WiFi Map is on the verge of launching the $WIFI token in a major transformation for a platform that has served a community of 150 million people for a period of over eight years. On October 1, community members will be able to claim $WIFI tokens as part of the community sale, which will be followed by a general public sale and token generation event, when the tokens will be minted on the blockchain.
We’ve talked about why the creation of the $WIFI token is the best possible step forward for WiFi Map, both in terms of improving the user experience on our platform and building an ecosystem that will bring accessible internet to as many people as possible all over the world. What we are doing is also a leap into uncharted territory, as most crypto projects are blockchain-based from the beginning. WiFi Map, on the other hand, has spent years building a community of people who joined the ecosystem because they share our belief that the internet is a fundamental human right that should be free to everybody, wherever they are.
Taking the example of the US, approximately 59.1 million owned some kind of cryptocurrency in 2021, representing 17.5% of the population. It’s likely that far more know about crypto, and we’re pretty sure that WiFi Map users are more crypto-savvy than the average person. Nevertheless, it’s likely that a large portion of our existing community doesn’t have a crypto wallet. That means it’s our job to show you why utility tokens are the best solution for taking WiFi Map to the next level.
Many different kinds of digital assets can be hosted on the blockchain. Some of them are known as coins — like Bitcoin — and are chiefly stores of value based on a limited supply and special rules for minting and validating transactions. Utility tokens are hosted on blockchains too, but their value comes from what they do rather than what they are. They can be associated with applications, games and much more. In the case of WiFi Map, the $WIFI utility token represents the value contained on our platform, both in terms of our incredible database of millions of WiFi hotspots, and our current and planned features.
Creating $WIFI therefore provides a way to tap into the value in our ecosystem, and issuing rewards for contributions to the ecosystem is our way of distributing that value to those who are creating it. After all, monetization doesn’t just mean value for the owners of a platform, but for the people building and using it too. This is the primary way in which the token will be implemented in its early stages.
Rewards will also be issued to around 200,000 contributors who have helped to build the platform over the last eight years. Further to this, we’ll be dropping a series of challenges, collabs and airdrops over the next few months, giving the community the chance to claim some tokens outside the app.
Of course, the token wouldn’t mean anything if it only existed in the WiFi Map app — it needs to circulate. $WIFI is going to be minted on the Polygon network, and it will be traded on third-party exchanges. This means anyone who earns it on the platform can sell it if they wish to. We’re totally happy for people to sell their tokens, because an ecosystem needs inputs and outputs, and there will be plenty of reasons to buy tokens too.
Those who earn or buy the $WIFI token will be able to use it to take advantage of all perks associated with pro accounts, along with a number of new features. This includes going ad free, downloading offline maps so you can find a WiFi hotspot without needing to connect to mobile data first, and VPN packages that let you browse with greater privacy and in countries where the internet is heavily restricted. When you use $WIFI to redeem these features, you’ll get a discount compared with using fiat. This is an example of day-one utility, meaning you’ll be able to benefit from using the $WIFI you’ve purchased right away once the tokens have been generated. This is something that’s pretty rare in the Web3 space, which has at times been crowded with projects based on speculation and vague roadmaps.
We’ve talked about gamification and community before, and we believe that our new token tipping feature will help to make connections throughout the platform stronger, allowing WiFi Map to become a truly decentralized ecosystem where communities work together to fill their local areas with free WiFi hotspots and more. Previously, you could say thanks to the person who added the hotspot you were connecting to, and this has been a very popular feature on the app, but now you’ll be able to send them a few $WIFI tokens too! This will also encourage people to add hotspots where they’re actually needed and where people will use them.
WiFi Map will also offer a very special perk for people who hold tokens within the app ecosystem: an allocation of mobile data that will allow you to find a WiFi hotspot and access other services — we’re going to add taxis, charging points and more in the near future — through the WiFi Map app, even if you don’t have your own mobile data package.
For those who want to reserve an allocation of $WIFI tokens outside the app, we’ll be offering staking rewards worth 5% of the total token supply, released over a period of 48 months. This means that community members who purchase tokens in the October community sale can lock them up and receive a percentage back as a reward.
Another feature we’re really excited about is $WIFI refunds for unused data from our eSIM packages. We’ve done some market research, and this kind of offer is unprecedented in the space. Most data packages expire with plenty of data left unused. A study carried out by the British-based Citizens Advice found that mobile internet users were wasting an average of 2 GB per month. With WiFi Map, you’ll soon be able to purchase virtual eSIM data packages for roaming internationally using either fiat or $WIFI. Whichever payment method you use, any data remaining on the package at the end of the period will be refunded to your WiFi Map account in the form of tokens, so you can use them again next time you need them.
The community sale is launching on October 1, and there’s still space on our whitelist for community members to sign up and claim tokens at a discount before the wider public sale. To register, just go to our website at weconnectu.io and click the ‘WHITELIST REGISTRATION’ button at the top of the page. If you get stuck, you can check out the HelpDesk on our Community Hub for a series of explainers or get in touch with our support team.