Wicrypt — Telegram AMA — November 22
On Monday, November 22 we had the pleasure to welcome to our telegram chat:
Toni Dada, Chief Operations Officer.
We asked her some questions about the development of Wicrypt.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Wicrypt is a decentralized hotspot sharing and token mining network that allows you to earn WNT cryptocurrency when people connect to your WiFI.
Wicrypt empowers you with the ability to mine Wicrpyt tokens while sharing high-speed internet access with your guests, customers or community for free, or at whatever rates you decide.
Wicrypts Smart hotspots and network devices allow users to mine the Wicrypt Network Token ($WNT) while sharing their internet connection. With the dual SIM feature, users can switch between internet service providers seamlessly and conveniently for a high-speed connection.
$WNT is used to reward the hosts that provide active hotspots with high uptime and have shared a specific amount of bandwidth. 20% of overall network tokens will be allocated for the $WNT reward for hosts.
Q — Ayeley from GAINS: What is the Wicrypt project about in a few simple sentences? Switching from the traditional sector to crypto is challenging for most, so it would be nice to know what about Wicrypt attracted you to it
A — Toni from Wicrypt: In Layman’s terms, Wicrypt is a service that enables anyone to make money when they share their WiFi.Wicrypt is a Decentralized mobile internet sharing and monetization network. Wicrypt has created a smart Wi-Fi 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.
Q — Ayeley from GAINS: Switching from the traditional sector to crypto is challenging for most, so it would be nice to know what about Wicrypt attracted you to it.
A — Toni from Wicrypt: 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
Q — Ayeley from GAINS: Does Wicrypt have a specific target market?
A — Toni from Wicrypt: Wicrypt focuses mostly on individuals, businesses, governments, and NGOs. People living in rural areas with limited internet access are also a major focus.
Q — Telegram user @ André: Can you explain what the Wicrypt Firmware is and what is its usefulness?
A— Toni from Wicrypt: The firmware is the OS. Here are the features:
- The 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
- 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 — Telegram user @ Anitax: Wicrypt allows anyone to become an Internet Service Provider, but could you explain to me what tools do you offer to people who are interested in becoming an Internet Service Provider so that they can do so easily and simply? Do you have tutorials or material to help your users?
Q — Twitter user @Alistai89126620: To ensure a good user experience for connected clients, the Wi-Fi hosts will have to have a minimum amount of router up-time per day, yet, can you kindly explain to me what the consequences are if the minimum threshold is not met? Why and how does this benefit user experience?
A — Toni from Wicrypt: If the minimum threshold is not met, the $WNT reward the host will earn will reduce. This benefits the user experience because the higher availability of a WiFi hotspot the more users can depend on it. If WiFi hosts have very low up-time, clients will not be interested in connecting because the internet connection can disappear at any time which creates a terrible experience.
Q — Telegram user @ Coco T: Since Wicrypt focuses on the majority of the internet. Can you tell us what the difference between centralized and decentralized internet is? What would be the great factor of choosing decentralized internet?
A — Toni from Wicrypt: Decentralized internet simply does the following:
1. Makes cost of internet connection very cheap
2. Makes internet highly available in remote and rural areas
3. Creates an open data network that shows the real performance of internet service providers to enable them to improve
4. Creates a better user experience as people can access any network at any time without depending only on the networks on their mobile devices.
Q — Telegram user @ 🇴 🇩 乂🇦 🇬 🇪 🇳 🇹 乂☠️: As far I know mining takes a lot of electricity consumption and requires big software to mine cryptocurrency. So while mining $WNT do we need big software and heavy electricity consumption?
A — Toni from Wicrypt: Energy to power our device can power a light bulb. No need for spending a lot on energy.
Q — Telegram user @ James: Does Wicrypt empowers anybody from any part of the world to share high-speed Internet access with their community for free?
A — Toni from Wicrypt: Yes for free and also at a price if they want to charge the user.
Q — Ayeley from GAINS: Security is a very sensitive area in crypto. How do you assure the individuals who share their WiFi that they won’t be exposed to cybercrimes when they open it up to people who don’t have access to the internet?
A — Toni from Wicrypt: Wicrypt has built its own custom Operating System called Wicrypt OS to provide a very strong layer of security for the users and privacy as well.
Features of the OS:
1. The Wicrypt OS can improve browsing speed and reduce the bandwidth used in browsing especially in remote areas with poor internet service
2. The OS now supports real-time location for each device
3. The OS supports customized landing pages and syncs seamlessly with the web dashboard
4. The OS supports multiple clients and handles concurrency much better than the previous version
5. The OS allows mining of WNT (Wicrypt Network Tokens) to happen seamlessly on the device
6. The OS supports VPN capabilities to ensure privacy when surfing the web
Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Toni from Wicrypt: Wicrypt launched in 2018 and did not raise funds till 2021. Wicrypt became profitable even before raising funds. We just completed our first fundraising of $1.5m this month. We are not planning any future raises at the moment. We are backed by top blockchain investors who are long-term investors as well 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.
Q — Telegram user @ Irfane: How much does it cost to have a Wicrypt device? Will these be available for international shipping?
A — Toni from Wicrypt: We are opening up premium sales 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.
It will be available for international shipping. We already have shipping partners for this.
Q — Ayeley from GAINS: You mentioned that users mine $WNT For sharing WiFi. What other role does the token play in the Wicrypt ecosystem?
A — Toni from Wicrypt:- Utilities of $WNT:
1. Staking: Wicrypt hosts will need to stake Wicrypt Network Tokens (WNT) to become active hosts that can mine WNT when they provide Wi-Fi connection to users. Staking WNT helps to prevent bad actors from joining the network.
2. 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.
3. 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 mining rewards for hosts while 5% have been allocated to reward clients. Rewards and incentives help to create a large network effect which leads to fast adoption.
4. Payment for service or Product/Payment for ads: Businesses are allowed to place ads on the Wicrypt Network. Payment for the ads will be done WNT.
5. Gas/Transaction Fees/Discount on Wicrypt fees: Payment for internet connection with WNT gives discounts on fees.
6. Discount on Payment for Wicrypt Devices: Wicrypt devices can be purchased with WNT at a discounted rate.
Q — Ayeley from GAINS: Concerning your roadmap, what should we expect in the next weeks and months?
A — Toni from Wicrypt: IDO on Occam Razer launchpad:
- Launch of our Wicrypt explorer on testnet
- Launch of the Wicrypt Device/NFT sales to the first users
- Launch of Mainnet for Wicrypt Explorer
- Launch of the $WNT mining reward for hotspot creators and clients
Q — Telegram user DTryasari: Do you have plans to produce a Physical router for the Wicrypt VPN service?
A — Toni from Wicrypt: We already have a physical router for this. Our Wicrypt OS automatically supports VPN. Click here for more.
Q — Twitter user @Ksalom95: I like the idea that Wicrypt is offering the Enugu state government access to their community and in the process creating jobs and income for the indigenous population, but will they only offer this support to that community? Or will they expand to other communities as well?
A — Toni from Wicrypt: They will expand this to other communities. This is not only for the Enugu community. The great thing about Wicrypt’s decentralization strategy and design is that any individual or business or government can replicate this for their community without any permission.
Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS