AMA with Wicrypt
On the 24th of August, 2021 at 14:00 UTC, Decentralized Club had the honor of hosting Toni Dada, COO from the Wicrypt Team for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.
The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
If you missed this event and would like to know what Wicrypt is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.
Segment 1 - Introduction
Ready for your AMA?
oh yeah. I am pumped
Sweet! Let's begin :)
Hello, Ẹ kaasan o, 大家好, नमस्ते, Selamat!
My name is May and I'll be hosting the AMA with Wicrypt.
Today, we have with us a guest from the Wicrypt Team.
You're welcome and it's an honor to have you here.
Thank you very much. I am happy to be here.
We're glad to have you, Ms. Dada.
Could you quickly tell us more about yourself and your job description at Wicrypt?
My name is Toni Dada. I am the COO and I have over 14 years of experience in the Telecoms and Fintech space leading growth for the two biggest Telecoms companies in Nigeria MTN and Etisalat.
My team has a strong engineering and business background. Our founder and CEO is Aronu Ugochukwu who founded Xend Finance, the first DeFi project from Africa. Our CTO, Chuwkuemeka Nweke is a skilled blockchain engineer and leads our blockchain engineering team. We have our marketing and business teams in Nigeria, the US, India, and China.
This is a brainy team! 😎
Shall we now take some project introductory questions?
Hahahahaha. Sure thing. Let's proceed.
Q1. Can you tell us the goals that birthed the idea of Wicrypt?
The concept originated from Ugochukwu Aronu. Just like any normal day in the life of a software developer, he was building software with his colleagues at the office and only his internet service provider (ISP) lost signal. As a software engineer, not being connected to the internet even for a minute feels like you have been chained. So he quickly reached out to his colleagues to share their hotspot so he can continue his work but they refused because he will consume large amounts of internet data and internet data is very expensive in Africa. They said they could not quantify the amount of data he will use and if they could they would be able to charge him but no technology at the time supported this so they declined his request. That was when Ugo conceived the idea to create a system that would enable people to share their WiFi and get paid in real-time.
I understand that pain of disconnection too well 🥲
That's innovative! Shout out to Mr. Aronu for turning problem to profit!
Q2. How does Wicrypt work? How can a user make a profit from it?
Wicrypt is a decentralized mobile internet sharing and monetization network. Wicrypt has created a smart Wi-Fi network infrastructure that runs on a decentralized network of micro-nodes powered by the Wicrypt OS(operating system), giving anyone the power to act as a micro internet service provider.
Benefits to users
Users earn money by sharing their internet data
Freedom to decide your own rates for creating a hotspot network
Put a limit on the data usage & time
Get customer feedback & run ads of your business
Clients also mine WNT for using the hotspot network
Hosts that create Wicrypt hotspots mine WNT (Wicrypt Network Tokens). WNT is the native token of the network
Wicrypt is location and ISP agnostic. This means it can work anywhere with any Internet service provider
That's really cool!
Q3. Could you please tell us a bit about these products: LYNX 304 and SPIDER B78?
- LYNX 304 and SPIDER B78 Are our new device models running our new Wicrypt Operating System
- LYNX 304 is a battery-powered router that can maintain up to 50 concurrent client connections
- SPIDER B78 is a higher capacity router without an internal battery and can maintain up to 70 concurrent client connections
- These devices come with improved
1. range: They both have the support of up to 9dBi antennas
2. connectivity: These devices have a dual sim version to create redundancy and provide internet access even in remote regions where one network provider may fail
3. Power consumption: The LYNX 304 device is optimized to consume less power and can stay on for over 10 hours without connecting to an external power source
4. Location sensing; These new devices come with inbuilt GPS to give the real-time location of the devices. Hosts can decide to show location or not
Are these available for purchase on your site with global delivery?
Yes, they are. https://wicrypt.com/product.html
Q4. Please tell us about your collaboration with Enugu WiFi and what it means for Wicrypt?
The Enugu State government partnered with Wicrypt to create Enugu WiFi which is a white-label solution for the government. This solution was created to enable the Enugu WiFi to use the Wicrypt technology to provide high available and cheap internet to over 3 million residents in the state. Enugu WiFi will also use the technology to empower youths to act as WiFi hotspots, thereby earning passive income.
It's great that this is also a source for revenue generation!
Great job by the Wicrypt Team!
Q6. What major news should we still look forward to from Wicrypt this year?
We will be announcing our RoadMap
We will be announcing Airdrops
We will be announcing our Device Holders Offering and IDO
Wen airdrop? 😅
It's now time to take questions from our Twitter community.
Awesome. Yes, I am ready.
Segment 2 - Twitter Questions
Q1. Given the Nigerian government's policy on crypto, how does it hinder operations and how are you working around it?
Twitter Username: @ohajianyamand2
Wicrypt is not affected by the crypto ban because we are solving a real problem and you can use our service without crypto. Wicrypt has been operational for 3 years since 2018 and is going public in 2021.
Good to know! 😁
Q2. What are your plans for the mass adoption of Wicrypt? Do you believe people are willing to share their bandwidth at the risk of compromising their hardware and data? How will you provide a top-notch security solution for user's Data and Funds?
Twitter Username: @Greyhair_08
We are launching our Wicrypt Network Token which is the native token for our network to drive mass adoption.
People are willing to share their bandwidth as they have been doing for some years in Nigeria. We have very top-notch security. We designed our own operating system.
Please take a look at our team to know the skill set we possess. We have top security experts who designed an anti-virus leading our security team.
Team of The Year 😁🎉
Shout out to the Wicrypt Team! They're skilled and able! 🛡️
Q3. In a country where the participation of women in tech is remarkably low, what is Wicrypt doing to address this disparity as regards gender inclusiveness?
Twitter Username: @theyasflower
Well, if you look at me, I am the COO and I am female. Lol. About 40% of the Wicrypt team are females. Our lead engineers in our front-end engineering are women.
It's now time to take questions from our website community.
Yes, I am.
Segment 3 - Website Questions
Q1. What mechanism is in place to cut data costs on Wicrypt by over 50% and give resellers 90% profit? and please talk about the security of the users from hackers, thank you.
Telegram Username: @Dhir007
For example, if you purchase data in bulk in Africa, the cost usually drops by over 80%. Data resellers can add a markup and resell even at 100% profit.
You can see this by using our profit calculator below: Scroll down to see the calculator
For security, as I mentioned above, we have inbuilt security systems to encrypt information to prevent hackers from stealing hosts' information or mimicking requests.
You have everything in check! So impressive!
Long question loading 😅
Q2. I read that Wicrypt has partnerships with companies, medium-sized companies, NGOs, and government parastatals to provide an affordable and accessible Internet connection for all. Which are the main countries where the internet is now accessible thanks to your model? When dealing with governments and federal entities, how do you manage to remain decentralized and not be affected by non-democratic entities?
Telegram Username: @Thomas23P
Currently, we are operational in Nigeria but within the next 6 months, we will be operational in other countries.
When dealing with Governments and Federal entities, they have to agree to our terms of using a decentralized system because it actually solves their problems the most. We do not make any changes to our underlying system design or infrastructure to cater to particular audiences or entities because it will destroy the foundation on which Wicrypt was built which is full decentralization
Q3. How portable is the router? With the state of electricity in the country, is the battery long-lasting?
Telegram Username: @cloudjumper97
Router profitability depends on the location it is placed and the number of people connecting to it.
We estimate that one router can make up to $400 a month in revenue. A router can last more than 10 hours without connecting to any external electrical source.
A router also has over 75m coverage in open space and can take up to 70 concurrent client connections in real-time
I can imagine what multiple routers would generate!
It's time for the most popular segment of the AMA.
In this 4th segment, I will open the group for some seconds for the live community to shoot you some pressing questions.
Please pick four original questions to answer.
Try to ignore generic, vague, and copy-paste questions 😊
---Chat was then opened for the live community to send in their questions---
Segment 4 - Live Questions
Can you tell us how to acquire Wicrypt credit and what use cases can they have apart from granting access to the Wicrypt hotspot?
WNT- Token Utility
1. Staking: Wicrypt hosts will need to stake Wicrypt Network Tokens (WNT) to become active hosts that can mine WNT when they provide Wi-Fi connection to users. Staking WNT helps to prevent bad actors from joining the network
2. Voting rights or Governance: WNT holders will be able to perform governance actions to control different parameters that determine the operational structure of the network
3. Airdrop Reward: WNT is used to reward hosts that provide active hotspots with high uptime. Clients get incentivized with WNT when they connect to multiple hosts for a specified period and have consumed a certain amount of bandwidth. 20% of overall network tokens have been allocated for mining rewards for hosts while 5% have been allocated to reward clients. Rewards and incentives help to create a large network effect which leads to fast adoption
4. Payment for service or Product/Payment for ads: Businesses are allowed to place ads on the Wicrypt Network. Payment for the ads will be done WNT
Gas/Transaction Fees/Discount on Wicrypt fees: Payment for internet connection with WNT gives discounts on fees
5. Discount on Payment for Wicrypt Devices: Wicrypt devices can be purchased with WNT at a discounted rate
Three more questions to go! 🎉
I'm glad to see this project coming from Africa and Nigeria precisely. Congratulations!
Can you tell us the challenges you faced while building this project? And what motivation has kept you so far?. As I would love to invest for the long term, would I benefit from Wicrypt?
Thank you very much.
The major challenges we faced were
1. Building out the technology: This was the most difficult aspect of the development. We had to build our own operating system to work with the hardware.
2. Creating a structured company. The team was only 3 during the start and became profitable but had problems with maintaining a good structure for sales/operations.
We haven't really figured everything out but we are learning as we grow.
My question is, is Wicrypt suitable for Streamer, Youtubers who regularly live streams? Or just suitable for ordinary households?
Wicrypt is suitable for all internet needs. Wicrypt can also even connect to Starlink and distribute the internet to nearby users.
Is citing your HQ in Enugu a deliberate game plan? What advantages does your location give to Wicrypt?
Yes. It is a deliberate plan. Enugu has over 7 universities and gives us access to a lot of technical talent which we need.
I think I have answered 4 questions.
Aaaaaaand it's a wrap! 🎉
I had a great time interviewing you for DC!
It was awesome being here.
Wicrypt is A-M-A-Z-I-N-G!
Please, guys, join our telegram and follow our Twitter.
Please share links!
👉 Follow Wicrypt Twitter:
👉 Join Wicrypt Telegram:
Thank you for sharing!
Please send our regards to the rest of the team back at Wicrypt HQ!
Until next time, have a great day 😊
Have an awesome day everyone. You are awesome.