Nigeria Communication Commission takes a huge leap in the blockchain space for Africa, investing $5,500 in blockchain startup Wicrypt. Wicrypt makes it possible for users to make money by sharing their internet connection.
This presents a milestone for the blockchain industry in Nigeria. Users registered on the platform can use a mobile application to deposit funds using their fiat currency as well as cryptocurrencies:
Wicrypt’s application has an inbuilt wallet which verifies whether a user has enough funds to use its service. Users may be cut off if there is not enough money on their account.
According to Wicrypt:
“Wicrypt automatically cuts off a beneficiary when his money is exhausted. It allows automatic connection between user and beneficiary once the beneficiary has enough funds to start using the service,”
Wicrypt wins out of 25 technological innovators at a three-day competition facilitated by Nigeria Communication Commission. The competition focuses on innovation in Nigeria’s telecommunication sector.
Registered users can search for and connect to available WiFi Hotspots using the app. Users withdraw earnings in Bitcoin, Ethereum,Mpesa account, and local bank accounts.
The steps required to use Wicrypt include:
1. Host turns on WI-FI Hotspot from Wicrypt App.
2. Client searches for WI-FI networks from Wicrypt App and connects without entering password.
3. Client is billed per GB of data used and the Host is credited with WC (Earn and Spend).
The use of blockchain technology and cryptocurrencies in Nigeria continues to rapidly grow. Google Trends analysis shows that Nigeria and South Africa top rankings in terms of search interest in Bitcoin. Estimates indicate that 80% of Sub-Saharan Africa is unbanked.
Bitcoin has provided the unbanked with a more seamless and cheaper way to access financial services The government has issued warnings in the past on the volatile nature of cryptocurrencies but has not issued a ban.