The first independent blockchain-based Wi-Fi sharing network from Africa, Wicrypt Network, a Nigerian firm, has won the World Prize at the LEAP 2023 Rocket Fuel Pitch Startup Competition in Saudi Arabia, taking home US $150,000 in cash as a prize.
Wicrypt, which was established in 2018, is a decentralized network for sharing and monetizing mobile internet that enables anybody to make money by opening up their Wi-Fi to others. Customers may either buy a special, specially made Wicrypt Hotspot Maker hardware or download the Wicrypt software and deliver Wi-Fi via their mobile device.
Using their Wicrypt dashboard, Wi-Fi providers may tailor their customers’ experiences by providing surveys, adverts, and data collection. Devices connected to Wicrypt are each represented by a distinct NFT that is connected to the blockchain. In addition to receiving payment from WiFi users, Wicrypt hosts are rewarded for having great device uptime with its native currency, $WNT.
The firm reportedly concluded a critical US $1.5 million investment round in November 2021 to aid it in entering new nations, and since then it has developed more than 1,000 hotspot locations throughout the world. Since winning the grand award, it has acquired further funding.
“We started this company to solve a real internet access pain point for people in Africa and underrepresented regions,” said Ugochukwu Aronu, CEO and co-founder of Wicrypt. “It’s exciting to see that our technology is being awarded for making a difference in a practical way and not theoretically. Thank you to LEAP, Saudi Arabia, and the outstanding judges.”
