A decentralized app is shaking up the world of mobile phone data by allowing consumers to share their WiFi hotspots and earn cryptocurrencies.
Aloha says 67% of us are wasting money every month because we don’t fully use our monthly data allowance. Worse still, 76% of us have experienced the frustration of being unable to get online without paying for a WiFi hotspot.
The company has had a working, scalable product for the past two years — but now, it is building a decentralized ecosystem with non-fungible tokens and digital assets at its heart.
Users who share their unused data will be able to earn Aloha loyalty tokens that can then be exchanged for Bitcoin, Ether and cash — or spent with some of the world’s top brands and online retailers.
How it works
Hotspot hosts can join and download the Aloha app for free — and have full control over when their data is shared… as well as how much. This helps unlock access to the Aloha affiliate community, where they can benefit from cut-price deals. Guests can use their WiFi hotspots for free — and there’s no need to enter a password or social media credentials. The app’s emphasis centers on ensuring that connections are simple and fast.
Small businesses can also offer WiFi to their customers through Aloha, and earn tokens whenever customers make use of the free, high-quality internet provided.
The project is planning to add a DeFi twist to its offering by introducing a platform where users can stake their Aloha tokens in exchange for NFTs — unlocking governance rights and exclusive perks. Rare, ultra-rare and exclusive VIP tokens are up for grabs — and the rarer the NFT, the more votes that a user will get in the governance pool.
Every Aloha transaction will be subject to a 3% fee. Of this, 70% will be earmarked for the treasury, with the community deciding how these funds should be used by voting on proposals in the governance platform. A further 20% will be set aside for marketing, development and operations, while the remaining 10% will be distributed to NFT holders, helping to create a healthy ecosystem.
Aloha’s WiFi and DeFi services are going to be separate experiences at first, and both platforms are going to be integrated for “seamless interaction” in the coming months.
Martin Regan, the project’s CEO, told Cointelegraph: “Our Ultimate NFT Platform incentivizes holders via fee sharing and governance. Aloha Global has been around for two years with a working product. Our aim is to use NFT technology and create a bridge with our marketplace and include it in our decentralized ecosystem. Our vision is for the community to shape the future of Aloha DeFi.”
Aloha is going to be focusing on the U.K. market to begin with, where estimates suggest there are 50 million smartphone users. In time, the company’s goal is for its app to be downloaded by 1% of devices globally — predominantly in Europe and North America.
Market research suggests that 92% of consumers would be interested in using Aloha’s open WiFi hotspot, and 97% of respondents in its target market would download and use its app.
A public sale of ALOHA tokens is scheduled to begin on Feb. 21, paving the way for the token to be listed on Uniswap by Feb. 28.
In the coming months, the platform plans to explore top-tier centralized exchanges, unveil new features in the Aloha ecosystem, expand staking opportunities and secure corporate partnerships.
Writing on Medium, the Aloha team said: “We feel that we are on the cusp of offering something with great potential, all to the benefit of the stakeholders in the platform. Bandwidth sharing and network coverage are two untapped use cases that have demonstrably positive effects on society.”
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