Recapitulation of Wicrypt PROJECT AMA event held at AMA LOVERS CLUB.
Venue: https://t.me/amaloversclub
Date: Monday, 15th November, 2021
Time: 13:00 UTC
The Wicrypt PROJECT team was represented by @Tonidada who judiciously shared with us detailed knowledge and information about Wicrypt PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on WICRYPT?
ANS: My name is Toni Dada. I am the COO and I have over 14 years experience in the Telecoms and Fintech space leading growth for the two biggest Telecoms companies in Nigeria MTN and Etisalat.
My team has a strong engineering and business background. Our founder and CEO is Aronu Ugochukwu who founded Xend Finance, the first DeFi project from Africa. Our CTO, Chuwkuemeka Nweke is a skilled blockchain engineer and leads our blockchain engineering team. We have our marketing and business teams in Nigeria, US, India and China.
To learn more about my team please visit: https://medium.com/wicrypt/introducing-the-wicrypt-exec-team-edca2eba903c
Q2: Can you introduce WICRYPT, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Wicrypt is 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 has one competitor in the crypto industry for now called Althea.
Here is why we are different
Althea is very similar to Wicrypt but limits setup to communities. There has to be a partnership with a community and there is a lot of overhead cost in setting up large networks hence scaling becomes a little hard. Wicrypt gives individuals anywhere in the world the power to create their own locally run networks with less than $200 and they can setup this network in less than 10 minutes as opposed to large setup costs of over $50,000 and which will be done in months. Wicrypt has mobile apps on android and iOS for for both Wi-Fi hosts and clients who want to connect to Wi-Fi. The mobile makes it easy for anyone in the world to connect to any available Wi-Fi hotspot in their location easily.
Wicrypt devices also allows its hosts to mine Wicrypt network tokens when they share their internet with other users. This incentives hosts to have high uptime and provide good internet service to clients. Althea does not do this.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Major achievements and milestones
Wicrypt has built its own hardware or device
Wicrypt has built its own Operating System called Wicrypt OS
Wicrypt has acquired over 15,000 real users
Wicrypt has its mobile app on Android and iOS
Wicrypt is backed by the Nigerian Communication Commission (NCC)
This is our roadmap link: https://wicrypt.com/roadmap-2021.html
When was Wicrypt launched?
Wicrypt was launched in 2018.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: Wicrypt has investors 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. We have also partnered with Enugu State Government in Nigeria, Omnibranches, Africa50. We are incubated by Outlier Ventures.
Q5: Where can we access more information as regards this partnerships?
ANS: You can see the information on our website and socials
Website https://wicrypt.com/
Twitter https://twitter.com/wicrypt
Facebook https://www.facebook.com/wicrypt/
Telegram https://t.me/wicrypt
Telegram Announcements https://t.me/wicryptann
Instagram https://www.instagram.com/wicryptnetwork/
Substack https://wicrypt.substack.com/p/coming-soon
LinkedIn https://www.linkedin.com/company/wicrypt/
Medium https://medium.com/wicrypt
Reddit https://www.reddit.com/r/Wicrypt/
Discord https://discord.gg/xShQkSZU7
Q6: Finally on this segment, Can you give an overview of the Tokenomics and Utility of the $WNT token?
ANS: 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 helps 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
Tokenomics is in deck: https://docsend.com/view/6qi7w43r4pf7cgdf
2nd Segment: LIVE Questions
Q1: Is there any way through which we can monitor how much data is being used by the person whom I shared?
https://twitter.com/Rakesh200x0/status/1460211350873858049?t=Z6wV8f51B2XVWcl-kkeqKw&s=19
ANS: Yes. So we have dashboard to monitor everything on the system. So you can see the total data consumed by the people.
Q2: Wycript technology can clearly be a solution for many companies,however I would like to know the cost-benefit of this service, why would it be more profitable than for example a conventional internet provider?What type of business is it worth investing in?
https://twitter.com/WanderLust070/status/1460219149930565638?t=fDl6eI-94m1db0uIY6Q7IA&s=19
ANS: Wicrypt devices are more valuable than the regular internet provider devices hence more value for your money. With regular internet devices, you will never make money but with Wicrypt devices here are the benefits
🔶Users earn money by sharing their internet data with these devices
🔶 Freedom to decide your own rates for creating a hotspot network
🔶 Put a limit on the data usage & time
🔶 Get customer feedback & run ads of your business
🔶 Clients also mine WNT for using the hotspot network. This means the users connecting also get incentivized for using your devices
🔶 Hosts that create Wicrypt hotspots mine WNT (Wicrypt Network Tokens). WNT is the native token of the network
🔶 Wicrypt is location and ISP agnostic. This means it can work anywhere with any Internet service provider
Just from mining $WNT alone, you can make 10x the amount you spent in purchasing a device.
Q3: Wicrypt's technology enables individuals, businesses, governments, developers, and ONGs to create a highly customizable and decentralized mobile Internet distribution network. But what real life problem does Wicrypt solve? Why is the network that you provide to users special?
https://twitter.com/canserven/status/1460078558014066690?t=gY19EkxMRGZkFEXjz-cb_w&s=19
ANS: Wicrypt is not an internet service provider. It enables anyone to become an internet service provider. It can work with any internet service provider.
🔶 Users earn money by sharing their internet data with these devices
🔶 Freedom to decide your own rates for creating a hotspot network
🔶 Put a limit on the data usage & time
🔶 Get customer feedback & run ads of your business
🔶 Clients also mine WNT for using the hotspot network. This means the users connecting also get incentivized for using your devices
🔶 Hosts that create Wicrypt hotspots mine WNT (Wicrypt Network Tokens). WNT is the native token of the network
🔶 Wicrypt is location and ISP agnostic. This means it can work anywhere with any Internet service provider.
Q4: Something that caught my attention is your router service but can you tell me if these can be used outside the African continent and could you explain how the recharge from the wallet works? Are the fees to be paid in native token or are there other payment options?
https://mobile.twitter.com/MmgvsTodos/status/1460232132064944129
ANS: Our devices can be used anywhere in the world. Wallet can be recharged with Crypto currency and also with fiat.
Q5: 📱🤳📱It is interesting the preconfigured Wicrypt, where it provides the option of a mobile device, but what will be the benefits of this device as opposed to the traditional ones, how much does it cost and its operating system is developed in what way?
https://twitter.com/Romadel33/status/1460235617246273537?s=20
ANS: Difference between Wicrypt devices and Cellphones
Normal cellphone batteries get drained even when only one or two devices connect to the hotspots.
Our devices are better to be used because they support over 50 concurrent clients.Our devices also support a unique operating system called Wicrypt OS which provides the following benefits that mobile phones cant.
Features of the OS:
1. The Wicrypt OS can improve browsing speed and reduce 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
Devices cost $1,000 for the Lynx and $1,500 for the Spider. There are 15,000 devices available for the first public sale and this 15,000 devices will have exclusive access to mine up to 10% of overall WNT which is 20,000,000 WNT. Each device is also an NFT so the cost includes an NFT and a physical device shipped to your address.
Q6: As far I know mining takes lot of electricity consumption and requires big softwarea to mine Cryptocurrency. So while mining #WNT do we need big softwares and heavy electricity consumption?
https://twitter.com/RahulGandhix5/status/1460210735774986245?t=uXzqaxgrCv0-iq2gaQVhvA&s=19
ANS: No you do not. You only need a Wicrypt Device and this device consumes less than a laptop. It is only 5V .
Q7: We can know that Wicrypt started 3 years ago. We all know the new NFT is very popular recently, so my question, during the early days of building a project, did you already have any idea to include NFT in your platform or did this idea of implementing NFT only occurred to you recently?
https://twitter.com/Yfmile/status/1460231572087455744?t=x0d9h7KmrvixJ6QIEEp4Cg&s=19
ANS: The idea of including NFTs has always been in our design. See how our NFTs will work
Q8: I understand that when users connect to my HOTSPOT Network, I will receive payments to my wallet account. But will I be getting 100% of the revenue? Will the payments only be in $WNT tokens? And how much is it possible for me to earn in a month?
https://twitter.com/KurangaHA/status/1459997943398813703?s=19
ANS: You will be getting 90% revenue while Wicrypt takes 10% as commission. You can withdraw funds in fiat or crypto currency. It must not be in $WNT.
Follow Us On Our Various Social Media Communities For More Update;
Twitter
https://twitter.com/wicrypt
Facebook
https://www.facebook.com/wicrypt/
Telegram
https://t.me/wicrypt
Telegram Announcements
https://t.me/wicryptann
Instagram
https://www.instagram.com/wicryptnetwork/
Substack
https://wicrypt.substack.com/p/coming-soon
LinkedIn
https://www.linkedin.com/company/wicrypt/
Medium
https://medium.com/wicrypt
Reddit
https://www.reddit.com/r/Wicrypt/
Discord
https://discord.gg/xShQkSZU7v
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