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Decentralizing the Internet: How Wayru is Bringing People Together with Blockchain

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Decentralizing the Internet: How Wayru is Bringing People Together with Blockchain

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In 2011 the UN released a report declaring the internet a Human Right, but over a decade later millions of people in developing countries still lack the necessary means for a simple WiFi connection, many of which reside in Latin America. This is due to industry control by a few large Internet service providers (IPSs), with a preference to upsell to their established customer base, rather than expanding to untapped regions in which millions of people are in dire need of connectivity.

A Question of Human Rights

These companies fail to prioritize sufficient connection quality & network coverage to developing nations, with an approach that has led to 37% of the world’s population currently living without the internet. This gap in the market has attracted the attention of a new web3 telecommunications innovator named Wayru, who is spearheading tech advancements that could provide a decentralized solution to a centralized problem.

What was born as an idea to help connect the people of less developed countries may end up being one of the most savvy business ideas of 2022. The market size for the Global Internet Service Providers industry recently surpassed an eye-watering figure of 1 Trillion USD, with demand only set to increase.

The Wayru Mission: Decentralizing the Internet

Wayru is a startup that believes that people’s internet infrastructure should be in their own hands. The Florida-based company is a strong advocate for the internet as a human right and is striving to make this a reality with a pioneering new decentralized network of Hotspots and Genesis hardware devices, that will not only provide internet to millions in undeveloped regions but also reward those who chose to support the network.

Wayru’s mission is to decentralize internet access for a global market and it aims to achieve this by expanding its decentralized network of Hotspots and stimulating the adoption of its Genesis hardware devices on a global scale. Wayru’s goal is to achieve 1,000 fixed broadband clients and 10,000 WiFi users by the end of 2022 but has far more lofty targets in the long term.

Wayru Founder and CEO Charvel Chedraui stated that:

“Only a few large Telcos manage most of the sector worldwide. It is time to give the power of connectivity and access to information back to the people. We believe that the ownership of Internet infrastructures should be in the hands of as many people as possible.”

Having already received the backing of Industry leaders Borderless and Algorand, Wayru has now developed a unique sharing economy model that has the potential to disrupt the telecommunications industry in underdeveloped nations, and beyond. Creating a viable internet infrastructure is only half the battle though. For Wayru to complete, or even surpass its centralized counterparts, it must offer advancements from both a technological standpoint and an economical one.

For this reason, the Wayru network has been designed to reduce both the time and cost of their broadband deployments, whilst increasing the internet speeds for its WiFi On-the-Go service to meet the needs of homes and businesses. The lower-cost model looks even more attractive as it avoids the trap of pricey, long-winded contracts and setup costs that are familiar to most global broadband users. And the cherry on the top, the first month will be free for early adopters.

LatAm Becomes an Early Benefactor

Wayru has carefully selected Latin America to launch its network. Less than half the households there have internet access, due to expensive services, poor coverage and unattractive, long-term contracts. Only 56.1% of urban areas have internet access and it’s much worse in rural locations with only a paltry 21.6% of people connected.

The first two cities to reap the benefit of the Hotspot network are Quito and Guayaquil, the two largest and most populated in Ecuador. In these two cities, the effects of the Wayru Hotspots have the highest potential to cause a significantly positive effect on people’s quality of life. This launch is just the first step in the Wayru mission, as the company plans an aggressive expansion off the back of the first wave of adoption.

Wayru Founder and CEO Charvel Chedraui stated that:

“We will deploy the first internet nodes in Latin America. We want to set a standard on how this niche technology works and how others can join our network later.”

Blockchain Leading the Revolution

Beneath the surface of the revolution is the lifeblood of the project the Wayru Hotspots. Wayru will deploy at least 1,000 Hotspots that use cutting-edge, fiber-quality mesh technologies to comprise a hybrid network across the cities of Quito and Guayaquil.

Wayru has leveraged Algorands blockchain technology to tokenize the Hotspots into groups of 1,000 or more, which are called Hotspot Pools. Anyone who wants to support the network can back the Hotspot pools by purchasing ‘Pool tokens’.

Once Pool tokens have been purchased that person is automatically staked and will start receiving WRU as soon as that pool is active. The number of tokens in the Pool is dependent on its location & number of Hotspots. More growth in an area’s network will result in more token pools available to purchase.

Genesis hardware devices are the second act in the Wayru revolution and hold huge potential for mass adoption. Each device is a universal WiFi hub that can be purchased outright from Wayru and used by individuals, businesses, and communities to share an internet connection and become part of a larger network.

Getting Back What You Put in

Wayru believes that what you give, comes back to you. That is why the participants’ earnings come from what’s been generated by its users. Anyone who sets up a node shares an existing connection or secures the network staking, will be rewarded in $WRU for their participation, and help solidify internet access as a human right.

Wayru’s unique user-led decentralized model approach will not only facilitate an increased pace of cryptocurrency and blockchain adoption in commerce but will pave the way for much more innovation in the future, triggering an embrace of new technologies industry-wide.

To learn more about how Wayru is leading the mission to create a more connected world visit their main site here.


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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

Amid recent macroeconomic extremes, Bitcoin has maintained a quiet stance, almost eerie for its HODLers. Nonetheless, its hashrate and accumulation are soaring — what could this mean for its price?

Bitcoin has been consolidating in a narrow range between $18,800 and $20,200 since the mid-Sept price fall. In volatile markets like cryptocurrency, similar quiet periods of consolidation are rare. 

Recent Glassnode findings show that the current BTC price action resembles both pre-crash November 2018 and pre-rally March 2019. Despite price downturns, mining and accumulation statistics are improving. Let’s look into what this means for the health of the network.

Bitcoin hashrate makes new ATH 

Last week, the Bitcoin hashrate made a new all-time high of 242 exahashes per second.

Source: Glassnode

In the chart below, we can see that Bitcoin’s longer-term, slower hash ribbon was once again overtaken by the faster ribbon, indicating improved mining conditions in late August. Since the price saw no major uptick during this time, the rise in hashrate was likely due to more efficient mining hardware and more mining rigs working in general.

Source: Glassnode

Historically, these hash ribbon moving average swaps precede price gains. Historically, when the hash-rate drops and subsequently recovers, major BTC price bottoms have been made. 

Is a price bottom in?

Apart from the hashrate, Bitcoin accumulation levels also reached a 7-year high. CryptoQuant data shows that 6-month-old and older Bitcoins now make up 74% of the realized cap. During the 2019 and 2015 bottoms, this score sat at 70% and 77%, respectively.

Source: CryptoQuant 

Lastly, for the first time in this cycle, the percentage of supply in loss has reached the 50% level.

CryptoQuant data shows that the price bottoms during previous cycles normally occur when the percentage of supply in loss reaches 50% or more.

Source: CryptoQuant

The current data shows the highest percentage of losses at 52% on the daily chart, 50.4% on the weekly (7DMA), and 48% on the monthly (30DMA). 

While quite a few metrics suggest that BTC should be near a bottom, the overall momentum will likely still depend on macroeconomic conditions as well as its correlation with the Nasdaq and S&P 500. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

BTC price action sees a new October peak amid a declining U.S. dollar and a successful prior day’s trading for U.S. equities.

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Bitcoin price sees first October spike above K as daily gains hit 5%

Bitcoin (BTC) saw its first trip above $20,000 on Oct. 4 as traders expected familiar resistance to cap gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Multi-week dollar lows fuel Bitcoin bulls

Data from Cointelegraph Markets Pro and TradingView showed BTC/United States dollar climbing prior to the Wall Street open, up over 5% in 24 hours.

The pair had shaken off macroeconomic concerns at the start of the week, with trouble at Credit Suisse and the escalating Russia-Ukraine conflict failing to slow performance.

Now, the short-term analysis focused on a run potentially topping out closer to $21,000 — as was the case late last month, as sell-side pressure at that level remained significant.

“20500-21000 is a sell zone. If price gets there, which should, don’t be too bullish,” popular trader Il Capo of Crypto told Twitter followers on the day.

Razzoorn, an analyst at international trade group The Birb Nest, noted that the current charge was Bitcoin’s fifth attempt at escaping a major liquidity cloud in several weeks.

Despite the potentially limited upside opportunity, Bitcoin rallied in line with a broader risk asset tide which saw United States equities finish noticeably higher the day prior.

At the same time, the U.S. dollar suffered, the U.S. dollar index (DXY) extending losses to approach 111 points and threaten support in place since mid-September.

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

“Up the market goes,” a more optimistic Michaël van de Poppe, CEO and founder of trading platform Eight, continued:

“Flipping $19,500 for support. Now, if range-high at $19,600 holds for Bitcoin, I assume we’ll continue towards $22,400.”

Altcoins attempt to change sticky trend

Across major altcoins, it was Ether (ETH) and Ripple (XRP) leading daily performance at the time of writing. 

Related: CoinShares’ Butterfill suggests ’continued hesitancy’ among investors

ETH/USD traded above $1,350, still yet to break out of its sideways trend in place for several weeks since major losses entered during the post-Merge breakdown.

ETH/USD 1-day candle chart (Binance). Source: TradingView

XRP, on the other hand, faced a more stubborn band of resistance after prior gains, bouncing off multi-week support just below $0.45.

XRP/USD 1-day candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

The global fast food chain is among the first to participate in a crypto-friendly experiment in the town of Lugano.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

Multinational fast food chain McDonald’s started to accept Bitcoin (BTC) as a payment method in the 63,000-populated city of Lugano in Italian Switzerland, which is becoming a hotspot for crypto adoption in Western Europe. 

A one-minute video of ordering food on McDonald’s digital kiosk and then paying for it at the regular register with the help of a mobile app was uploaded on Twitter by Bitcoin Magazine on Oct. 3. The Tether (USDT)  logo could be spotted next to the Bitcoin symbol on the credit cash machine, which is not surprising, as in March 2022 the city of Lugano announced it would accept Bitcoin, Tether and the LVGA token as a legal tender.

On March 3, 2022, the city signed a memorandum of understanding with Tether Operations Limited, launching the so-called “Plan B.” According to this plan, Tether has created two funds — the first one is a $106 million, or 100 million Swiss francs, investment pool for crypto startups, and the second is around $3 million, or 3 million Swiss francs, attempt to encourage the adoption of crypto for shops and businesses across the city.

In addition to allowing Lugano residents to pay their taxes using crypto, the project will extend payments to parking tickets, public services and tuition fees for students. More than 200 shops and businesses in the area are also expected to accept crypto payments for goods and services.

Related: Swiss Post’s banking arm developing in-house crypto custody platform

Speaking to Cointelegraph in June, Paolo Ardoino, chief technology officer of Tether and Bitfinex, claimed that Plan B “is going great,” announcing a two-week educational activity on blockchain and cryptocurrencies in the city.

In September 2021 El Salvador became the first country in the world to allow using Bitcoin as a legal tender. Since that time, McDonald’s has been accepting Bitcoin at all its 19 outlets in the country.

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