With global obesity reaching record levels, health problems are plaguing more countries than ever. There are many mobile applications out there to get people moving, often with accessories that can measure the level of activity by the user. However, with companies like Fitbit rising and then falling it shows that there needs to be another way to solve the problem.
That is where FAT Coin is planning to come in. There has been a humongous rise in the use of cryptocurrency as of late, with more traditional consumers and investors than ever adopting the use of tokens like Bitcoin and Ethereum. The cryptocurrency market has reached new height recently, with more people jumping into the market and embracing it as another form of currency.
FAT Coin Information
FAT Coin is a startup that is adopting the ICO (Initial Coin Offering) funding style. This may well be an excellent option, as ICO funding is currently exceeding traditional venture capital funding.
FAT hopes to reverse and end the global obesity epidemic by using what is called self-determination theory. The startup provides an incentive for the user to exercise and lose weight, in the form of FAT tokens. FAT is attempting to be the first blockchain-based fitness application with a rewards structure.
Those who use the FAT mobile application will be able to track their workouts in real time, using a mobile device’s GPS and sensors. Then, using the app’s Ethereum smart contract, a user will earn tokens for their fitness sessions.
FAT Coin has dubbed this new system as “human mining.” Mining cryptocurrencies, like Bitcoin and Ethereum, has allowed users a way to acquire cryptocurrencies and has made a huge profit for companies like NVIDIA and AMD, which offer powerful mining hardware. When it comes to FAT Coin, the person’s actions are what generate the rewards in the form of token mining.
Studies have shown that those who download mHealth mobile applications typically stop using it after two weeks, and those who do not, rarely last more than six months. As such, FAT Coin wants to apply extrinsic motivation that will incentivize users to build sustainable and healthy exercise and lifestyle habits. The company believes that converting the initial reward of the application may lead to a longer intrinsic motivation for users.
FAT Coin’s ICO begins accepting donations of Ethereum on August 18th and will go until September 18th. The startup explains that one Ethereum token will equal about 4,400 FAT tokens. There is no identity verification involved with investing, but you must confirm that you are from the United States and be using Ethereum. There are a total of 60 million FAT tokens, with 14 million of those being distributed to ICO backers. About 67% will be used in the application, while the team will gain 8.8% and 1% is reserved for bounties.
FAT will also begin trading on a number of global exchanges days after the ICO closes. From there, the beta application is expected to debut sometime in mid-2018.