What is World Wi-Fi / WeToken (WT)? | Beginner’s Guide
How Does World Wi-Fi Work?
World Wi-Fi is a blockchain project that’s tokenizing access to privately-owned wireless routers. The concept behind this project is simple. There are many private Wi-Fi networks (including many residential ones) that are unavailable for the public to access. Because of this, most of the available bandwidth typically goes to waste.
By using World Wi-Fi’s platform, owners can securely share access to routers and earn cryptocurrency in return. The people who want to use available routers can connect to the internet free of charge. The only requirement is that they have to watch a short advertisement video at the beginning of their browsing sessions.
According to World Wi-Fi, “The guest user no longer pays for access to the internet, the router owners generate revenue by sharing their resource, and advertisers reach their target audience.”
Early Market Success and Future Plans
The World Wi-Fi project team has had a lot of success even before the token sale announcement. The team is already well-established in this space. In 2016, they established a HotSpot company called Radius Wi-Fi, and in 2017, the team introduced Adrenta, an ad agency focused on Wi-Fi advertising.
As of early 2018, Adrenta already has more than 14,000 open networks and 100+ franchise partners. These companies operate in 80 cities and increased the total number of Adrenta Wi-Fi access points by 784% in 2017.
The goal is to have 20 million active routers on the platform, around 5% of the world’s private routers. The team also is also aiming to have 1 billion ad views per day by March 2021.
About WeToken (WT)
World Wi-Fi has already raised $3.951 million (as of March 8, 2018), surpassing their soft cap of $3.5 million. The hard cap is set at $25 million. The token sale officially takes place between March 18 and April 18, and 33% of tokens will be available for purchase during the sale.
The token type is ERC223. Also, investors from Singapore and China are not allowed to take part in the token sale.
WeToken (WT) is the utility cryptocurrency used for the World Wi-Fi project. The exchange rate after the token sale will be 1 WT = 30 ad impressions in World Wi-Fi = $0.10. During the token sale, the value will be 1 WT = 10 ad impressions in World Wi-Fi = $0.10. This gives potential investors who want to participate in the token sale a bonus worth three times the post-token sale price. The team will burn any unsold WeTokens. The total supply is 600,000,000 WT.
The World Wi-Fi team projects that the value of WT will continue to climb as the number of people with private wireless routers and the number of people wanting to access the internet continues to increase. In turn, advertisers will purchase more WeTokens in order to be able to run their ad campaigns on the World Wi-Fi network.
Key Technology Features
World Wi-Fi has a few key features that help advertisers better market to their audiences.
First, it has a multilayer structure which allows multiple parties to receive advertisement fees. This helps to encourage Wi-Fi network partners to connect more access points to the network.
There is also a smart setting that allows advertisers on the network to keep targeted statistics of the advertisements of all connected access points. With this feature, advertisers have the data they need to understand how effective their ads are on the platform. It also allows them to make smarter business decisions. For instance, advertisers can change settings related to who the ads are shown to and the minimum price of an accepted advertisement.
Another important feature is the CPA/CPM Model, which gives advertisers two deal types: Cost Per Mile (CPM) and Cost Per Action (CPA). CPM is based on how much an advertiser pays for the view of an ad. CPA is based on how much an advertiser pays for an action taken (i.e. click-through to the ad website) by a guest connecting to the wireless network.
There still aren’t all that many details about the blockchain technology being implemented on this project. However, there are a few things to note from the whitepaper.
The World Wi-Fi team will likely implement Graphene, an open-source blockchain technology. Graphene uses Delegated Proof of Stake (DPoS), which is a variation of PoS that uses 3rd party nodes to create new blocks. Graphene is said to be 10 times more efficient than other block propagation technologies. Projects that currently utilize Graphene include EOS, BitShares, and Steem.
World Wi-Fi will use DPoS to prevent the possibility of data fabrication. It will also be able to verify that router owners are properly rewarded for each ad view. Router interaction and P2P Discovery will work no matter which database storage system or type of blockchain is implemented.
World Wi-Fi will offer a rewards program for delegates. The delegates will be able to store important information about any user on the network and replicate it as a database. Stored information will include user information such as the geocoordinates of routers, number of users, age, and interests. The delegates will also store information about ad campaigns such as ROI and conversion rates.
The whitepaper states that this project should not have an issue with scalability. Operations are processed in project data centers (distributed network available for World Wi-Fi partners). Transactions are confirmed by the use of several nodes, enabling quicker processing.
The system is already designed to handle dozens of transactions per second. Since advertisers will generally primarily be the ones buying and selling WeTokens, there isn’t a need to have as much scalability as projects like Ethereum or Bitcoin require.
One transaction is equal to one advertisement campaign. World Wi-Fi will be able to maintain scalability and database blockchain speed because high-load input/output operations will not work directly with the blockchain component.
World Wi-Fi’s Roadmap
As shown in the graphic below, this project has ambitious plans to become a platform for global, decentralized, free Wi-Fi.
Where to Buy WeToken
The idea of creating a tokenized, global wireless internet infrastructure is a concept that seems very promising and has the potential to be beneficial for millions of people around the world. The fact that the founders of World Wi-Fi have already proven they can execute in this market with Radius Wi-Fi and Adrenta is a good sign.
It will be interesting to see how World Wi-Fi scales its business model and brings free Wi-Fi access to new locations throughout the globe.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
I enjoy researching new, innovative, and interesting blockchain/crypto projects that have the potential to impact the world. Whenever I’m not writing, I’m usually playing sports or producing music.