Globally, more than one thousand mobile operators have invested more than a trillion dollars into creating robust network infrastructure. Giant technology firms have also invested billions of dollars in their efforts to reach the unconnected via a range of advanced technological approaches. However, according to a United Nations estimate, almost half of the world’s population doesn’t have access to the internet or is yet to get connected even in 2021.
This connectivity issue is not just about not being able to share any messages or make any phone calls. It is also about the digital divide, which is keeping many people from accessing any basic services like healthcare, education, as well as commerce.
The technology that delivers wireless access to the internet with the help of 3G has been around for more than two decades now, but the existing approach of global mobile operators only indicates that they have failed to bridge this digital divide. The giant companies have also failed to solve the issue. For instance, most recently, Alphabet (the parent company of Google) has closed its Loon project since they found it commercially unviable.
In this article, learn more about World Mobile Token, and discover why it makes an excellent choice for cryptocurrency investing.
HOW IS WORLD MOBILE AIMING TO SOLVE THIS PROBLEM?
World Mobile Token, which happens to be a demand-based ecosystem designed around the sharing economy, aims to set up the world’s largest mobile infrastructure. It aims to offer affordable, universal, superior connectivity at the fastest speed possible. At present, their motto is to connect those who are still unconnected in the African continent and beyond. The company is looking to accomplish its goals through the implementation of blockchain and the sharing economy within the telecommunication sector.
World Mobile proposes a solution whereby they are looking to address the main issues existing in the business models of the global network operators. The current mobile network operating companies need to minimise their operational costs by 60 percent at a 0.21percent CAGR between 2019-2026. World Mobile, however, is committed to providing affordable connectivity to rural areas, which is sustainable both when it comes to energy consumption and economies. The current network operators are currently consuming energy in the range of 20-40 percent of the operating cost of the network. But World Mobile provides a low power-based architecture in combination with a battery and solar solution that reduces the energy consumption costs significantly.
Apart from this, the company has also introduced the concept of sharing economy that doesn’t just reduce the operational costs like security, leasing, and maintenance costs, but also leads to the creation of a self-sustaining business model, since node operators get incentives when the network & services grow and expand.
HOW DOES THE WORLD MOBILE SOLUTION DIFFER FROM TRADITIONAL TELECOMS?
The traditional telecom companies came with many promises. They introduced wireless internet technology in their bid to connect the entire world back in 2001. But, even in 2021, many people are still unconnected. Thus, they failed to deliver what they had initially promised despite implementing the latest technologies. In addition to this, they also lacked transparency within their systems, and there were several privacy issues. Even security and immutability issues have been a big concern for the existing users.
This is where World Mobile Token comes into the picture. World Mobile introduces the all-new sharing economy business model within the telecom industry. This model is focused on reducing the operational cost issues faced by existing operators. Thus, the responsibility of maintaining and operating the mobile network is shared with local businesses and communities, which further minimises the operational costs to a large extent.
The World Mobile design brings decentralisation and distribution of the nodes on a mobile network that helps telecom operators deliver fast growth and efficient allocation of resources.
Furthermore, the distributed design of the sharing economy, which is driven by sharing ownership of the network with its users, makes their model easy to deploy and highly scalable. Instead of depending on any centralised network operator for analysing the demand and capacity needs of the mobile network, the network growth becomes demand-oriented by those communities that require access.
People who run a node are called node operators and get their share within the economy as well as earnings due to offering coverage within their region. To ensure that the sharing economy operates smoothly, the distributed network is set up as per the below-mentioned architecture:
THERE ARE THREE DIFFERENT LAYERS OF NODES WITHIN THE PROPOSED WORLD MOBILE CHAIN MODEL:
- Earth Nodes – Earth nodes offer identity, authentication, internode communication, blockchain, telecommunication services.
- Air Nodes – It provides internet access and coverage to users.
- Aether Nodes – It offers a link to the legacy telecommunications operating companies.
To simplify things for cryptocurrency enthusiasts, here’s how the World Mobile node system works.
The Earth Nodes essentially contains the main logic of the World Mobile Chain model and system. They happen to be the system’s brain, which interconnects different nodes, as well as are made up of a variety of software modules that communicate via the central module, known as the Internode API. The remaining modules offer an authentication layer (DID or the Decentralised Identity Module), the ledger layer (or the blockchain module), as well as the telecommunications layer (or telecom module). The Decentralised Identity module offers the interface to the digital ID solution. Within the blockchain module, the distributed ledger keeps a record of every transaction occurring on the mobile network. For performance, economic, and privacy reasons, a few transaction data is divided into a public ledger, which is kept anonymous and is linked to a private component that contains the entire data of transactions within a distributed encrypted ledger.
Earth Nodes are mainly responsible for the processing of user registration as well as authentication requests. They handle financial transactions that also include making payments and balance checking. Earth nodes are also responsible for handling all types of service requests and managing telecommunication events.
On the other hand, Air Nodes essentially offer network access. Their deployment happens in varied hardware configurations based on the location and capacity needs, from a single user to a whole community. Thus, a user that connects with the network connects via the Air node for accessing the network. This happens when the Air Node passes the details required for user authentication to the Earth Nodes with the help of Internode API. The authentication procedure offers the user identity confirmation, whereas the Earth nodes provide the balance in the user account along with a list of services available. Air nodes offer coverage for the local area as well as are present in regions where internet connectivity is needed.
Finally, Aether Nodes interface with the legacy telecom networks as well as manage the protocol translations, processes the routing of traffic to the networks while also handling media transcoding. Each country needs at least one Aether Node to be able to offer service. Aether Node operating companies are required to fulfil local guidelines and regulations and possess the requisite licenses for operating the service.
HOW DOES WORLD MOBILE’S MESH NETWORK MODEL WORK?
World Mobile’s solar-powered mesh network is designed to support both broadband and cellular connectivity. World Mobile Token is built atop the Cardano system, which is a highly cost-effective as well as eco-friendly blockchain and cryptocurrency investing system. The Cardano blockchain also offers benefits such as transparency, privacy protection, and faster settlements, which make it highly efficient.
WHAT ROLE DO SMART CONTRACTS PLAY IN CREATING A DECENTRALISED TELECOM NETWORK IN AFRICA?
In their bid to improve communications network efficiency, World Mobile Token has concluded that smart contracts should be an important aspect of their strategy. Many studies regarding the benefits and use of smart contracts or utility tokens within telecommunications have been found, and World Mobile aims to demonstrate their true potential through their unique solution. For traditional telecom operators, incorporating blockchain and smart contracts/utility tokens within their business can be quite challenging, as it disrupts their old and existing business models.
Smart contracts play a pivotal role in creating a decentralised telecom network in Africa. They offer a host of benefits, such as time savings as the transaction time becomes almost instantaneous. Smart contracts also help reduce or eliminate administrative overheads as well as intermediaries’ costs while improving data quality. They also reduce the risks of fraud, cybercrime, and tampering. Smart contracts and utility tokens ensure shared processes as well records are all visible to the concerned parties, thereby increasing trust. They help to eliminate and reduce disputes as they establish absolute transparency while executing the process.
All of the above will lead to an inexpensive, efficient, and faster service for users in Africa. It will also result in the reduction of overall costs and improved scalability and reliability. Thus, users in Africa will become the eventual beneficiaries of such improvements as the services will become easy to afford. When users get a hassle-free experience through their network operator, they will automatically become much happier. Thus, using smart contracts and utility tokens will help minimise the administration as well as bureaucracy involved in processes, such as registration as well as subsequent authentication via a digital ID, and allowing people in Africa to access the services quickly and securely.
They will also benefit in the form of accurate bills, transparency in information regarding the amount that would be charged to them, reduced costs as well as less risk of fraud.
World Mobile has chosen Cardano as its Proof of Stake mechanism to offer a settlement layer as well as smart contract system-Plutus that further provides the functionality required for operating a shared economy. By enabling their native utility tokens on the Cardano model, World Mobile has created a more affordable smart contract ecosystem that boasts of an efficient network resourcing model that ensures better delivery of the shared economy business model. Thus, Cardano results in the creation of an open-source and decentralised network, faster transaction speeds as well as low transactional fees. It also offers a verified Proof of Stake mechanism, and its protocol is crafted to ensure the protection of the privacy rights of the users while considering the requirements of the regulators. World Mobile is focused on deploying the Cardano platform first in Africa, which will benefit even the remotest users in the region.
WHAT BENEFITS DO YOU GET FOR JOINING THE WORLD MOBILE NETWORK AS A NETWORK OPERATOR AND A WORLD MOBILE USER?
World Mobile has a unique mechanism of rewarding its node operators for operating and securing the network. As and when the network expands, the node operators will get rewarded. Thus, the operators of the Earth Node will get rewarded when they stake their World Mobile utility tokens as well as operate an Earth Node or even if they join a staking pool. World Mobile Token will ensure aggregate revenue equals the aggregate fee from the node operators. Since World Mobile Token node operators function independently, the token holders can easily stake their World Mobile Token (WMT) as well as join their staking pool. With every transaction fee, they would get WMT. Apart from this, token holders may also compete among themselves through staking their tokens via nodes. To compete, the node operators will have to disclose the amount they intend to charge for every transaction. Also, the node operators will benefit when the node operators invest a significant percentage within the node. Thus, the higher the node operators’ stake, the more are their chances of being selected by the ecosystem for processing transactions as well as earn higher rewards.
In addition to the above, node operators will get the inflation rewards. World Mobile allocates 29 percent of its aggregate supply towards inflation rewards, and both cryptocurrency investing enthusiasts as well as operators will be able to access it. Node operators will also get incentivised for running Earth Nodes. The operators of Earth Node will have to stake 100,000 WMT to be able to participate. It must be noted that the Earth Node manages the stakes for all token holders lacking the technical prowess or tokens for operating a node. Hence, after reducing their costs of operating, the Earth Node operators will share the rewards given to them. Besides, users will earn rewards for the services provided by the network operators, like text and voice.
On the other hand, Air Node operators would get incentives for offering internet services in locations that are currently not receiving the same. They would get incentives based on the time spent, and hence they would get paid in the local currency where the nodes are located.
Lastly, the Aether Node operators would earn rewards as per the data they process. Aether Nodes must have at least 1,000,000 tokens, and they will get rewarded in the local currency.
WHAT ARE WORLD MOBILE’S PLANS FOR FUTURE EXPANSION?
World Mobile is enabling an innovative mobile network that is built atop a sharing economy. The company has announced the WMT, which runs on the Cardano blockchain, and plans to raise around 40M US Dollars during their public sale, aside from the 5M USD, which they have already raised privately.
The sale, which commenced on the 5th of July, shall conclude on 16th of August. Those interested in cryptocurrency investing can purchase WMT with BNB, ADA, BTC, ETH, or DAI. The World Mobile Token shall be distributed through private sale wherein 2.5percent of the tokens will be sold by the company. On the other hand, 10 percent of the tokens will be distributed through public sale, and 3 percent in the form of incentive rewards. Also, early staking rewards will be 2.5 percent, and advisors would get 5.9 percent of the tokens.
Additionally, co-founders and teams will get 19.25 percent of the tokens, whereas partnership tokens will be kept at 7.85 percent. World Mobile will also keep 2 percent of the tokens for the WM community, and Node operators and speakers will get 29 percent of the tokens. Lastly, the WM Operations fund will get 18 percent of the total tokens.
WHAT IS WORLD MOBILE’S VISION FOR CONNECTING THE UNCONNECTED BEFORE 2030?
Access to the internet is one of the basic rights of every human being, and World Mobile is dedicated to offering affordable and universal internet access to the unconnected people by 2030.
The company incentivises a shared economy, thereby connecting the unconnected individuals with the help of the WM Chain. World Mobile’s shared economy model crafts as well as delivers a mesh network. This infrastructure, in turn, provides a better scope for a trusted and efficient network, thus helping the unconnected connect. It shall also help in improving the network design and ensuring operational efficiencies since they utilise blockchain in telecommunication.
For more details, visit https://worldmobiletoken.com/!
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