Sweat Economy, a well-known Web3 ecosystem, has declared that it has received a patent in Nigeria for its movement verification system and methodology.
The company disclosed to media that, apart from the Nigerian license, it is also pursuing patent applications in Europe.
Move-to-earn (M2E) initiatives usually give users incentives in the form of their native tokens for using and strolling through their platforms.
One of the well-known projects in this sector is the Sweat Economy. The Sweatcoin app, their movement verification system, verifies users’ steps. Then, using the NEAR Protocol blockchain, their decentralized mobile application Sweat Wallet is used to mint $SWEAT tokens.
Sweat Wallet allows users 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 be recognised by the Nigerian authorities.
Nigeria is among the first countries in the world to recognise the worth and ingenuity of the Sweat Economy movement validation algorithm, according to Oleg Fomenko, co-founder and CEO of Sweat Economy, who spoke with reporters.
“As we develop the Movement Economy, where your physical activity has tangible value, it will foster greater trust and respect from the rest of the world.” We have created an exact and energy-saving method to eliminate attempts to trick, hack, or manipulate the system. This adds value to genuine physical activity. Let’s encourage more excellent physical activity everywhere on Earth. As a team!” –Oleg Fomenko, Sweat Economy CEO.
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Significance of the patent approval
As per the statement sent to the media, Sweat Economy’s inability to develop dependable movement verification algorithms was a source of doubt for many users and partners, which led to the filing of the patent application.
Sweat Economy decided to establish credibility by making its patent application available to everyone. Furthermore, the approval now demonstrates that:
“Over the past nine years, Sweatcoin has established a robust proprietary expertise in the domain of movement validation.”
Sweat Economy says the company has invested heavily in ensuring they have the most precise movement validation algorithm and systems that do not eat users’ phone battery and minimise energy consumption by servers to make the world more physically active without negatively affecting the planet.
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What this implies for people in Nigeria and around the world
Sweat Economy anticipates this patent will boost user confidence throughout Africa, not just in Nigeria.
The company’s ability to file patent applications in Europe and other nations will be facilitated by this patent approval, which will improve its standing as a leading brand in the fitness and health sector.
“We want to tokenise physical activity and establish the movement economy. Achieving our goal is one step closer to patent approval.