First rolled out in the 1990's, WiFi was originally founded with the ambitious goal of "connecting everyone and everything" by creating local shared networks that were user friendly and user oriented. It offered a revolutionary solution at a time when there was heavy reliance on wired networks and limited access to those networks. WiFi eventually reached a point of mainstream usage, and with that came heavy competitive and commercial controls that limited the maximum user base and bandwidth allocation of each network. This in turn led to an oversupply of networks where far fewer would have sufficed for a more distributed and economical experience.
Such inefficiency from the consumer perspective then begs the question, how can WiFi stay true to its original aim without compromising on cost and efficiency?
The answer lies in creating a decentralized market for WiFi, enabling varied networks to be brought together to form a more consistent roaming experience. Here is a compelling chance to re-purpose how WiFi is delivered to consumers. Wificoin puts ownership, control of the network, and how it is governed into the hands of the consumer by incentivizing through tokens. Hosts safely share their WiFi in exchange for wificoins provided by users, who in return gain access to WiFi hotspots around the world.
In 2012, Suruchi Gupta, CEO of Wificoin, was a college student faced with the tight budget constraints that came with university life. It was also at a time when cellular data was prohibitively expensive. Needing to rely on her phone she regularly had overcharge fees.
To offset these charges, Suruchi would ask for the WiFi password wherever she went. Owners would often provide their WiFi to her and she wondered why more owners wouldn't open their WiFi to other people. The issues she realized, despite there being a multitude of access points, were that consumers were not able to share their own WiFi due to contractual limitations or security fears. Suruchi, a secondary consumer, was more than happy to pay someone else for access.
Hence, Wificoin was born. Her vision is for a singular global public utility for universal connectivity, that is unlimited, extended to all and driven by a token.
And why should other consumers settle for the current status quo? There is currently a 70% oversupply of networks in urban areas and an average of $55 over payment per month in San Francisco alone. Why not convert that into passive income similar to other companies in the sharing economy.
Given these consumer pain points, there is no more ideal time to roll-out such a solution. Wificoin reduces the oversupply of WiFi by opening it up to the world in a secure and profitable way, and offers it to users at a fraction of the cost.