Оleg Fomenko is a co-founder of Sweatcoin and CEO of Sweat Economy, a Web3 ecosystem committed to making people worldwide physically active by rewarding their activities.
In an exclusive interview with Technext, Oleg Fomenko narrates the motivation behind starting Sweat Economy in 2016 and how the broader Move-to-earn phenomenon is far from dead.
Oleg Fomenko’s journey to starting Sweat Economy
Oleg was quite early in the blockchain space. He looked at Bitcoin for the first time in 2011 and according to him, it was stupid not to have bought a load of the digital currency while it was still exchanging hands for 20 cents.
Nature wants you to survive, and that means preserving calories, rather than spending them. It’s very hard to find motivation to be active. A solution to it is instant gratification. So if you get instant gratification for something, then you do more of it.”
Oleg Fomenko and his team figured that instant gratification could be provided for every step people make. They decided to tokenise physical activity, and that was how the Sweat Economy was born.
They couldn’t launch on the blockchain then because Bitcoin was the major network available and it was too slow and cumbersome to build on.
“It took seven years for blockchain technology to become fast and robust enough for us to be able to make the move and in September 2022, we launched on NEAR Protocol.
