Wicrypt is a Smart WiFi Network that allows users to get rewarded for sharing internet connectivity.
The CFO of Altcoin Buzz, Shitij Gupta, anchored the Wicrypt AMA session on our Telegram channel. He was joined by Toni Dada, the COO of Wicrypt. Besides, the AMA took place on November 24th, 2021.
Below is a recap of the Wicrypt AMA session with Toni Dada to understand what they are about. The AMA was also in three segments: introduction, information about the project, and IDO details.
Segment 1: Introduction to Wicrypt
Q – Tell us a bit about yourself – background and journey thus far?
My name is Toni Dada. I am the COO, and I have over 14 years of experience in the Telecoms and Fintech space leading growth for the two biggest Telecoms companies in Nigeria, MTN and Etisalat.
My crypto journey started this year after joining Wicrypt as their COO. I have also been in the telecommunications and Fintech space for years, and I fell in love with crypto, decentralization, and NFTs and how these technologies are changing the world. Applying the blockchain to the Telecommunication industry has been a fantastic experience for me. Building a telecommunication future on the blockchain is nothing but breathless. I joined Wicrypt when I applied for the growth position role to help Wicrypt scale its product to different parts of the world.
Segment 2: Information About the Project
Q – What is Wicrypt, and how would you describe the core functionality of our community?
Wicrypt is a Decentralized mobile internet sharing and monetization network. Wicrypt has created a smart WiFi network infrastructure that runs on a decentralized network of micro-nodes powered by the Wicrypt OS (operating system), giving anyone the power to act as a micro internet service provider.
The Wicrypt protocol allows anyone to share their WiFi with others & get paid for doing it. Wicrypt Hotspot Creators mine $WNT when sharing their WiFi, Wicrypt Launched in 2018.
Problems Wicrypt solves
- High cost of mobile internet data
- Unavailability of mobile internet data in urban and remote regions
- Highly centralized telecommunication market
- Lack of Innovation and Underutilization of Mobile infrastructure
- Users earn money by sharing their internet data with these devices
- Freedom to decide your rates for creating a hotspot network
- Put a limit on the data usage & time
- Get customer feedback & run ads of your business
- Clients also mine WNT for using the hotspot network. This means the users connecting also get incentivized for using your devices.
- Hosts that create Wicrypt hotspots mine WNT (Wicrypt Network Tokens). WNT is the native token of the network
- Wicrypt is location and ISP agnostic. This means it can work anywhere with any Internet service provider.
Shitij: So I use my internet connection as a node, and some other person can use it as a hotspot to browse the internet. Is my understanding correct there?
Toni: Yes. Correct.
Q – This question is along the lines of privacy. How do you assure that individuals who share their WiFi won’t be victims of cyber-crimes and fraud when they share it with other community members?
Wicrypt takes privacy and security seriously. So, we have built our operating system called Wicrypt OS, which is a Linux Distribution.
Our OS provides the following features:
- Wicrypt OS can improve browsing speed and reduce the bandwidth used in browsing, especially in remote areas with poor internet service
- The OS now supports real-time location for each device
- The OS supports customized landing pages and syncs seamlessly with the web dashboard
- Also, the OS supports multiple clients and handles concurrency much better than the previous version
- The OS allows mining of WNT (Wicrypt Network Tokens) to happen seamlessly on the device
- The OS supports VPN capabilities to ensure privacy when surfing the web
Q – Would running the node cause the hardware or battery to consume faster than it otherwise would? Typically, that happens when you use your phone as a hotspot.
No. So our devices or nodes are designed to last for a very long-time when using batteries. We have battery-powered devices and non-battery powered.
Our Wicrypt Lynx is battery-powered and can last between 8 to 10 hours when fully charged. The devices were designed explicitly for this.
Q – Can you tell me more about the non-battery-powered devices? Are they solar-powered?
The non-battery-powered device is called Spider and can be powered with DC or AC. So it can also be solar-powered.
See this link to see the specifications for each device.
Q – If someone purchases one of your routers, will they be able to use it in a country outside of Africa?
Yes. They can use it outside of Africa.
Q – Can you tell us more about the WNT token as well as its features? How do the node runners benefit from the WNT ecosystem?
Great question. WNT is the native token that powers the Wicrypt Ecosystem.
Here are the Utilities:
- Staking: Wicrypt hosts will need to stake Wicrypt Network Tokens (WNT) to become active hosts that can mine WNT when they provide WiFi connection to users. Staking WNT helps to prevent bad actors from joining the network.
- Voting rights or Governance: WNT holders will be able to perform governance actions to control different parameters that determine the operational structure of the network
- Airdrop Reward: WNT is used to reward hosts that provide active hotspots with high uptime. Clients get incentivized with WNT when they connect to multiple hosts for a specified period of time and have consumed a certain amount of bandwidth. 20% of overall network tokens have been allocated for hosting mining rewards, while 5% have been allocated to reward clients. Tips and incentives help to create a significant network effect which leads to fast adoption.
- Payment for service or Product/Payment for ads: Businesses can place ads on the Wicrypt Network. Payment for the ads will be made WNT
- Gas/Transaction Fees/Discount on Wicrypt fees: Payment for internet connection with WNT gives discounts on fees
- Discount on Payment for Wicrypt Devices: Wicrypt devices can be purchased with WNT at a discounted rate
Benefits for Node runners
For Our Hosts or Node Runners:
- They mine $WNT when running these nodes and provide hotspots for people to connect
- They also increase the value of their NFTs, which are tied to each device when they run the nodes.
Wicrypt devices are all represented by unique NFTs (Non-Fungible Tokens) on the blockchain. Data points (such as internet speed, GPS location, ISP, connected clients) transmitted through the devices are represented on the blockchain through the NFTs in real-time on the Wicrypt block explorer. The NFTs will enable Wicrypt to create an open data network on the blockchain.
Segment 3: IDO Details
Q – Wicrypt Network has announced its IDO On Cardano’s OccamRazer. Tell us about this. Also, how can the community participate in it?
Our IDO will kick off on December 2nd, 2021, on Cardano’s OccamRazer. Here is a link on how to participate.
Q – Take us through your after IDO roadmap. Can you tell us if something amazing is lined up for the community before or after the IDO in terms of giveaways?
Oh yes. Here are some cool announcements coming up:
- Launch of our Wicrypt explorer on testnet
- IDO on OccamRazer Launchpad
- Launch of the Wicrypt Device/NFT sales to the first users. Visit here to join our waiting list.
- Launch of Mainnet for Wicrypt Explorer
- Launch of the $WNT mining reward for hotspot creators and clients
Afterward, Toni Dada answered some selected questions from the Telegram group.
Q.Telegram – How much does it cost to have a Wicrypt device? Will these be available for international shipping?
We are opening up a premium sale of our first 15,000 devices at $1,000 for Lynx and $1,500 for Spider. Our first 15,000 device holders don’t have to stake to mine $WNT. They also have exclusive access to mine 10% of the overall supply + 20% of supply for other miners. You can join the waiting list here to pick the one you want to buy and the quantity.
After selling the first 15,000 devices, it will take another six-nine months to produce the next batch of devices. Hence, giving these early device holders more time to mine more tokens. All devices will be available for international shipping.
Q.Telegram – Can you tell us about some of your partners and who you plan to collaborate with within the near future?
Wicrypt has investors such as AU21 Capital, Polygon(Matic) COO Sandeep, Inclusion Capital, Outlier Ventures, Chain Capital, Pluto Digital Assets, Onega Ventures, N7 Labs, PolkaFoundary, and Cardano’s Occam. We have also partnered with Enugu State Government in Nigeria, Omnibranches, Africa50. Outlier Ventures is the incubator of our project.
The Altcoin Buzz community gratefully thanks Toni Dada for participating in the Wicrypt AMA session on November 24th on our Telegram channel.
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