FUNDING | Nigerian Web3 Startup, WiCrypt, Receives $150,000 Grant from Microsoft
source link: https://bitcoinke.io/2023/12/introducing-bitkey/
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Introducing BitKey, a Self-Custodial Bitcoin Wallet, Now Available in 21 African Countries – BitKE
Block, Inc., the financial company under the leadership of Founder and former Twitter CEO, Jack Dorsey, has officially initiated the pre-order phase for its latest self-custody wallet, BitKey.
BitKey aspires to redefine ownership and security standards for BTC holders globally. Making its debut in over 95 countries across six continents, BitKey is designed to empower users by offering straightforward and secure management of their Bitcoin holdings.
[WATCH] Introducing #BitKey by @blocks @jack pic.twitter.com/L5xAvLSpMR
— BitKE (@BitcoinKE) December 8, 2023
Most Bitcoin owners today opt for storing their holdings on custodial platforms or exchanges, ceding control to these intermediaries. BitKey seeks to provide an alternative custody solution by introducing a multi-faceted approach to self-custody, eliminating the complexities associated with traditional hardware wallets.
BitKey consists of a mobile application, a hardware device, and comprehensive recovery tools, catering to the needs of both experienced and novice Bitcoin enthusiasts.
“In the future, we believe customers will demand ownership and self-custody because it brings peace of mind, reduces dependence on any one entity, and puts individuals in control of their bitcoin. With BitKey, we are building a safe and easy way for people all around the world with different levels of experiences with bitcoin to take control of their finances on their terms,” said Thomas Templeton who heads the project team for the device.
Templeton previously indicated the team’s intentions to partner with companies providing on and off-ramps solutions to buy and sell Bitcoin across Africa.
BitKey stands out for its 2-of-3 multi-signature design, eliminating the necessity for lengthy and cumbersome passwords or seed phrases. This innovative system utilizes three keys to secure Bitcoin, mandating the use of any two keys to authorize transactions or execute security-related actions.
The wallet distributes two keys directly to users: one is integrated into the mobile app for seamless transactions and security management, while the other is securely stored offline within a hardware device. The hardware key not only bolsters security but also functions as a recovery mechanism in the event of a user losing their phone.
BitKey also has a third key stored on the company’s server, facilitating smooth mobile transactions and serving as a fail-safe option for wallet recovery in the event of device loss. However, BitKey’s 2-of-3 multi-signature design guarantees that the company cannot access or transfer a user’s Bitcoin without their explicit consent.
Across Africa, the product currently ships to:
- Angola
- Benin
- Burkina Faso
- Cameroon
- Côte d’Ivoire
- Ghana
- Guinea
- Kenya
- Madagascar
- Malawi
- Mozambique
- Niger
- Nigeria
- Senegal
- Sierra Leone
- South Africa
- Tanzania
- Uganda
- Zambia
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
__________________________________
WiCrypt Network, the decentralized mobile internet sharing and monetization network out of Nigeria, has received a $150,00 grant from Microsoft.
“We received a $150,000 grant from Microsoft. This grant will go a long way in expanding collaboration and improving productivity around our #DePIN development chain,” the company said on its X channel.
“Thank you Azure for the immense opportunity, and thank you @OVioHQ for the constant support and helping make this happen. We truly appreciate it.”
WiCrypt recently unveiled its first WiFi hotspots on the decentralized physical infrastructure blockchain, Peaq, allowing owners to earn tokens. According to WiCrypt, a decentralized physical infrastructure network (DEPIN) refers to a network of physical devices or resources distributed across various locations and operated in a decentralized manner.
The hotspot devices allow anyone to share their WiFi with others. Users also get to mine the WiCrypt Network Token ($WNT) while sharing their internet connection.
WiCrypt, which is led by Aronu Ugochukwu, who doubles as the CEO of Xend Finance, leverages existing physical infrastructure, such as Wi-Fi routers and access points in public spaces, such as cafes, restaurants, and hotels, to create a decentralised network of internet access points.
In a blog post, the company explains that users of the WiCrypt platform can connect to these decentralized access points to access the internet securely and privately. The platform allows individuals with spare bandwidth on their Wi-Fi routers to monetize their resources by sharing them with others. Users can purchase data vouchers from WiCrypt and redeem them to access the internet through these decentralized access points.
“The decentralised nature of the WiCrypt Network ensures that internet connectivity is available in a distributed manner, leveraging the existing infrastructure instead of relying on a centralized internet service provider. This approach can help expand internet access in areas where traditional connectivity options may be limited or expensive,” Wicrypt says.
Find out where all of WiCrypt’s Hotspot Hubs are located around the world here: https://scan.wicrypt.com/devices.
Follow us on Twitter for the latest posts and updates
Join and interact with our Telegram community
_________________________________________
_________________________________________
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK