IUNGO ICO review
IUNGO will be listing their coins shortly on exchanges in next couple of days. I participated in their ICO. So I thought of spending some more time getting to know the project better. After reading about the project I have decided not to sell. I will be holding onto these coins a little longer.
GLOBAL WI-FI BLOCKCHAIN NETWORK
- IUNGO Network: a Decentralised Global Wireless Internet Provider, powered by blockchain technology
- Providers can generate additional revenue by providing bandwidth to the Iungo network.
- Consumers can use internet across the world using the same app/credentials without compromising on the security.
- IUNGO tokens (ING) will be the unit of currency. Its built on Ethereum network.
- Fon network
- Hotspot system
- Seems to be the first company to be doing this using blockchains.
- Wouldn't you enable tethering on your phone if it could get you some rewards? IUNGO does exactly that and simplifies the process for you.
- Once it hits the critical volume it can quickly take off considering the network effects and the rewards.
- They are concentrating on the HORECA and MICE industries as initial takers which is a good strategy and can pay off.
- Adoption might be a challenge.
- Monetisation may not work as mobile data is getting cheaper by date.
- Where we have internet access there will be many providers. But in remote places we will have less providers. Might not fully solve the problem but will improve the situation.
Excerpts from Whitepaper
I have gone through the whitepaper and find it detailed and well written. You can read it here #### How it will function on site I am highlighting a few sections which are relevant.
Analogy with ether network and mining.
You have miners (providers) running mining rigs (access points) contributing work (giving access to internet) to a benefit of a pool (service gateway). The pool (service gateway) operator reaps reward for a block mined (services provided), keeps the commission and distribute rewards to miner(s) (provider(s)). This model enables creative and competitive reward distribution schemes to flourish.
A substantial amount of budget will be allocated for public awareness, consumer marketing and
B2B sales and marketing. The HORECA and MICE industries (events, exhibitions) will be a
particular area of focus for these campaigns.
We are establishing ongoing cooperation with router manufacturers and firmware developers.
With a goal of custom hardware creation after the second funding phase.
A bounty program will be established with funds for coverage. Initial coverage on demand
How it will function on site
Two Wi-Fi networks (SSIDs) will be served by each access point: one open/unencrypted network and one authenticated/encrypted network. Only open/unencrypted network announcement beacons will be broadcasted. No network advertisement beacons will be broadcasted by access points until the control channel to service gateway is established to reduce waste of time / battery charge of consumers connecting to an access point without access to internet. Unencrypted wireless network will greet users with a captive portal and will offer users to choose either to install a mobile wallet application (to become able to connect to the secured network) or to connect to a secured IUNGO cloud wallet to pay and continue using unsecured Wi-Fi network service. Authenticated and encrypted network will only serve customers who have a mobile wallet installed.
Automatic connection policies
When enabled, the wallet application will start monitoring signal levels of all available IUNGO access points. Wallet users will be able to define automatic connection policies with parameters such as the highest acceptable price per MB/per minute, lowest acceptable bandwidth, whether to give away your verified personal information (like name/surname, e-mail address, age, phone number) in exchange for internet access subsidized by access point operator or to disable automatic connections altogether.