ICO Research: WIFI Token
ICO Research: World Wifi - WeToken
Introduction
This report will look at the company, existing business model, application, token information and current community. This report was carried out as of 04/02/2017. We do not endorse any investment and we are not financial advisors. We merely look to research Initial Token Offerings, based on the existing available information.
Company Introduction
Is the company incorporated?
WORLD WI-FI PTE. LTD is incorporated in Singapore and is still active.
(Company with registration number 201734448E, registration address: 419592 can be searched here)
According to the Singapore Register, the company is incorporated and live.
Summary of Business
World Wi-Fi plans to optimize the usage of a paid internet connection as they have observed an inefficiency between an internet connection bandwidth purchased and its full use. Thus, the company decided to build a model that will incentivize wifi router owners to share their wifi connection and being rewarded for doing so by advertisers.
The clients who will be using these private networks to access the internet will be prompt to an advertisement that will create revenue for the router owners and will sustain the company’s costs. Additionally, by monitoring the internet activity of users, consumer profiles will be built so that advertisers can target their audience efficiently and thus paying higher fees which will increase the revenue of the company.
Estimated Company Valuation: Seed Stage
Currently, the company is not generating any income.
Expected Earnings
They expect an income of $10.95 to $54.75 ($32.85 Average per router) with a cost of $0.03 per impression. 5% of this income, will go to World WIFI. Any dividend, does not appear to be shared with the Token Holders.
The Router Owner, will receive their share of earnings per month in WIFI tokens. Which can be assumed a market is created for advertisers to purchase these tokens off route owners to advertise. Either via the WIFI platform or exchanges.
How is this value obtained?
What is not clear is the calculation involved in setting the advertising rate - currently estimated to be $0.03.
Their aimed turnover ($1 billion per year, after 3 years of operation) it implies a network of 2.5 Million Routers based on average income per year.
Does Network mean per Router Owner?
Currently, through Adrenta, they would have access to 14,000 Networks, 0.56% of the 2.5 Million routers they aim to have access to if both Network and Router are implied as the same thing.
Locations
Location in Russia (Tech Offices)
Lusinovskaya Street 36-1, Moscow 115093
Business HQ (Virtual Head Offices)
Marina Bay Financial Centre
Tower 1, Level 11, 8 Marina Boulevard, Singapore 018981
Street Map shows the virtual office to which the business is registered in Singapore.
Marina Bay Link Mall (MBLM) is the retail component of Marina Bay Financial Centre (MBFC), offering 179,000 square feet of quality retail brands, dining choices and convenient lifestyle services. It is seamlessly connected to the Central Business District and key transport nodes via an Underground Pedestrian Network.
Trademark
Brand appears to have no trademark protection
From initial searches, no trademark can be found for World WIFI. It also appears due "World" and “WIFI” very common terms, it seems difficult to protect this brand.
Advertised Partners
Adrenta
Adrenta advertise themselves as the largest operator of Wi-Fi Advertising within Russia. Listed within the offering memorandum under project business history. Technically being referred to as a WIFI Media Partner. Though we could not locate information on the exact agreement or relationship. Their network covers Russia, Kazakhstan, Georgia, Azerbaijan and other CIS countries.
Team
The team appears to be that of the WIFI Network, for example the Technical Director Yuri Polovinkin of Adrenta, is also the CTO of WIFI.
Radius
Radius is a company that provides tools to identify users on the wi-fi network, and market accordingly to the information provided, such as phone number. Listed within the offering memorandum under project business history. We could not locate information on the exact agreement or relationship.
Mimiwito
Mimiwito is a company that provides a sim-card for global travelers, with unlimited internet. Advertised as a partner on WIFI’s website, but no further information is on offer.
Dokkur
Advertised as a partner on WIFI’s website, they seem to be more of a development platform, that WIFI may use as a supplier. Dokkur’s website appears to be an apps platform more similar to cloud computing platforms.
Virgil Security
Virgil Services, advertised as a partner on WIFI’S website, they appear to offer services in cryptographic security. And are more in-line with a supplier of services.
Quantus
Quantus is a service provider that assists in quality control and implementation of IT Solutions.
What is the exact relationship?
Adrenta, Radius and Mimiwito, could be a valuable to have as a business relationship/partnerships, as the WIFI tokens on offer matches the networks of these companies.
Technology
The WT Tokens powered on the Ethereum Network are still in development according to their offering memorandum and are planned to be used as a means to purchase advertising space across the WI-FI Network.
The technological IP of the infrastructure that the WIFI network token will be used on is owned by other companies.
The token is planned to be used to purchase advertising space on a particular partners network.
The token contract aims to be a ledger of these transactions, to track payments for Router Owners, that take place on these various wifi infrastructures.
Roadmap
First Quarter 2018
Token is expected to be listed as usable for advertising and the WIFI platform is planned to be launched from April 2018.
Second Quarter 2018
Advertising campaign starts.
June 2018
Software development completed for all major brands of private Wi-Fi routers.
August 2018 - December 2021
World-wide campaign of publicity started generating advertiser interest in world WI-FI
The roadmap has little detail and points to the token only having one purpose to purchase advertising on the network via their platform. Similar to Google Advertising Network.
GitHub
There are only 2 public repositories that appear to be managed by 1 developer, Eugene Khashin.
There is a limited amount of commits to show to the public, and the repositories was last updated on 18th December 2017.
There appears that the website, will also be the gateway to access the WIFI Network. But at the moment the only options available are to purchase tokens or edit profile settings.
Limited Public GitHub
One developer on public github, with minimal deploys, highlights a possible current limitation in developers.
Token Usage
Is it a BlockChain or a Token?
It is a ethereum solidity contract built on the blockchain. As thus restricted till scaling opportunities exist on the ethereum platform. It is a utility token, as such does not provide dividends, so is not a security.
World Wi-Fi charges advertisers a fee of 5% of the cost of the advertising shown in the network of connected routers. Which according to their calculations presented returns 0.03$ per advertisement viewed.
1 WeToken - will allow the end advertiser 10 advert impressions across the network of advertisers.
They compare the token to average advertising cost of $0.30 (for a set of impressions)
Inflation
The company expects that as the WIFI network increases in size, the price of each token will be dependent on the increased penetration of the advertising network.
Unclear relationship over token
Token Usage will be based on the number of routers, that wish to participate. It seems to compete with Adrenta, in terms of having Advertisers pay WIFI for use of the Adrenta network. Not clear if it will be sole means to reimburse router owners on the network.
ICO
Total coins: 600,000,000 WT
Available Supply: 258,000,000 WT
ICO Phases
Pre-sale ends in 40 days
Phase 1 - 258,000,000 WT expected to be sold.
57% of the Tokens will be in control of the founders, team and ICO Company.
Expected Amount to Raise
258 Million * $0.01= 25.8 Million
Token amount is clear
Their aim of 258 Million Tokens at a set price, is clear and not ambiguous.
Market Date
The token seems to be already on the market as a resellable ERC20 Token.
Presale is running approximately till the 10th March 2018
Public Sale starts March 22nd till sold out or 28 days later.
Token is liquid
Being an Ethereum token, expect the coin to be listed straight away on decentralized exchanges like EtherDelta or 0x based protocol platforms.
Distribution
Token Distribution
7% Founders Tokens
5% Team Tokens
3% Advisers
15% of the total supply of the tokens will be held by founders, team and advisors.
Tokens held for development
2% Bounty
40% Future Development
ICO and Presale Tokens
- 43% ICO Investors
Proceeds of funds
24% Research and Development
1.3% Payroll
39.5% Marketing
6.4% Networking Expenses
25.5% Agent Network Expenses
2.4% Software Development
0.5% Admin
According to token sale agreement in regards to proceeds, all funds raised will be for the company and no bonuses given to shareholders or investors.
Founders/Team Tokens only released based on conditions
Founding members able to sell 7% of total distribution after a 1 year frozen period and 5% of total distribution can be sold once project is implemented. 40% Development Tokens frozen for first year, with tiered approach to release over 5 years.
Team
Core Team
The core team profiles that was available via Linkedin.
| Name | Job Type | Category | Experience | Endorsements | Network | Strength |
| Илья Яшин | CEO | Operations | 11 Years | None | 63 | Low |
| Dmitry Koleznev | COO | Operations | 11 Years | None | 72 | Low |
| Larry Cameron | CTO | Technology | 17 Years | 228 | 2787 | High |
| Anastasia Prikazchikova | Contractor | Marketing | 7 Years | None | 2 | Low |
| Tim Kosykh | CBD | New Business | 20 Years | 41 | 340 | Low |
| Anand Gupta | Contractor | Technology | 21 Years | 5 | 1376 | Medium |
| Yury Polovinkin | CTO | Technology | 11 Years | 17 | 79 | Medium |
| Bhavik Limbani | Contractor | Technology | 5 Years | 283 | 8055 | High |
| Александр Виноградов | Business | 16 Years | None | 260 | Low | |
| Jagadish Channagiri | Contractor | Technology | 28 Years | 178 | 178 | High |
| Eugene Khashin | Contractor | Technology | 4 Years | 23 | 81 | Low |
| Mohamed Shoieb | Manager | Finance | 9 Years | 21 | 170 | Low |
Teamwork well together
It appears that some members have or are still part of Adrenta, and likely to have prior experience working together on similar industry project.
Advisory Team
The advisory team, most likely being reimbursed via tokens, may be just endorsers of the project. There is no description of what services if any they will provide, apart from general advisory or consulting.
| Name | Title | Category | Experience | Endorsement Rating | Network | Strength |
| Yan Sepiashvily | Investor | Shareholder | 13 Years | None | 3 | Medium |
| Dmitry Dain | Advisor | Technology | NA | N/A | 1599 | High |
| Fred Ledbetter | Advisor | Technology | 32 Years | 213 | 1172 | High |
| Thierry De Gorter | Advisor | Technology | 27 Years | 36 | 10951 | Excellent |
| Evgeny Alekhin | Advisor | ICO | 1 Year? | 18 | 1700 | Medium |
| Elmar Malikov | Advisor | ICO | 20 Years | 5 | 1398 | Medium |
| A well balanced advisory team, made up of investors, specialists in technology and ICOs. |
Community
They have the minimal places to have a web presence for this project. It is still early and I expect that they have a small dedicated PR team to focus and increase the online following.
| Followers | Strength | |
| No Company Profile Found | Unknown | |
| Bitcoin Talk | Read 2280 times | Low |
| Medium | 119 | Low to Medium |
| Steemit | 4 | Low |
| No Company Profile Found | Unknown | |
| 678 | Low | |
| No Company Profile Found | Low | |
| Telegram | 830 | Medium |
| 611 | Low | |
| Youtube | 19 | Low |
Low social presence
The WIFI network’s social presence, has a low amount of followers. It is unclear if they can leverage the partners social networks.
Position Vs Competition
The comparison initially tries to look at the nearest competitor in the crypto-scene. This was difficult to source, as generally advertising in this way, via the router, is unique and no other crypto-type token can be compared as of 04/02/2018.
Looking at an example competitor - AdVifi, a UK Company, appears to offer a similar service to router vendors. They charge 0.15 EUR per click via their advertising network. 60% paid to the Router Owner. They are also an early stage company, but currently already has the capability of offering returns to wifi router owners.
| WIFI | AdVifi | ||
| Team Strength | Medium | Low | WIFI Team seemed to be larger in comparison to AdVifi. |
| Technology | Medium | Medium | Product via Advifi is ready to market, but appears WIFI may already have a larger network via Adrenta. |
| White Paper | Medium | NA | WIFI white paper was clear on the information and was easy to read but lacked details of partnerships. |
| Token Value | Fair Avg Value: $0.01 | NA | WIFI state that there will be a expecting a charge of $0.03 per token, implying that the current ICO is at discount. |
| Community | Low | Low | Marketing team of both companies is poor or low. The wifi advertising industry appears to young without established players in the western market. |
Conclusion
Their marketing team seem to be inexperienced, tie that into low amount of followers across their social media platforms. Seems to be an area they need to improve upon.
The partnership with the other Networking companies - like Adrenta, appear to be one of the strongest parts of this ICO. The ability to use tokens on already established eastern european markets, is an interesting aspect that needs to be further investigated. So currently the only negative here, is the lack of information, around the working relationship or agreement between these companies.
The advisory team are well established in themselves with strong lengthy backgrounds, focusing on technology and ICO experience.
If the company can get enough volume from advertising and increase the size of the network as they expect, the value may increase in the token itself over the long term, as the token facilitates a buyer (Advertiser) and seller market (Router Owner).
The founders/advisors/project contributors will control at least a quarter of the token supply. In addition will be able to sell 5% of the total supply once the project is launched.
On conclusion their potential partnerships and confirmation that they have the same team with Adrenta, appears that they have the business and working practices in place to take this forward as a project.
From this based on comparables we give this ICO/business offering a 45% out of 100% rating.