World Mobile, the startup that is leveraging blockchain to create more affordable and effiicient telecommunications infrastructure in emerging markets, has reportedly raised $39 million in under 5 weeks of a public token offering.
The world mobile token (WMT), a utility token launched on the Cardano blockchain in July 2021, sought to raise $40 million in the first five weeks, adding to $5 million that was raised in a private sale.
In its whitepaper, World Mobile indicates that the primary role of WMT is to incentivize both token holders that want to support the operation of the network by way of delegating their WMT stake to a node operator (stakers) as well as node operators that operate their own nodes.
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SEE ALSO: Inside Cardano’s Plans for Africa
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World Mobile has developed a blockchain-powered wireless mesh network, which consists of a set of devices or nodes that work together to share data and information without a centralized point of failure.
According to the World Mobile Chief Executive, Micky Watkins, the company is currently deploying equipment to 25 sites in Zanzibar where about 100,000 people are targeted to access more affordable access to the internet.
The company aims to sell affordable network nodes to local business owners through a sharing economy model, whereby communities and business owners will contribute in the network’s management.
It is reported that the nodes will sell at about $5, 000, and the owners can also earn WMT denominated rewards from transaction fees and as inflation rewards.
The WMT will power the World Mobile Network ecosystem allowing network users to access:
- Digital banking
- Healthcare
- Digital identification
- Educational institutions
People will access the network via “air nodes” that can be as simple as a solar panel, a pole and a wireless access point.
By avoiding high-traffic frequencies, and using other avenues like TV white space (unused TV channels) or free-space optics, where data is transmitted through space via light, rural communities will have access to cheaper data packages.
In 2019, the organization established a solar-powered wireless air node in an isolated fishing village in Tanzania. With undisturbed access to the internet, the village fishermen were able to expand their customer network.
As the company expands commercially, Tanzanian users connecting to the internet via World Mobile will also be able to enjoy more affordable data packages with the new connections offering at least double the current amount of data per unit price locally.
The company expects to have at least 100,000 users in Tanzania mainland by the beginning of 2022.
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RECOMMENDED READING: [WATCH] Forget DeFi, Welcome to RealFi – A Chat with CEO, World Mobile, a Shared Mesh Network Connecting East Africa
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