World Wi-Fi, a Singapore-based startup developing a free decentralized worldwide Wi-Fi network, has managed to surpass its soft cap of $3.6 million almost a month before the end of its pre-sale.
The campaign, which started on December 1, 2017, has already brought the company more than $5 million. During the main part of the ICO, which is set to run from April 18 till May 18, World Wi-Fi is planning to collect $25 million.
World Wi-Fi is designing an Ethereum-based decentralized platform to bring free Internet coverage to most residential locations all over the world. With a new platform, the company aims to solve the current issues faced by both ordinary users and advertisers.
The network will be based on residential routers, whose holders may provide free internet access and earn digital currency through sharing Wi-Fi and displaying ads within their network. Eventually, the platform will benefit all participants of the World Wi-Fi ecosystem: users get free internet access by watching short ads, advertisers reach their target audience at lower price, and router owners generate passive income by sharing their resource.
World Wi-Fi is fueled by WeToken (WT), an ERC20 standard-compliant token that can be used as a payment tool on the platform. The token’s value will be equivalent to the price of viewing 10 ads in World Wi-Fi. Following the launch of the network, the owners of WeTokens will be able to sell them at cryptocurrency exchanges, convert into fiat currency, or pay for advertising on the platform.
One token will cost $0.1 during the token sale, which is more than three times lower than the average market price for 10 ad views in Wi-Fi networks. Today, the mid-market price of 10 targeted ad impressions in Wi-Fi networks is worth $0.30.
The startup has already completed the main stage of development and is now conducting alpha tests of the platform. According to the project’s roadmap, the full version of the service will be released between April and June, 2018. In the next three years, the team aims to connect at least 20 million Wi-Fi routers to its World Wi-Fi platform and achieve an annual turnover of $1 billion.
The team behind World Wi-Fi has an extensive experience in Wi-Fi based projects. They have previously created Adrenta, a B2B aggregator of public Wi-Fi hotspots, and Radius Wi-Fi, a system that provides public Wi-Fi network owners with a phone number-based user identification software. In 2017, the amount of Wi-Fi points in 80 cities partnering with these projects increased by 784%.