The story of the Wi Coin
The Wi Coin was one such coin that began with the ambitious goal of bringing cryptocurrencies to the masses. Usually, people invest in cryptocurrencies to hoard them or use them as a speculative asset in dreams of hitting the jackpot overnight. However, the team behind Wi Coin wanted to give the average person a reason to use crypto in their daily life. They were sure they would bring mass adoption to the crypto market. CryptoWi was introduced to the world as the ‘killer app of the crypto world.’
Using this app, people could get rewarded for using WiFi. If you own a WiFi network, you could potentially make it available to other app users near your location. This would allow them to connect to your WiFi and use it for a short time, while you would get rewarded in the process with Wi Coins.
5,000,000 WiC coins were reserved by the team for distribution during the early stages to grow the user base. You would get rewarded with a 100 Wi Coins for every correct password that you upload using the app. After uploading the password, you would then have to set the rate for your network. If another user connects to your network, this is the rate that they would agree to pay you.
After the initial rewards have been exhausted, the system would run based on users transacting and paying for getting access to various WiFi networks present in the entire ecosystem. Since Wi Coin was tied to the platform, it would be the only currency that could be used on the platform, and that is how the founders hoped users would buy Wi Coin and use it.
Unfortunately, things didn’t go to plan, and while it didn’t go down in flames, it faded away over time. Adoption was scarce, and users were rare. Eventually, their website went down, the Twitter handle is no longer available, and the project went cold.
1 Wi Coin is $0.0002293, it’s market cap is $0, and the volume of a transaction has dwindled away to the point of extinction. It is a sad ending, but these are not uncommon in the crypto world.
Failed and Successful Cryptocurrencies
Who hasn’t heard the stories surrounding cryptocurrencies? There have been some inspiring stories, and some not so inspiring tales, but no matter where you live, you’ve probably thought about getting in on the action. A cryptocurrency is a digital currency and is governed by cryptography. There is no central authority in charge of issuing currency or revoking bad money; instead, it’s generated independently and has a unique set of rules.
Bitcoin was the first cryptocurrency and provided a working solution to the spending problem, and surprised most people. Since then, hundreds of cryptocurrency projects have been started. Some reached the heights of success, while many others faded away; and you couldn’t forget the fraudsters who wanted to fool people into investing their money. However, there have been many coins which have found success in the digital currency world, and continue to offer value to users.
- Litecoin(LTC) – This was one of the first cryptocurrencies to be launched after Bitcoin. Created by Charlie Lee, an MIT graduate, and former Google engineer, it uses a proof of work called ‘scrypt’ which can be decoded using consumer-grade CPUs. It differs from Bitcoin in that it has a faster block generation rate, and offers faster transaction confirmation.
- Ethereum(ETH) – Ethereum is a decentralized software platform that enables code to be executed on the blockchain using Smart Contracts, and without any interference or control by third parties. Ether is the platform-specific currency that is used to carry out transactions on the Ethereum blockchain.
- ZCash(ZEC) – “If Bitcoin is HTTP, ZCash is HTTPS.” This is one of the analogies they use to define themselves. Zcash crypto offers privacy and selective transparency of transactions with the sender, receiver, and amount of transactions remaining private. No data is published on the blockchain.
- Dash(DASH) – Originally known as darkcoin, this makes transactions almost untraceable. It was down to that feature why it gained an increasing fan following its launch in January 2014.
- Bitcoin Cash(BCH) – One of the earliest and most successful hard forks of the original Bitcoin. Issues of scalability led to the creation of Bitcoin Cash, with BCH increasing the block size to 8MB from that of 1MB of Bitcoin, allowing for faster transaction times.