Wicrypt: Transforming Internet Access through Blockchain Technology

It is widely known that we live in a constantly changing world, when we talk about Blockchain technologies we realize that the future we dreamt about is here. In discussing Blockchain technology, we are aware that it has the potential to revolutionize the way we access and use the internet. In recent years, a growing number of companies have started to explore the potential of blockchain in the area of internet access, and Wicrypt is one of them.

What Exactly is Wicrypt and How Does it Work?

In 2018, Wicrypt was launched. It is Africa's first peer-to-peer mobile internet-sharing network that doesn't require a third-party integration, and the technology is based on Blockchain. Users also get paid for sharing their Wi-fi and because of its blockchain technologies transactions are secure and transparent. Wicrypt offers two ways to share WiFi, through their own Hotspot Creator which is cost-effective, or through mobile devices. With this platform, providers have the option to personalize their customer's experience by conducting surveys or displaying ads, while gathering relevant data. Interestingly, users who share their data can also earn Wicrypt Network Tokens (WNT) through mining and hosts who share their network for extended periods can earn WNT as well. Here, the built-in Wallet verifies that beneficiaries always have enough credits to use the service while users receive payment per gigabyte of data consumed.

By leveraging the power of blockchain technology, Wicrypt has implemented a system that enables faster and more efficient transactions compared to traditional systems. This is because transactions are processed on a decentralized network, which eliminates the need for intermediaries and that often offers limited mobile data at higher rates. According to the CEO, Ugochukwu Aronu, " Wicrypt has been able to drive down the cost of mobile internet connection in Nigeria by over 60 per cent in Wicrypt-enabled hotspot zones". Additionally, Wicrypt has implemented a technology that provides a transparent system where all transactions are publicly visible on the blockchain. This ensures that all users can verify that transactions are legitimate and that there is no foul play.

How has Wicrypt's Blockchain Implementation Expanded its Impact Beyond Cryptocurrency?

Beyond innovation through Blockchain technology, this product has been impactful. In a statement made by the CEO, Ugochukwu Aronu, he said that Wicrypt has over 14,800 registered users and up to 1000 hotspots currently being deployed in Nigeria. Wicrypt was also selected by the kin foundation to receive a $15,000 US grant.

In addition, Wicrypt has also secured $1.5 million in funding which the funding round was led by AU21 capital. Co-founder and COO, Sandeep Nailwal said, “Investing in an already profitable company is rare in the Blockchain space. But on top of that, Wicrypt is giving people the ability to access the internet in regions where WiFi can be very expensive and unattainable for many people".

Wicrypt won the Global Prize and earned $150,000 at the LEAP 2023 Rocket Fuel Pitch Startup Competition held in Saudi Arabia, which was a significant achievement. This means that Wicrypt’s implementation of Blockchain technologies has had a positive impact on the Blockchain ecosystem by expanding the use cases of Blockchain technology beyond just cryptocurrency. With Wicrypt using Blockchain technology to provide fast, affordable and secure internet access, it has shown that Blockchain can be used to solve real-world problems and improve the lives of people.

However, we won't neglect the fact that Wicrypt is dependent on the internet infrastructure in the region where it operates, and poor infrastructure or disruption in service could impact the quality and availability of the service. Some individuals may be curious about how Wicrypt gets its profits while providing these services. Regarding this, the CEO, Ugochukwu Aronu said, “We make money from our device sales by charging a commission when mobile internet data is sold for money and by also charging a subscription for using other features such as data collection and advertisement".

What lies ahead for Wicrypt in the future?

Looking ahead to the future, with Wicrypt’s unique approach to internet connectivity and innovative use of blockchain technology, Wicrypt is well-positioned to play a key role in shaping the future of the internet. In an article, the CEO, Ugochukwu Aronu mentioned that a partnership with Starlink will be a match made in heaven and in the article, the CEO also highlighted the benefits of this partnership. Starlink is a satellite-based internet service being developed by SpaceX, a private space exploration company founded by Elon Musk. The service aims to provide high-speed, low-latency internet connectivity to users anywhere in the world using a constellation of thousands of small satellites in low Earth orbit. Moreover, this partnership could lead to the creation of a powerful and reliable network that could provide secure and high-speed internet connectivity to users across the globe especially for users with poor internet infrastructure by providing fast and reliable internet access.

As we look to the future, the possibilities are endless with Wicrypt in the evolution of blockchain technology and I am excited to see how Wicrypt will continue to make a difference.