The World Wifi ICO recently started with their website already showing that they've raised nearly $9 million.
Check their website here
Let’s face it, where would we be in the world without the invention of WiFi? It has, quite simply, changed the way in which we get online while on the move and without being tethered to everything by a multitude of cables. So, even though you are completely used to using the technology, you could be forgiven for wondering how on earth blockchain technology could be used to improve what is already available? Well, allow us to introduce World WiFi, and explain exactly what we mean by all of this.
What is World WiFi?
As the name suggests, the new project aims to create a completely decentralized network of free WiFi systems around the world, which does sound rather impressive when you put it like that. The idea is that individuals can gain access to private routers if the owners of those routers agree to provide access to the over-abundance of their WiFi limits to those individuals that would have otherwise been faced with locked connections and the inability to get online.
At first, people might feel that this is going to open up a can of worms for the owner of the private router, but the company has already thought about all of that. This become even more suspect when you discover that the visitor that is using the asset does so without paying any money, so you would then be forgiven for wondering why you would provide access at this point.
The key is that the owner is rewarded with effectively a salary for providing that access, and the intention is that as people already own the router then they are pretty much getting money for doing absolutely nothing. But then, how do they get the money if the user is not paying?
It turns out that the user is given ads to watch in order to gain access which then acts as the ways and means of being able to pay the router owner for opening up their WiFi to visitors. In other words, advertisers make everything turn around on this platform.
The Technical Aspect of World WiFi
From the technical perspective, then the first thing to be aware of is that the platform is built on Ethereum providing a sense of both stability and security that cannot be overlooked. There is also the possibility of scaling the project without putting the entire basis of the platform at risk, which should prove to be rather useful if it does take off as a concept.
Aside from that, the way in which it all works is rather cool. They state that the entire system works thanks to effectively a collaboration between users on the blockchain communities by opening up their WiFi data limits to both visitors and advertisers. The individuals that own the routers can then set up different limits including the speed that is available, the amount of data that can be used and other key components that determine the experience that the users will have.
All of this is arranged via Smart Contracts with users no longer having to add in passwords to gain access. The system is open and they simply watch an advert to get in, but they are also made aware of those limitations that have also been put into place.
The Advantages of World WiFi
There are clear advantages for the three different groups of people that are going to be using this service. First, the user is no longer going to be struggling to find WiFi as they move around as there are open spots rather than connections that are hidden behind passwords. They can effectively skip between connections as required making life so much easier. Also, advertisers are going to have another way of getting to their market, and they know that their adverts will be seen since that is the way in which individuals can gain access to the network.
More details of the advantages are listed on their website here
Key Team Members
The project has a strong team, full details can be found in their whitepaper. The 2 founding members are:
Ilya Yashin: An early investor into blockchain technology. He's previously founded 2 Wifi based businesses.
Yan Sepiashvili: He co-founded the other 2 businesses with Ilya. He's also an entrepreneur who also has a PhD in Medicine.
The Financial Aspect and World WiFi ICO
When we look at the financial aspect, then we can formulate a better idea of the potential for this particular company. First, they are only seeking to accept ETH as the cryptocurrency for the ICO, and both China and Singapore are going to be excluded from this part of the process, which has become common for all token sales due to regulations.
The team behind this product is also looking at having both a soft and hard cap in place for the ICO. The soft cap has been set at $3,000,000 while the hard cap is higher at $25,000,000. They have also stated that there will be an exchange rate during this period of 1 WT equating to $0.1 providing you with a sense of the value that they have placed on their product and company.
They are also planning at producing a total of 342,000,000 tokens for this part of the process which equates to 33% of the total minted for the project. There is a bonus available which has been set at 15% for those that get in on the act early enough.
Overall Conclusion About World WiFi and the ICO
There is no doubt that the product on offer from is viable and has a number of possibilities attached to it. The only difficulty is in helping people to overcome any fears that they have with the security aspect of opening up their connection, so some work has to be done on that area or the uptake in this opportunity is going to be rather restricted.
However, the fact that users will find it so much easier to connect to the Internet on the move simply by moving between these open connections, for absolutely nothing at all, is pretty impressive and it doesn't take a rocket scientist to know that people will jump on that idea without too many problems.
The project should also have a good head start getting people to sign up and connect their internet with so much interest generated from cryptocurrency enthusiasts.
From an investment point of view, it has potential although it may take some time for there to be a significant return on that initial investment. This could change if they can encourage more people to join, as well as increase the number of advertisers, but it is certainly worth checking things out if you feel that this is an ICO you wish to take part in.
Check their website here
World Wifi Facebook: https://web.facebook.com/worldwifi.io/?_rdc=1&_rdr
Check my other ICO Reviews:
https://steemit.com/crypto/@dan90/xmoneta-ico-review-messaging-app-on-the-blockchain
https://steemit.com/crypto/@dan90/bitpenta-ico-review
https://steemit.com/crypto/@dan90/bitrewards-ico-review
https://steemit.com/crypto/@dan90/otppay-ico-review