Hello everyone. Thank you for joining us today. My name is Suruchi Gupta, and I'm the founder and CEO of PESA, which was formerly called by wificoin. And we are building a set of protocols to buy and sell mobile data and Wi-Fi on the blockchain.
Over the last two years, we have already built a centralised version of this network, starting with inflight Wi Fi, as our beachhead market. We have fantastic traction over there, and are now gearing up to launch our first protocol that turns mobile data and Wi Fi into a collateral for real world uses.
Let me walk you through the presentation. To give you a quick overview.
So we all know this. The one thing that none of us can live without is the internet. And you know, there are more than 5.1 billion people like us on the planet that spend more than $2 trillion for accessing mobile and broadband internet every single year.
And you know, for the majority of these users, as we all can imagine crypto itself is really hard, let alone defi because they have to get a wallet like metamask, they have to understand what a hexadecimal addresses, they have to wrap their head around all kinds of new currencies like you know Bitcoin or Ethereum, it's just not fun to say the least.
So that is what made us wonder. Wouldn't it be awesome if we just turned our existing phone numbers into a wallet and mobile data on WiFi that we already consume on our devices today into a currency, so that for these five 400 billion people.
It's really easy and intuitive for them to join the crypto economy. That is what PESA enables. It's a protocol for money transfer and micro finance, using mobile minutes, data, and Wi Fi.
So, imagine. Let's say you know, you buy $100 worth of data, Wi Fi or inflight Wi Fi in the US. Now what you can do with that is you can transfer that over to any phone number in the world, and that person will be able to use it for their local carrier in that country, or you know, you can just simply use it on your phone today just like you use internet. And just for doing that, you can start earning rewards. So, you know, just getting paid for simply using internet, or, you know, keep it in your wallet, and that balance of data will start earning you interest. So, that is what we enable for real world users.
The network has two tokens. One is a stable token that represents you know, data and Wi Fi. Another is this network or governance token that represents ownership in this network, and is what users on, as well as what you know, providers use for staking and bonding to join.
The way we got started, is by partnering up with some of the largest telecom operators around the world. And that gives us global coverage, where we are able to support mobile data in over 45 countries, Wi Fi at 68 million hotspots in 180 countries inside by fi, which was a beachhead market on over 5000 aeroplanes on 37 Airlines, that's about 55% global market penetration that we have. And we are the only company in the world. That is even able to offer in flight Wi Fi on mobile devices.
How it works
So the way this works really, for real world users is that it's a simple application that they can download on their iOS or Android device. And you know what they're buying is credits, which is a proxy for PESA tokens, just because they haven't been launched yet. And users can use them for Wi Fi data, and you know inflight Wi Fi across this global coverage that I just share, and only pay for what the use.
We had launched in September of 2019. And so far, you know, more than 13 million plus credits have already been consumed, which is seven digit Arr, that we have. And you know it's all paid for by users, we never give anything for free. The team consists of about nine people. And we are super fortunate to actually have some very well known industry leaders like you know the former CEO of AT &T and sprint also supporting us. So that's us, is super excited about this mission to build the last singular net proper the planet, and I'd be more than happy to answer any questions you may have. Thank you so much.
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*** The above piece is an edited transcript of Pesa(wificoin) presentation in the Open Web Collective Demo day***