Crypto is changing the way people connect to the Internet
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Crypto is changingthe way people connect to the Internet
Smartcontract capabilities changed the world of crypto for the better.With new use cases, emerging services on decentralized networksenable a future where the internet is more equitable and accessible than everbefore.
For manypeople living and working in places with high internet penetration rates, fastinternet connections are a given part of everyday life. Any device youhave can connect to Wi-Fi or broadband, whether it be a phone, tablet,computer, or any other Iot device.
You pay fora subscription for your home internet and your cell, which mayeven be bundled in the same contract. In those countries, especially inmetropolitan areas, the internet just works, and you can connect nearlyanywhere.
Connectivityin African countries
The samecannot be said for connectivity throughout Africa. Only 22% of Africa hasinternet access, which is significantly lower than most other places throughoutthe globe. Urban and coastal areas are often the only places withgood internet access, and wireless access is expensive throughout thecontinent. Even if you have internet service, it can be notoriously unreliable,or simply slow and outdated.
Thereis an increasing number of companies trying to bridge this gap. A companycalled 3air is working to bring high-speed, broadband internet access toAfrican nations and onboard nearly 1 billion unbanked, unconnected individuals to the web3space. The company is one of the many start ups using smart contractsin traditional industries.
3air aims tobring Sub-Saharan Africa’s internet development up to modern standards. UsingK3 Telecom’s Last Mile technology, it will deploy internet centers in majorcities across the continent. According to the company, this technology hasalready been proven to work and deployed in nine countries across threecontinents.
When NFTsare used as a subscription model, the customer buys a token, and that tokenprovides them with internet service. Users can use the token as they please; ifthey no longer wish to pay for the service, they can sell it on a decentralizedmarketplace or transfer it to another owner, such as a family member.
Solvinglocal challenges with global solutions
In addition,3air’s blockchain has community-focused tokens, which allow subscribers to voteon what they want their money to be spent on, giving them a direct voice forthe development of their community.
Africa isplagued by another issue; the significant portion of unbanked individuals.Paying for services, obtaining loans, and saving money is much more difficultwithout a bank. In Africa, 350 million individuals do not have access to anybank, including mobile banks.
With this inmind, 3air aims to offer decentralized financing on its blockchain throughmicrofinance. This microfinance will give users checking and savings accounts,provide small loans for businesses to get on their feet and give customersbusiness education to further their own ventures as they desire.