In preparation of our TGE, we gathered questions from our community and answered them in a live Q&A session on June 15, 2021 in Telegram.
Q: Do I have to choose a region to target for my investments and does this restrict the location of my Earth Node operator?
A: Operating an Earth Node can be done from any location in the world. There are two different types of rewards for an Earth Node operator:
- The blockchain operation rewards are location-independent
- The Communication as a Service (CaaS) rewards are location-dependent as services will be provided locally and rewarded accordingly
Q: I have already ADA staked in a pool! So can I allocate some of my ADA to WMT within Daedalus?
A: If you want to use ADA to purchase WMTs, that means that those ADA will leave your wallet. There's no way of "reallocating" some ADA to WMT as it's a purchase.
Q: If I own ADA but staked in a pool, can I still make WMT transactions in an ADA wallet like Daedalus?
A: In Cardano, having your ADA staked in a pool doesn't preclude you from transacting using those ADA. WMT will be acquired in exchange for some ADA (or BTC, ETH, DAI, BNB).
On the other hand, your recently purchased WMT will be stored on a Cardano address. You can have ADA and WMT on the same address, but they are independent assets. WMT cannot be staked in a Cardano Pool.
Q: How will WMT work within Cardano Stake Pools? Are Earth Nodes similar to Cardano Pools?
A: Earth Nodes are similar to Cardano Stake Pools, but they have several extra functionalities. This said, Cardano Stake Pools and Earth Nodes are two different systems. There's no interaction between them.
Q: How are vaults connected to Cardano pools?
A: There is no connection between Cardano Stake Pools and the vault. The vault is where you can purchase WMT and later indicate if you want to participate in the Early Staking Rewards by choosing which Cardano address you wish to send your tokens to.
Q: Imagine someone staked in Cardano pools. How can they receive WMT transactions via a Cardano wallet?
A: WMT is a Cardano Native Token. You can transact them as any other token (similar to an ERC20 token from Ethereum, but way better). Being staked in a Cardano Pool has nothing to do with WMT transactions.
Q: So, the timing of the token sale, will this be contingent on the launch of smart contracts on the mainnet that is targeted for August?
A: No, the token sale is not contingent on the launch of smart contracts. We will be launching the sale of the token before the release of smart contracts. Smart contracts will be used for different services like micro-loans, financial services, and insurance services. We may also offer Content as a Service (CtaaS) through Content Delivery Nodes or Data as a Service (DaaS) for distributed storage. These additional services will create transaction fees on the network, and rewards will go directly to node operators.
Q: Who is paying to set up the Air Node? If it's World Mobile, is the money coming from this TGE? Will this be a loan? If not, does your business model have a projected break-even point?
A: World Mobile will first set up Air Nodes and establish the sharing economy in the early stages of deployment. We'll have peer-to-peer education, so communities, individuals, and entrepreneurs can learn how to deploy the Air Nodes.
Regarding the business model, part of the funds from the TGE will be used to fund the initial deployment and is factored in. The aim is for communities to receive an ROI within 1.5 - 2.5 years depending on the density of the location where it is deployed. We are also working with financial partners to provide micro-loan solutions to support the deployments.
Q: How will the hardware get replaced in the future?
A: We have designed the network to be hardware-agnostic where applicable. This allows us to adapt the infrastructure and hardware to new technological advancements quickly. As a result, we have the world's first hybrid mobile network.
Instructions and maintenance material are created in local languages and distributed to node owners. We have made it a simple process for node owners to upgrade hardware as the technology evolves. Once online, node owners will have access to all of the information they need to monitor, maintain, and sustain their network.
Q: I used to run a small education charity in the Morogoro region of Tanzania. We set up a few micro-enterprise income generation projects to support education in remote villages. How can small organisations like this, already operating in hard-to-reach areas, work with you to support your work and ours?
A: These are exactly the type of organisations we hope to work within rural areas! We want to connect schools with organisations (like yours and others) to encourage entrepreneurial opportunities, create jobs and long-term income.
Q: Over what timeframe do you expect to roll out the actual WMT product?
A: The deck includes a roadmap, but we plan to deploy the solution in Zanzibar to over 100,000 users by Q1, 2022. In 2022 we will expand across Tanzania and deploy proofs-of-concept in multiple other countries. The World Mobile Chain mainnet is planned to be completed by Q1, 2022.
Q: Will there be some time between the distribution of tokens and the start of staking in the stake pool?**
A: Yes, once the TGE is over, there will be several days of wait until the Early Staking Rewards Distribution Programme is open. We will announce everything via email and telegram, so make sure you've signed up to hear from us here.
Q: What is World Mobile's view on VCs and investors?
A: Our mission is to connect the unconnected. Unfortunately, existing institutional investors have not been able to bridge the digital divide over the last few decades, and with more services moving online, the problem has been increasing.
Our business model aims to provide a decentralised sharing economy that is demand-driven. We have designed the token launch and the token economy to reach as many token buyers as possible. While we receive a lot of interest from traditional VCs and crypto VC, if we accept their capital it's based on a solid strategic partnership and a shared vision. We aim to be inclusive and work with anyone who wants to achieve our mission.
Q: Can the barrier for entry be lowered? Minimum buy of 1000 WMT approximately $200 for the presale seems too high IMO
A: Unfortunately, the minimum purchase amounts are finalised. We have tried to make participating in the public sale as viable as possible for people from all different socioeconomic backgrounds.
Q: You mentioned in an interview that within the next 3-6 months you'll roll out off-the-shelf infrastructure to build a mobile network at a fraction of the cost. What happens if this is not possible for whatever reason? What's the contingency plan?
A: As we have designed the network to be hardware agnostic, we can use a wide variety of existing hardware in various combinations. By using "off-the-shelf equipment" that's proven to work from brands such as Ubiquiti, Motorola, Cisco, etc., we can offer services at a fraction of the cost compared to traditional MNOS. Not being intrinsically tied to one hardware provider has another advantage: We can avoid supply chain and logistic issues and swap out old pieces of hardware as the technology progresses and improves to newer hardware with ease.
Q: You're going to be using China's infrastructure layout, in particular the fiber rollout. Do they charge for the use of this? If they do, what's preventing them from hiking up the cost as more people begin to use it?
A: There are risks with any business; however, at the moment, there is a large under-utilisation of the fibre network in Tanzania, and the providers are looking for customers to use the capacity. Furthermore, any agreement would have an agreed term, and the prices are more likely to decrease than increase.
Q: To begin, you're targeting Africa, which has good levels of solar insolation, so solar panels are effective when used to power Air Nodes. What happens when you look to expand in countries with poor solar insolation?
A: World Mobile has a mission to be the greenest company it can possibly be. This includes incorporating circularity into our own business operations. We currently source second-life batteries for some of our rollout and recycle all lead batteries, showing our commitment to this mission.
In all countries we operate, we will have to rely on power coming from the utility company. The good news is that utilities are becoming far greener at an ever-increasing pace. For example, the UK grid used 35% renewables during the winter of 2019 - wind providing energy when there was no sun. On a windy/sunny day (16/06/2021 at 1615hrs for example), renewables provided more than 50% of all energy, and the rest came from nuclear (no carbon emissions - 20%) and gas (all the carbon is captured - 30%).
So we must ensure governments continue to encourage utility companies and their users to go greener properly.
Q: Will Micky bring some ☕️ and 🍰 for us to the AMA session?
A: World Mobile has a strict BYO ☕️ and 🍰 policy. We found postal services to be quite unreliable while handling delicate goods, the ☕️ was spilled during transport and the 🍰 was often squished. We do however encourage ☕️ and 🍰 to be enjoyed during the AMA!
Q: Aside from Input Output and Boson Protocol, who else are you partnered with?
A: We have many exciting partnerships and collaborations which we will share with the community in the coming months.
Q: The pilot is in Tanzania, but what other areas are being looked at if successful?
A: We are starting in Africa and currently rolling out our network in Zanzibar. We have many other African countries on our road map and are engaging with regulatory bodies in the relevant countries. Additionally, we have team members strategically placed worldwide, looking at pilot sites in all four corners of the globe, including South /Central America, Asia, Australasia, and Europe. It is in the name "World Mobile" - we will be a global telecommunication provider.
Q: Have partnerships already been developed with other cities/countries?
A: Yes! We have created strategic partnerships in many parts of the world to accelerate our global expansion rapidly, which we'll announce in the coming months.
Q: What were your biggest takeaways/learnings from the failure of Alphabet's Loon project?
A: To solve the problem, it's not just about money and technology because Google is a trillion-dollar company. It is about creating a sustainable model that works in Africa. You cannot use a model that extracts value from its users from their data. You need to provide a sustainable and profitable model that empowers people and creates an economy.
Q: How are these learnings being incorporated into your approach?
A: These learnings are the core of our approach with the sharing economy. Also, we aim to use proven technologies that make it affordable for users.
Q: Please elaborate fully on "the sharing economy". How exactly does it harness human motivations re: game theory?
A: We have been developing the sharing economy and tokenomcis over the last few years in collaboration with IOHK and Zero1 Capital and some of the founding team from Delphi Digital. The secret sauce will be demonstrated in our commercial deployment in Tanzania.
To learn more, read the White Paper, World Mobile Chain: A blockchain based solution to empower a sharing economy for telecommunication infrastructures.
Q: How will the KYC process be?
A: The KYC process will happen through the private vault via a third-party provider. It will require a government-issued ID, utility bill, bank statement rental bill, or a tax bill with your name and address on it. In addition, a video of yourself from the shoulders up. All of this will be done via the private vault on worldmobiletoken.com.
Q: Will you be looking for people to run Earth Nodes? What kind of setup effort would you envision for that?
A: We want Earth Node operators all over the globe. The more Earth Nodes, the greater the distribution and the more secure the network is. We have designed setting up a node to be as easy as possible for our community members, using a high-powered PC or Raspberry Pi and some Wimax equipment and a connection to the Internet.
We will be providing a list of hardware requirements and instructional videos, and subsequent documentation to make setting up an Earth Node as easy as possible.
Q: What type of coverage/customer base is there currently?
A: We have maxed out the network at approximately 50K customers, but as of yet, we have not gone commercial. Everything has been proof of concept and feasibility studies. We will now be rolling out a massively scaled version after proving our assumptions correct.
Q: In the (more distant) future, are there plans for World Mobile (the company) to go public on the stock market?
A: No comment. ;)
Q: Why does running an Earth Node cost so many tokens?
A: It's not a cost but a stake. To operate the node, you need to stake or get delegators to stake that many tokens to your node. But your tokens and the delegators are still yours, so when you decide to stop operating your node, you can dispose of them at your will.
Q: Can an Earth Node's reward increase when more than 100K WMT are staked? For example, 100K is minimum, slightly reduced rewards at 150K plus, saturation at 200K.
A: It can, and it will. The exact algorithm will be disclosed before the mainnet launch!
Q: Is the Yoroi wallet ok to receive the WMT, or do you need a Daedalus or other wallet?
A: Yoroi, Daedalus, and any other wallet supporting Cardano Native Tokens are okay.
Q: What do you consider as THE major success drivers?
A: The team, the sharing economy, and our shared mission to bridge the digital divide.
Q: What are the major risks?
A: When we first set out on the mission, the key risks were regulations, blockchain technology and challenges from other operators. To mitigate these risks, we have
Onboarded a top team for regulation, including the former Director General of regulations in Kenya, to guide us, and we are working closely with regulators to ensure they support our project
Partnered with one of the top blockchain engineering companies - IOG
Focused on the places where current operators cannot reach, so they work with us as partners instead of competitors
Q: When, how many, and at what price can I buy WMT in this early stage?
A: The token price during the public sale will be $0.20 USD. The public sale is scaled in maximum purchase amounts over a 6-week period. There is a minimum purchase amount of $200 USD.
- Week 0 (*)
- Week 1
- Week 2
- Week 3
- Week 4
- Week 5
* Week 0 is capped at a maximum of 25% of total public sale tokens.
Q: How much has been done on the World Mobile Chain side and how different is it from Cardano's mainnet?
A: World Mobile Chain is a permissioned side chain to Cardano.
It's currently in the development phase, and it's being built in close collaboration with Input Output who has a dedicated team working together with us.
Q: How will World Mobile try and differentiate from traditional crypto marketing strategies?
A: Traditional crypto marketing strategies are about potential future ideas and copying existing coins/tokens. We have spent over three years investing our own funds to deploy the proof of concepts and prepare for the commercial deployment. Our marketing strategy will be based on real-world solutions using blockchain. We hope it will go viral.
Q: How do you guys plan on educating communities that may not have a clue of what World Mobile is/how it operates?
A: World Mobile employs local ambassadors who travel to unconnected towns and villages to promote the sharing economy and educate the benefits it brings. In addition, instructions and maintenance material are created in local languages and distributed.
Q: How do I access my private vault?
A: Once the KYC opens, you will be able to create and access your vault on the worldmobiletoken.com site.
Q: How do you create a private vault on worldmobiletoken.com?
A: Watch this video by Los Cardano to see how to create your private vault and complete KYC: https://www.youtube.com/watch?v=VehqhLZphYI
Q: When can I create my private vault?
A: We're excited to announce you can create your private vault from June 15, 2021! We'll email you from [email protected] officially inviting you to create yours.
(Don't worry you'll have 5 days to create your vault and complete KYC before you can reserve your spot in the queue.)
Q: When does the TGE open?
A: We consider KYC as part of the TGE, so that means it opens on June 15, 2021. If you want to know when the reservation and purchase phase opens, then you will have to keep your eyes peeled for further announcements :)