Wicrypt is a wireless and decentralized internet system that allows users to share their internet with others while earning from it. These earnings are in the form of tokens in the Wicrypt network that can be traded and converted to other forms of currencies.
Individuals who access the devices or apps will need to create a node and enter the Wicrypt ecosystem, and can share their internet via a hotspot system with other users, businesses, and family members as well. The idea is to create a connection that makes internet connection available to more persons around the world with minimal entry barrier. Wicrypt makes this happen with the blockchain infrastructure. Let’s find out how.
Why Wicrypt
The data for global internet penetration shows that a lot of people in the world don’t have access to it, let alone a fast and stable connection. While several steps have been taken such as the “Government Policy for the Internet Must Be Rights-Based and User-Centred” intervention by the UN to address the issue, the provision of the internet is still largely seen as a profit-making venture and not a basic human right.
Other negative trends in internet distribution around the world include monopolization of these services by a few ISPs who can control what users have access to thereby encouraging censorship. Some of these ISPs lack transparency in their services to users. Thus, ISPs don’t always account for the lost time their users had when their services are shut down or in periods of poor network connection.
For the internet to deepen and serve the world population of 8 billion people, there is a need to have a less expensive, decentralized, and easy-to-setup system that anyone can have access to anywhere around the world. The growth of technologies such as IoT has necessitated the importance of the internet.
This Wicrypt is creating a network that brings the internet to users around the world while using existing infrastructures. Wicrypt is bridging the centralized 1.1 trillion dollars worth of ISP market and decentralized tokenized world.
How Wicrypt works
The three most important parts of the Wicrypt network are the hotspot hosts (physical and digital), users, and the decentralized team managing the project. Users who want to provide access to internet service for others will need to start a local network, buy the $WNT and stake it (for only physical hotspot hosts). The local network requires purchasing the Wicrypt Hotspot Hub – a device that activates the Wicrypt system.
The next step is to set the hotspot up using the manual created by Wicrypt. Once done, a user would need to download the Wicrypt app for Android or iOS. Users can access information about the performance of their hotspots using the app.
Hotspot providers can also upgrade their accounts on Wicrypt for better performance and services. The last step is to set up the explorer which activates the earning of $WNT. As a hotspot provider, you can use the Wicrypt device to switch from one internet service provider to another with the help of the dual SIM functionality.
Apart from this physical host, there is the digital host of the Wicrypt hotspot. Digital hosts don’t need to buy physical devices. This set of hosts, who rely on the Wicrypt decentralized network, are required to buy an NFT that makes them part of the network and also earns from profits accrued by digital hosts. The NFT is a ‘Proof of participation’ material and not a physical device.
For users who want to connect to the Wicrypt network, they need to download the app first. The Wicrypt app shows a map of several Wicrypt hotspots available within the geographical location of that user. These connected clients can use their mobile phones, laptops, PCs, Smart TVs, Smart Watches and IoTs to enjoy the Wicrypt service.
Those who host the hotspots are paid by users who access their hotspots. These payments are accessible in the wallet of the hotspot provider, in the Wicrypt app. The app which hosts all $WNT earned by hotspot hosts can also perform transactions of BTC, ETH, and other cryptocurrencies.
How to earn on Wicrypt
Users can earn on Wicrypt by sharing their hotspots with others. They can also earn by staking their $WNT in the Proof of Stake pool that secures the network. Another way to earn is by using the referral system. This is done via the Wicrypt app.
Tokenomics of Wicrypt
The Wicrypt project operates with a token known as Wicrypt Network Token ($WNT) and it has several functions it plays for different users.
$WNT is a Polygon based token utility and governance token with a total supply pegged at 200,000,000 and can currently be traded on exchanges such as Quickswap and MEXC.
As a utility token, $WNT is used to pay for services used by those in the Wicrypt network. Although settlements can also be done in stablecoins, $WNT is the basic payment currency for adopters of Wicrypt.
As a governance token, holders of $WNT who stake their assets in the network earn points that determine their voting power. This voting power determines who can make proposals and vote for or against proposals related to Wicrypt’s development.
In situations where holders want to delegate their voting power, there is no acceptance of partial permission. Thus, users can either delegate 100% of their rights to another single user or delegate none.
Team and partners of Wicrypt
Ugochukwu Aronu, the CEO and co-founder of Wicrypt, is an entrepreneur with a vast background and experience in the field of software development, finance, and blockchain development. The alumni of the University of Nigeria have worked at KPMG Nigeria, developed a crypto wallet in 2017, and founded Xend Finance.
Toni Dada, a data analyst with more than 14 years in strategy development, digital transformation, customer value management, and business intelligence, is the COO of Wicrypt. Toni, the founder of Enterscale Services, a startup growth firm, has been engaged at top firms including MTN, TMT, Migo (formerly kwikmoney), 9mobile, and more.
Ogbo Chidozie, a software engineer and alumni of Nnamdi Azikiwe University, is the co-founder of Wicrypt. He has been involved in managing technical teams, and developing products such as Paylot, Obiex Finance, and Dispacha. Ogbo also builds blockchain-based projects.
Nweke Chukwuemeka, another alumnus of Nnamdi Azikiwe University and a software engineer, is also a co-founder at Wicrypt. From healthcare to the supply chain to blockchain and payment systems, Nweke has helped create products for several companies. With a specialty in designing distributed systems, blockchain projects, and in writing solidity smart contracts, he acts as an advisor to Xend Finance, Binary Hills, and Ugarsoft.
Ayodele Olabiyi is the Head of Innovation and Data Science at Wicrypt. The award-winning data scientist, mathematician, and certified Mixpanel Implementation partner has worked at MTN Nigeria and actively contributes to Data Science Nigeria.
On the Wicrypt team is Opata Chibueze who is the Senior Technical Consultant. He is a software developer with over a decade of experience. Some of his achievements include winning the USPF National Hackathon in 2015 and building an antivirus using advanced heuristics and knowledge of Windows internals.
Partners and investors include the Enugu State Government, Nigeria; Polygon; N7 Labs; Inclusion Capital; Africa 50; AU21 Capital; and more.
Future of Wicrypt
The future of Wicrypt will be about the creation of stimulus loans, the development of a decentralized storage cloud, and NFT-Based Router Recovery. Stimulus loans will allow holders of $WNT to add their token to the Wicrypt lending pool and earn returns over time.
The decentralized storage cloud will bring more earning opportunities for hosts who provide external storage facilities to Wicrypt users. Furthermore, Wicrypt will be connected with Filecoin, to enhance data storage in a decentralized system. The NFT recovery system will be designed to secure NFT-based routers – digital hosts on Wicrypt.
Wicrypt wants to provide access to the internet to everyone around the world in the simplest, cheapest, and fastest way without compromising security while users also make money.
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