.
The patent approval addresses previous doubts from users and partners regarding the reliability of Sweat Economy’s movement verification capabilities. The company says the nine-year development of Sweatcoin has created strong proprietary expertise in movement validation. The approval paves the way for patent applications in Europe and other regions, strengthening Sweat Economy’s position in the health and fitness industry.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
MicroStrategy Proposes Semi-Monthly Dividends for STRC to Improve Liquidity and Stabilize Stock Price
MicroStrategy has proposed changing its STRC preferred stock dividends from monthly to semi-monthly to enhance liquidity and stabilize stock prices, maintaining an 11.5% annual yield. Concerns about this structure have been raised by Bitcoin critic Peter Schiff.
GateNews8h ago
Pi Network Launches First Smart Contract Feature on Testnet, Enabling Subscription Payments
Pi Network has launched its first Smart Contract feature on Testnet, enabling users to set up automatic subscription payments while maintaining control of their funds. This marks a shift toward ecosystem utility and lays the groundwork for potential mainnet deployment.
GateNews9h ago
Topnod Self-Custody Wallet Becomes Official Partner of Layer1 Blockchain Pharos
Topnod has partnered with Layer1 blockchain Pharos, providing a user-friendly self-custody wallet that simplifies access to real-world assets. It will support Pharos's airdrop activities and facilitate the distribution of RWA assets on the Pharos chain.
GateNews13h ago
Buck Protocol Announces Closure, Holders to Receive Full Redemption
The Buck protocol announced an immediate shutdown, ensuring holders receive 100% capital returns with fully backed reserves. A redemption window has opened with no time limit for asset retrieval.
GateNews14h ago
XRP Evolves From Bridge Asset to DeFi Collateral, Says Evernorth CEO
Evernorth CEO Asheesh Birla is shifting XRP's role from a settlement tool to a productive asset in decentralized finance, focusing on capital efficiency. The company aims to activate dormant capital through initiatives like native XRP lending, positioning XRP as a key player in credit markets.
CryptoFrontier18h ago
Sui Launches USDsui Stablecoin Across DeFi Ecosystem
Sui has launched USDsui, a stablecoin integrated into its DeFi ecosystem for trading, lending, and application development, enhancing liquidity and supporting developers in building efficient financial tools.
GateNews04-17 14:41
