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How a University Idea Transformed into a Business
The story of Wicrypt started in 2015 on the campus of the University of Nigeria, Nsukka, where Ugochukwu Aronu, a curious student, contemplated the inherent inequities in internet access. Despite the advancements in technology, connectivity was still out of reach for many, and mobile data rates were prohibitively high. Aronu questioned why, similar to sharing unsold electricity, individuals couldn’t share their unused internet bandwidth.
A Platform for Internet Sharing
In 2019, Wicrypt was founded with a vision to not only provide internet access but to empower users to earn money by sharing what they already had. Unlike traditional Internet Service Providers (ISPs), Wicrypt developed a platform combining hardware and software that allowed individuals to become their own internet providers. A router purchased through Wicrypt enables users to securely share internet access within a certain radius, for example, in a café, hostel, or housing estate.
A Unique Approach to Hardware Manufacturing
Wicrypt's hardware strategy stands out in the tech landscape. Instead of building their manufacturing facilities, they focus on software development while outsourcing the hardware production to manufacturers in China. This strategy has allowed them to scale production effectively and reduce initial costs significantly. Where early units of their routers sold for as high as $1,000, they have since streamlined their offerings, with current routers like the Spider priced around $125.
The Challenges of Tokenomics
Initially, Wicrypt used a reward system that included crypto incentives, offering users Wicrypt Network Tokens ($WNT) as a way to encourage sharing and usage. However, as the volatility of the crypto market became apparent, this model proved troublesome. The fluctuating value of tokens discouraged users who preferred a more stable earning method.
Pivoting to a Subscription Model
In 2024, the company recognized the importance of adapting. By shifting to a subscription-based business model, Wicrypt enables router owners to cover their operational costs without relying on crypto prices. With subscription packages that offer various functionalities—from user management to analytics—Wicrypt has simplified the process for users to monetize their connectivity.
Expanding Opportunities in the Market
With over 2,000 routers deployed in diverse regions, including international markets like China, Wicrypt has managed to capture a unique niche in the internet sharing economy. The router and switch infrastructure market in Africa alone holds a potential value of $16.5 billion by 2033, making Wicrypt's growth trajectory promising.
Looking Ahead: A Vision of Accessibility and Profitability
The evolution of Wicrypt not only represents an innovative solution for internet access but also reflects a broader shift away from uncertain crypto-based rewards to secure, predictable revenue for users. As Wicrypt continues to navigate its future, its primary focus remains on expanding its innovative internet-sharing solution across the African continent and potentially beyond—ensuring that affordable internet is available to all.
Take Action: Empower Yourself with Wicrypt
With the increasing need for affordable and accessible internet, consider how Wicrypt can provide you or your community with a sustainable connectivity solution. Whether you're managing a business, leading a community space, or simply seeking reliable internet access, Wicrypt offers innovative ways to share and profit from online connectivity.
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