An Elon Musk Starlink Alternative?
You've all heard of Elon Musk's Starlink. However, you probably haven’t heard of WMT, but you may soon become a user of the network it supports.
WMT stands for World Mobile Token, and it is how the World Mobile Group is trying to incentivize people to become stakeholders and nodes in its platform to support a global expansion of its telecommunications infrastructure while grabbing a share in the world's $1 trillion telecom industry. The network is based on the sharing economy; as it grows, so do your returns. Currently, node operators own around 30% of the 200 million tokens already put into circulation.
The Do-Good Telecom Challenger
The World Mobile Group was created with one purpose – to bridge the world's digital divide.
While the West spearheads research and development in technology and science, with billions pouring in investments every year, the benefits remain concentrated in these countries. This further widens the divide with developing countries for which these technologies often fall out of reach with prohibitively expensive barriers to overcome. This leaves almost half the world's population without access to the internet.
Telecommunications infrastructure continues to remain expensive such that companies in this space would rather focus on developed markets, wealthy regions, and those easy to connect, but what about developing countries? What about remote areas? World Mobile has proposed an alternative – it has developed the first mobile network built on blockchain and owned by the people. Anyone can sign up to become a node to secure the network for billions of people and earn cryptocurrency, WMT. The network currently targets regions in Africa where internet access is notoriously low and gives users often marginalised by the traditional financial industry for lack of government id, a digital id they can use to unlock DeFi solutions.
Why would they succeed where Alphabet’s Loon balloons failed?
The Loon project never succeeded in getting costs low enough. However, the world's population still without reliable access to the internet remains a lucrative potential market that has also attracted Elon Musk's attention. He developed his own solution to this problem – Starlink. While the project proved successful in expanding internet access, recently to Ukraine as Elon confirmed on Twitter, it still focuses on the US and Canada.
The $500 upfront fee and monthly $99 charge make it unaffordable to the masses. World Mobile's blockchain network removes that problem, and its token brings back economic opportunities to the target group and democratises the internet and communications.
To make it even better, the network runs on renewable solar energy, and the company is committed to decarbonizing and operating sustainably. This is a giant leap forward considering the vast computing power blockchain requires to solve increasingly complex problems. It's reported that the energy exhausted to keep Bitcoin running is roughly equal to the annual energy use of Sweden. As we transition towards a green economy, this network is perfectly positioned for growth.
Author: Andrei Rata
Andrei has an extensive quantitative academic background in Finance from Bayes Business School in the City of London as well as several years of professional experience in copywriting and communications. He holds a particular interest in disruptive finance and financial technologies as means of challenging long-lasting lines of thought.