What Is Siglo? | A Blockchain Protocol to Exchange Your Data for Mobile Connectivity
Siglo is a blockchain protocol in which you exchange personal information and your attention for mobile Internet access. The team behind it is targeting developing markets in which smartphone adoption is snowballing. Smartphones give citizens in these nations access to services, like banking, that were previously unavailable. But they still face a roadblock.
Connectivity data is expensive and limited, forcing people in these countries to use prepaid phones and purchase short-lived airtime top-offs. So, although phones are readily accessible, the commodity that makes them valuable, the Internet, is still restricted.
ICO Key Details
Token Type: ERC20
ICO Token Price: 1 SGL = $0.009 USD
Fundraising Goal: $8M USD (soft cap), $25M USD (hard cap)
Total Tokens: 8,000,000,000
Available for Token Sale: 2,880,000,000 (36.0%)
Know Your Customer (KYC): Yes
How Does It Work?
Siglo uses Ethereum smart contracts to facilitate exchanges of data for connectivity between users, Internet providers, brands, and decentralized applications (DApps). Let’s outline these entities further.
Users are the end-customer on the network. They receive Siglo tokens (SGL) in exchange for sharing their anonymized data and demographic information. They can spend these tokens on products, trade them, or most importantly, exchange them for data top-offs.
Providers pretty much stick to their name. They facilitate airtime top-offs for Siglo apps and users. Farrow is the first provider on the network.
Brands purchase the data that users generate so that they can create better advertising and marketing campaigns. Siglo gives them an opportunity to target and track a previously underrepresented customer base.
DApps integrate the Siglo protocol to enable their users to monetize their data. They may either utilize SGL or create their own in-app token.
There are minimal fees on all protocol transactions.
Although the Siglo protocol operates using SGLs, DApps on the infrastructure can implement their own token. Separating the token economics between the two types gives DApps the opportunity to create more stability in their own ecosystem.
This separation is also advantageous for applications that already have their own currency. In having a specific DApp coin, they avoid having to switch to something new which could confuse their existing customer base.
To explain further, let’s examine Siglo’s first DApp, Pig.gi.
On the Pig.gi app, you earn Pig.gi coins for interacting with brands. You can then redeem these coins for mobile airtime or movie tickets. Smart contracts and escrow services connect Pig.gi coins to the Siglo blockchain. And, they’re backed by the underlying assets (i.e., airtime top-offs) of the protocol. Therefore, there will always be an equal amount or less Pig.gi coins than the associated top-offs to ensure solvency.
Siglo Token (SGL) & Sale Details
SGL is an ERC20 token with a total supply of eight billion. You can redeem these tokens for certain products on the network, specifically airtime top-offs.
The team is generating 36 percent of the tokens during the Token Generation Event (TGE) for around $0.0009 per SGL. They’ll distribute the rest of the SGL as follows:
- 30% – Future release in which they’ll release 1 token for each user once the network reaches 10 million users
- 19% – Reserve
- 15% – Team and advisors
Siglo will use the funds they raise during the TGE for product development (45%), operational overhead (30%), and marketing (25%).
The team has not yet set a date for their token sale.
Siglo is relatively unique in the blockchain space. As far as trading activity data for mobile connectivity, the project seems to stand alone. However, there are a few other blockchain teams that focus on giving you monetary control over your data.
Brothers Joel and Isaac Phillips founded Siglo in October 2017. Previously, the Phillips brothers created Pig.gi, the first app to integrate the Siglo protocol. The team has now grown to over ten full-time members spread around the world.
- Unique product. Siglo doesn’t have much competition in what they’re doing. On top of that, at launch, they’ll already have a one million strong user base from their first DApp, Pig.gi
- Underserved market. The team is initially targeting the Latin American market, one that’s often ignored by blockchain projects.
- Data network experience. Through Farrow Ventures Inc. and Pig.gi, the Phillips brothers have the right connections and experience dealing with network providers to ensure stable relationships for the network.
- Lack of blockchain experience. The technical members of the team have ample experience building mobile apps but are missing the blockchain component.
- Only one DApp. Right now, Pig.gi, the Siglo founders’ own company, is the only DApp committed to the protocol.
- No product. The team is still in the process of building out the protocol. As with any investment, a project that is pre-product always runs a risk.
Siglo is lining up to be a potentially lucrative investment opportunity. The team is entering an underserved market with an upcoming product that has little competition (compared to other blockchain areas).
Although they don’t have much blockchain experience, the Siglo founders do have a wealth of knowledge about mobile connectivity and data. Bringing on Pig.gi’s over one million users to the network could give the project a quick boost above the competition.
In the end, Siglo’s success comes down to how well they can execute building out an easy-to-use protocol and how quickly they can get more DApps using what they’ve built.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.