WiCoin is one of most new cryptocoins, wich revolve in one way or another around the concept of decentralization. UBER is the platform that managed to decentralized taxi driving services. But UBER is not alone in this endeavor. Much in the same way, there is an entire slate of apps that suggest you provide services for some extra income via their platform. WiCoin is one of those apps, and it will allow you to sell Wi-Fi passwords to passers-by, for cryptocurrency.
The idea behind WiCoin’s project is that you will allow your phone to share Wi-Fi networks of your choice from your mobile phone with the WiC network, along with their respective passwords. That way, users of their app will be able to purchase data transfer from you for a small fee. The more passwords you collect and the more you spread your activity, the bigger your chances are to collect rewards.
It is worth noting that you yourself choose which networks to share with the app.The concept is quite simple. Users install an mobile phone app and allow it to collect Wi-Fi addresses and passwords. For each password collected, you are rewarded in WiCoin. The developers promise 100 coins for every new password. Additionally, you can set a price in bitcoin for those who want to get access to one of your Wi-Fi networks. As long as the password remains unchanged, people can buy Wi-Fi directly from you. It is a simple idea in which WiC monetizes the entire process.
So far, the developers published a few images with what they have planned for the user interface. Those who want to connect to a WiFi address can see the networks nearby either in a list or on a map. Locations can be saved in offline mode, so that users can access them later.
“Wi Coin (WiC) is a coin that will bring crypto to the masses. Today, 99% of the people involved in crypto currencies use it either as a speculative asset or hoard it with a dream of becoming a millionaire overnight. This is the primary reason for the lack of adoption and WiC is a coin that will solve this issue. WiC will give the average person a reason to buy and use crypto in his everyday life. Introducing the killer app of the crypto world, “CryptoWi”, an app which rewards its users in Wi Coins (WiC) for doing what they do every day, use their Wi-Fi!”
The Currency WiCoin
WiCoin is a proof-of-work/proof-of-stake cryptocurrency.
Blocks are mined every 4 minutes. The total number of mined coins is limited to 100 million, out of which 25 million will be pre-mined during the ICO stage and 11 million will be distributed to the app users who upload Wi-Fi passwords. The first 3 to 50 blocks will not generate coins in order to avoid instant mining. Starting with block 51, each block will generate 200 coins (320 050 blocks in total).
WiCoin is offering 25 million coins in the ICO stage. The WiC team encourages those who want to invest in this project and offer a bonus structure. The early investors are granted bonuses between 10 and 30% for their bitcoins.
Therefore, investments are topped up with the bonus corresponding to the moment in which you invested. For example, if you invest 1 bitcoin in the first day, it will count as a 1.3 bitcoins investment. If you invest 1 bitcoin sometimes between the 9th and the 16th of May, it will count as 1.1 bitcoins. The investments are collected in a multisig escrow wallet, with three signatures. Funds can be moved only if two out of three members sign the transactions and will be released to the developers in two stages. The WiC team plans to release the app at the end of this year, in December. At that point, they claim they will list the WiC cryptocurrency with exchanges.
This ICO is canceled. Read more here