02-06-2020 icon

Abuja Residents Buy Internet With Cryptocurrency

By calvin

Recently, a cryptocurrency transaction was made in Abuja for internet services. Thanks to blockchain organization, Althea the impossible is being made possible with cheaper, faster, and decentralised internet. 

Payment Made With Cryptocurrency for Internet

Recently, the organization released a status showing payments being made for the internet, using dominant Ethereum infrastructure, MakerDao. 

Althea lets routers pay each other for bandwidth, using its network. Users of Althea’s platform do not have to worry about depending on one internet service provider as the network allows users to act as providers of the internet. 

The organization’s networks are made of nodes owned by people who use them. The decentralized network allows for cheaper internet as users do not have to rely on a middleman but instead rely on other users on the network. 

Users who want to buy internet on Althea may install their nodes. Nodes are like routers or modems that are installed by more traditional internet service providers. The nodes on the organization’s network allow those with non-Althea devices to use the network. Unlike many internet service providers who force their users to buy their own routers, users of the platform can save costs by not investing as much in hardware. 

Those who invest in nodes for the network can benefit from new income streams. With nodes, one can earn money by forwarding internet traffic. 

Faster, Cheaper & Decentralized Internet

Proof of Stake Blockchain

Althea’s proof of stake blockchain is built on the Cosmos platform. Validators use blockchain software to ensure the security of the network. Holders of Althea governance tokens delegate tokens to validators of their choice. 

According to Althea, 

“Payments are done on this blockchain using stablecoins, which maintain their price relative to national currencies. Validators and those delegating Althea governance tokens to them earn transaction fees from each payment. Initially, the stablecoin used will be Dai, which is pegged to the US dollar.”

Earlier in February, Althea connected an apartment building in Abuja, Nigeria. Everyone in the apartment now enjoys cheaper and faster internet which they are able to resell for income. The internet can be resold to nearby phones in the market with a wifi hotspot. 

Registration for Blockchain Internet in Abuja

At the time of writing, 14 of 100 people have been put on the pre-registration list to bring faster, cheaper, decentralised internet to Abuja. All it will take is 100 confirmed in pre-registration for organizers to deploy a network in Abuja. The few hundred dollars worth of costs in radio equipment is likely to be offset in the long-run as users of the internet service will pay less than ₦200/GB. With a relay node, you can forward traffic to your neighbours and earn money for each byte sent. 

Althea has gained the confidence of investors such as London-based KR1, which invested $100,000 for 1,344,291.43 Etherisc (DIP) tokens for one of the leading projects exploring the use of blockchain in insurance markets.