Sweat Economy receives proof-of-movement patent in Nigeria

The popular Web3 ecosystem, Sweat Economy, has announced that it has been granted a patent for its movement verification system and method in Nigeria. In a statement to Technext, the company revealed that, in addition to this Nigerian license, it is also applying for patents in Europe.

Move-to-earn (M2E) projects typically reward users with their native tokens as incentives for walking and participating in their platforms. 

Sweat Economy is one of the prominent projects in this industry. Users’ steps are verified via the Sweatcoin app, their movement verification system. $SWEAT tokens are then minted in their decentralized mobile application Sweat Wallet, which is built on NEAR Protocol blockchain.

Related post: Step by step guide to making money with ‘Move To Earn’ on 5 apps

Sweat Wallet also provides users the opportunity to grow their earnings with the Growth Jar feature, earn more tokens with Learn & Earn, play Sweat Hero, an NFT game, and enter prize draws in the Rewards feature. 

Being one of the most popular move-to-earn projects among Nigerians, the company says it is honoured to now be finally recognized by the Nigerian authorities. 

According to Oleg Fomenko, Co-founder and CEO of Sweat Economy, who spoke to Technext, the company is pleased that Nigeria is one of the first places in the world to recognise the value and innovation of the Sweat Economy movement validation algorithm. 

“It will create more trust and respect from the rest of the world as we build the Movement Economy, where your physical activity has tangible value. We have developed a precise and energy-efficient way to remove all attempts at faking, hacking, or gaming the system. This makes true physical activity valuable. Let’s make the whole world more physically active. Together!” –Oleg Fomenko, CEO of Sweat Economy.

What the patent approval means

According to the statement sent to Technext, the patent application was motivated by the fact that many users and partners were doubtful of Sweat Economy’s ability to build reliable movement verification algorithms.

Sweat Economy decided to build trust by having a patent application that can be accessed by everyone globally. And now with the approval, it shows that:

“In the 9 years, Sweatcoin has developed very strong proprietary know-how in the field of movement validation.”

Related post: How Oleg Fomenko’s loss of fitness kickstarted the Sweat Economy in 2016

Sweat Economy says the company has invested heavily in making sure that they have the most precise movement validation algorithm and systems that do not eat users’ phone battery and minimize energy consumption by servers, in order to make the world more physically active without negatively affecting the planet.

What this means for Nigerians and the world 

Sweat Economy hopes this patent will induce more confidence in not only Nigerian people but also African users.

This patent approval paves the way for the company’s patent applications in Europe and other countries, which will strengthen its brand position in the health and fitness industry. 

“Our vision is to create the movement economy and tokenize physical activity. Receiving the patent approval is one step closer to achieving our mission.”