WiFi access has become something of a must-have these days, hasn’t it. From enabling remote work from pretty much anywhere in the world, to keeping the small ones entertained during long car journeys on rainy days, WiFi is just something we can no longer do without.
Think about the last time you booked a hotel stay. After the price and location, WiFi access is probably the most inmportant consideration you had in mind, and I’m pretty sure you’ll be looking for ‘good Wifi’ on TripAdvisor reviews. We’ve all done it.
But having the access is only half the issue. How good that connection is, well, that’s another matter. The quality of the connection in a hotel, or guest house, train, etc., tends to vary big time. Even from one floor to another sometimes, stable WiFi can become a bit of a Postcode lottery at times.
There are a whole array of WiFi providers out there. Some are good, some not so much. But one thing’s for sure, there isn’t yet a provider that uses blockchain technology to power WiFi access.
Until now, that is. Enter Iungo, the very first (to my knowledge anyway) decentralized, global wireless internet provider.
This piece is an analysis of the facts available about the Iungo ICO. It should not be read as offering advice or a recommendation. While ICOs have quickly become a popular tool for funding projects and start-ups, they can also be very high-risk for token purchasers.
Additionally, ICOs currently have an unclear legal and financial status. Token buyers may find that their purchase does not offer them any security or equity because the ICO is closer to a crowdfunding initiative than a traditional IPO. As such, any investor who plans to buy tokens during any ICO needs to obtain all relevant independent advice and carry out their own appropriate due diligence.
Iungo: The power of decentralized WiFi access
Iungo’s value proposition is simple. It intends to offer internet access through a distributed global network build upon a grid of existing WiFi hotspots across the globe.
The company will use blockchain technology to enable already deployed access points with the Iungo platform, which token holders will be able to identify and use through a mobile wallet app. When the consumer’s handset is within range of an access point, the device will be able to access the internet, and the consumer will pay for the service through the wallet app. The app will provide connectivity to the Iungo network.
Iungo will operate a Freemium business model, meaning that the company will offer both Free and Premium access options.
Don’t look far, our business model in a nutshell – https://t.co/vW77YPdcr9 pic.twitter.com/JGzHSQ2snY
— IUNGO.network (@IUNGOnetwork) December 6, 2017
The Iungo token
https://twitter.com/IUNGOnetwork/status/931946856178995200
As with any other ICO, the company will issue its own currency, the Iungo token (ING). NPX is based on the ERC-20 standard, which utilizes the Ethereum blockchain.
Once created, the tokens will be allocated as follows:
- ICO participants : 64%
- Bounty – 12%
- Advisors – 12%
- Founders share – 12%
All tokens NOT distributed will be burned.
Iungo in numbers and quick facts
- Token Name – Iungo token (ING)
- Token Value – 1 ETH = 1000 ING / 1 ING = 0.001ETH
- Pre-ICO – 1,3m ING (Sold out)
ICO
https://twitter.com/IUNGOnetwork/status/938795120924790784
- Total tokens issued – 100m ING
- ICO Start Date – December 7, 2017
- ICO End Date – January 31, 2018
- Soft cap – 8m ING
- Hard cap – 64m ING
- Accepted payment methods – ETH, Bitcoin, Litecoin, USD, EUR, VISA, MasterCard
The ICO will be split into four rounds, with a certain amount of bonus allocated to each, as follows:
Pre-sale
December 7 to December 21 2017 – 50% bonus
- Tier 1
December 22 to January 12 – 35% bonus - Tier 2
January 13 to January 21 – 15% bonus - Tier 3
January 22 to January 31 – No bonus
The team
https://twitter.com/IUNGOnetwork/status/937784791956688896
The company’s website presents a core team of twelve people, plus four advisors.
The team includes a wide range of technical skills, including blockchain, web design, graphic design, etc.
Both the core team members and advisors feature links to their LinkedIn profile.
Generally speaking, the team offers the right skillset to pull off an enterprise such as this. Notably, one of the board members is a former LinkedIn executive of Irish descent.
Social Media presence and digital footprint
The forgotten 4 Billion: Can IUNGO succeed where Facebook failed? https://t.co/YTplzSknt5
— IUNGO.network (@IUNGOnetwork) December 4, 2017
A strong presence on Social Media is usually a good indicator of a company’s popularity, though it is not the only factor that determines success.
Here’s the numbers for Iungo at the time of writing (December 2017)
- Twitter – 4,176 followers
- Facebook – 2,182 followers
- Steemit – 3 followers
- Medium – 87 followers
- LinkedIn – 67 followers
- Telegram – 2,731 followers
Iungo appears to have garnered good attention on Twitter, Telegram and Facebook, but so far, the numbers remain low on some platforms. This is not uncommon for ICOs, however, and it’s hardly a reliable indicator of eventual success.
Website quality & layout
https://twitter.com/IUNGOnetwork/status/937622832632287232
An ICO’s website is the first port of call for any potential investors, and if the site isn’t appealing enough, they will move on and forget about your proposition, no matter how good or viable it may be. It is therefore imperative to design a good website, to make a strong and lasting first impression.
Iungo’s site is secure, solid, and well designed. All links worked, and all the relevant sections (Team, Whitepaper, etc.) were there. There was just the odd spelling mistake here and there, which detracted slightly from the overall proposition, but it’s hardly a showstopper. Nevertheless, a bit of proofreading wouldn’t have gone amiss.
Overall, Iungo’s site does get the thumbs up.
The Whitepaper
A well laid out, informative, comprehensive Whitepaper is a must for any ICO, if they are to be taken seriously. Documentation is sometimes treated as an afterthought, leaving many companies open to some criticism.
In Iungo’s case, the Whitepaper was a bit of a mixed bag. On the one hand, it is well laid out and informative, on the other, it lacks headers or footers, for instance. This is not a flaw in itself, but does show a lack of attention to detail. Its grammar is also odd in parts, which again could have been avoided by using a proofreading services. The budget may not have been there for this ‘nice to haves’, however, which is understandable for an ICO trying to carve a niche for itself.
Overall, the Whitepaper ranks in the ‘Acceptable’ level.
Conclusion
So WiFi access is like water for the thirsty. You just can’t do without it for too long. From workers, casual roamers, or hardcore gamers, the potential for global business is immense.
Mobile broadband is the most dynamic market segment within global internet access ranking. As of 2015 for insance, mobile broadband penetration reached 47%, and it’s only going to get bigger as the Internet of Things begins to slowly take over the entire world.
Iungo offers a clear value proposition with a lot of potential, so we’ll certainly keep a keen eye on this ICO’s evolution.
