The last few years have seen many companies make forays into the exciting new world of Web3, drawn to its vision of decentralization, distributed computing and permissionless architecture. The rise of retail investing and more widespread adoption now means that people can vote with their feet, helping startups and companies moving into new sectors to ‘crowdsource’ their capitalization. Web3 projects are therefore able to leverage memes and hype cycles to grab the attention of millions of people and become viable in a short space of time.
The rise of NFTs in 2021 marked a turning point for the space, with almost all digital-savvy people now aware of the technologies and how they work. By April 2022, it was revealed that 94% of Fortune 500 executives had either launched blockchain projects or were planning to. Even more striking, however, are the companies that have repositioned themselves in order to join the Web3 revolution, representing everything from food and beverages to the music industry.
One example of a company with a successful Web 2.0 model that is pivoting to Web3 is WiFiMap. Founded in 2014, the connectivity platform is based on a core idea of crowdsourcing public WiFi hotspots into a single, shared online database. It is one of the largest WiFi finder apps in the world and has been a highly successful Web 2.0 startup with a crowdsourced growth model.
In 2022, the founders announced the creation of $WIFI — a utility token that would be used to incentivize people to contribute to the growth of the platform. The idea is that these tokens can then be used to access premium services in the app, such as eSIM mobile data. According to co-founder and CTO Igor Goldenberg, “WiFi Map is not just about providing internet access, but also about creating a community of individuals who share a common goal of building a more connected world. Through their platform, users can connect with others and contribute to the growth of the network, all while earning cryptocurrency.”
One of the core features of the tokenized WiFi Map will be its connect-to-earn model. Users who add WiFi hotspots to the global map, check network credentials and run internet speed tests will receive tokens and, at the end of each month, $WIFI will be airdropped to the most active contributors.
Goldenberg is optimistic about the network effects that $WIFI will set in motion: “As the world becomes more interconnected, reliable and secure internet access is essential. WiFi Map provides a solution that not only meets these needs but also enables users to earn cryptocurrency by sharing their WiFi hotspots and running speed tests. This is a game-changer for those seeking new ways to earn passive income and participate in the Web3 ecosystem.”
Ultimately, the app is aiming to become the first genuine superapp in the emerging DeWi(decentralized wireless) space, supporting its public WiFi offering with VPN data protection, competitive eSIM mobile data packages and a full stack of lifestyle services. $WIFI is set for a March 30, 2023 launch on the TrustSwap Launchpad, in partnership with the leading Canadian DeFi platform.
With an existing community of 150 million users, and use cases set to go live immediately on the TGE date, $WIFI has the potential to shake up Web3. In fact, with a projected 4 million monthly users at launch, WiFi Map will become one of the biggest projects in the entire crypto space. Goldenberg added the following: “By leveraging the power of blockchain technology, WiFi Map is creating a decentralized network that puts control back in the hands of the people. This has the potential to disrupt the traditional model of internet service providers and bring about a new era of internet connectivity.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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