What is World Mobile (and WMT) - simply explained

If you're interested in cryptocurrencies, you may have heard of World Mobile. In fact, if you follow the news regarding Cardano, I'm pretty sure you've heard of it.

If not, that's no wonder, since this project did not launch its currency on the big crypto exchanges yet. That's exactly why we take a closer look at the potential of this young company and its cryptocurrency. As usual, in simple words.

The telecommunications company World Mobile is taking an unconventional approach with a blockchain-based, decentralized infrastructure - and is opening up previously ignored regions with low-cost technology and sustainable energy. Users can earn the cryptocurrency "World Mobile Token" (WMT) by participating in the network.

But what does that look like in detail? For this we will look at what the company World Mobile is and what it stands for. Also I will tell you what

What Is World Mobile?

Founded in 2018 by Mickey Watkins, World Mobile began as a collection of former telecom nerds.

This was in response to the very sobering realization that a large proportion of people are not connected. Even today, a few years after its founding, nearly three billion people are still without access to the Internet.

Numbers found at Internet World Stats

In most cases, this inequality is related to the financial situation in remote towns and villages. Especially in developing countries. What is an issue even in central Europe, takes on crazy effects in countries with weaker infrastructure:

Mobile companies and Internet providers have no financial incentive to invest in the last mile or the last connection from the main line to the end user, and so whole swaths of land remain unconnected.

Until now.

World Mobile is made up of a team committed to a fundamental mission of connecting everyone everywhere while advocating for economic freedom and dignity.

„Connect everyone, everywhere while advocating for economic freedom and dignity.“

World Mobile Motto

The current main focus for this is currently, the continent of Africa, which was recently connected by China in East Africa to a huge data line that runs from China through Pakistan and connects countries like Somalia, Kenya and South Africa.

Image found in an article on The China Africa Project

However, even with this connectivity, the interest of conventional Internet providers in opening up remote areas will still remain vanishingly small. It is simply not profitable to lay the long and expensive cables or to set up long-distance radio access to connect these remote radio towers to the Internet.

And this is exactly where World Mobile comes in. The company has developed an innovative and cost-effective Internet solution based on an efficient, decentralized network managed by local staff.

Establishment and Maintenance of the Network Infrastructure

To test the technology, the team needed a location for a trial run. A challenging scenario was chosen for this purpose: A small fishing village deep in the heart of Tanzania's national park. Here, 200 people have lived for generations, without direct connection to the outside world.

The village can only be reached by a dirt road, the nearest town is over 2 hours away and has been ignored by all traditional telecommunication providers until today.

The World Mobile team laid fiber optic cable from the main data line to 65km to the village.

From there, special antennas use an unlicensed portion of the radio spectrum to create a mesh network (mesh is English for mesh) that reaches the village. In the village itself, a series of solar panels have been installed, as well as a bulk antenna that acts as an aerial node, and wireless access points for 5-G Internet and cellular coverage. The network is designed to be hardware independent. This means that it is both forward and backward compatible with a range of network devices.

This prevents it from being maintained only with a certain brand or minimum of hardware. This in turn means that repairs and the replacement of hardware with used or OEMhardware can be carried out cost-effectively, which also avoids logistical bottlenecks and delivery bottlenecks.

Through the established power generators (primarily solar) and battery solutions, the nodes can also provide energy efficient lighting and power options for the village.

The end result is a fully networked village at a low cost of about $5,000 USD.

But what about the ongoing operating costs?

This is where the Cardano blockchain platform comes in. With amazing results: using Cardano's staking mechanism and proven rewards system, villagers who run these nodes and maintain the infrastructure can earn crypto rewards for facilitating voice, text, and data transactions.

What's more, the electricity generated can also be sold. Networked smart villages actually generate revenue just because they have installed the solution. So the solution is virtually self-financing, but there are other benefits as well. Such as the previously mentioned crypto rewards generated by Cardano's decentralized "Proof of Stake" process.

Smart Villages connected to the network also have access to a range of new identity technologies, such as digital passports and decentralized identity profiles, medical records. Through these, access to online services such as microcredit, banking and healthcare is immensely facilitated.

The test run in Tanzania was an absolute success. In just a few months, the Smart Village saw rapid growth in trade, with the opening of new bars and stores and extended business hours thanks to emergency power and solar lighting.

And that is not all. There is one more factor in the equation that is yet to be added. The cryptocurrency: the World Mobile Token.

How the World Mobile Token is used?

World Mobile Token (WMT)

The economic basis of the World Mobile network is the World Mobile Token. This is a transferable asset based on the blockchain of the Cardano network. (if the topic of blockchain is still new territory you can find here a small article as an uncomplicated start).

There is a total amount of two billion tokens, 10% of which were released during a pre-sale phase (in July and August). The rest will be released gradually over the next 20 years.

Once the main World Mobile network is up and running, the tokens can be used for access within the World Mobile network, as a trading currency between participants in the network (e.g. I could pay you a certain amount of WMT to provide me with your electricity for a while - pretty interesting, right?), and the tokens can also be deposited, or rather lent, into an Earth pool, which is used to keep the network running and generate interest income.

For the latter, similar to ADA (Cardano's cryptocurrency), WMT is delegated to a staking pool to generate rewards. Strictly speaking, the staking mechanism and also the reward mechanism is structured a bit differently, but we want to keep it at the essentials here.

In case it is of interest to you, here are the two main differences:

  • The rewards calculated daily, unlike a five-day epochs for ADA
  • Only 1000 WMT are needed to set up an Earth node or a staking pool.

If you want to learn more about blockchain use cases, go here to my article.

Buying World Mobile Token (WMT)

If you want to get tokens, you currently have to wait.

Unfortunately, the pre-sale is over. But the mainnet will be launched soon (probably in Q4 2021 or Q1 2022) and then the WMT currency will also become available on crypto exchanges quite soon.

You can once in a while check CoinGecko and see if there is news or visit the blog of World Mobile.

So, you should now have a pretty good idea what World Mobile and its WMT are and what they do.

As you can see, the project is very ambitious. And I am confident that it will become a global player in the world of Internet providers. I also think it's nice to see that this project is significantly striving for social justice.

I'm looking forward to when WMT is listed on the trading exchanges and the whole thing picks up more steam.

By the way, one of the biggest and in my opinion most pleasant trading exchanges for crypto's is Binance -. über diesen Link you can create your user account.

Of course, all of this is just my personal opinion and not a recommendation to buy. I am not a financial or investment advisor. So if you want to invest money in this project or other projects is 100% up to you and you should get deeper into this matter and/or only invest money that you are willing to lose.

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