The Nigerian Communications Commission, the country’s telecom regulator, has invested 2 million naira (~$5,500) in blockchain startup Wicrypt.
The Growth of Technology in Nigeria
Nigeria Communication Commission (NCC), recently released its final list of 25 technological innovators at a three-day Innovation Competition and Exhibition. A blockchain startup WiCrypt came second with a 2 million naira funding.
The program is focused on supporting Innovation and Creativity in the telecommunication sector in Nigeria. Among the selected projects that emerged the top three best is a blockchain startup, WiCrypt.
Wicrypt facilitates blockchain-based WiFi sharing service, which allows users to earn money by sharing their internet connection. The founder of the Enugu State-based company in Nigeria is Ugochukwu Aronu.
Users can register via Wicrypt’s mobile app and deposit funds using fiat currency, as well as three cryptocurrencies – bitcoin (BTC), ether (ETH) and Binance coin (BNB). Hosts, on the other hand, can withdraw their earnings in fiat or cryptocurrency.
Wicrypt says it has an inbuilt wallet that verifies a beneficiary has enough funds to start using the service.
“Wicrypt automatically cuts off a beneficiary when his money is exhausted. It allows automatic connection between user and beneficiary once the beneficiary has enough funds to start using the service,” it added.
What is Wicrypt?
Wicrypt is an app that allows its users to get paid while sharing their WiFi. It leverages the blockchain and allows users to receive payments per kilobyte of their wifi data consumed by a beneficiary. Wicrypt has an inbuilt wallet that verifies the beneficiary has enough cryptocurrency to start using the service.
A user has the freedom of setting his price per kilobyte of data consumed. Wicrypt automatically cuts off a beneficiary when his money is exhausted. It allows automatic connection between user and beneficiary once the beneficiary has enough funds to start using the service.
How To Use Wicrypt
To connect to Wicrypt hotspots, wifi users need to have a sufficient amount of Wicrypt credits (WCs), the platform’s website explains. The application verifies if a beneficiary has enough credits in their wallet to pay for the service.
WCs can be acquired and redeemed with a wide choice of payment methods available to both sides. According to the Nigerian Investment Promotion Commission’s website:
Users can register on the platform by downloading it’s mobile application. The registered subscriber can deposit funds into his wallet using bank accounts, card payments or Kenya Mpesa money.
“Registered subscribers can also deposit using Bitcoin, ethereum and Binance token. The registered subscriber can now search for available WiFi Hotspot from the app and then connect.’
‘The WiFi hotspot service charge will be deducted from his deposited funds. While the WiFi host will be credited his earnings per rate applied.”
The use of Wicrypt solves a lot of unforeseen internet problems like:
- Unavailability of internet service from specific internet service providers at specific locations.
- Low access to internet service for tourists visiting a new country.
- Underutilization of abundant internet connection by individuals or companies that do not exhaust their excess data or have unlimited internet connection
- High cost of internet service.