2 billion people in the world don’t have any bank accounts and around 4 billion people do not have access to any form of mobile internet because of its prices.
This is exactly where AirFox wants to tap in.
It wants to make internet affordable and for everyone out there without the restrictions of any type. It wants to create an ecosystem where carriers could not fleece users and users, in turn, could earn from the advertisers. Of course, in all of this process, the advertisers receive engagement.
Sitting here at my desk, I think of the genius behind AirFox and the win-win situation that they are hoping to create. And the best part of all this creation is that the co-founders Victor Santos and Sara Choi have utilized blockchain as its core technology.
Let’s delve into it deeper.
How AirFox works?
As I alluded to it above, AirFox works by giving something to every participant of its network: the users, advertisers, carriers, and the publishers.
- The users – The users are actually the main focus of the AirFox. By using the platform, they’d be able to buy airtime at an affordable rate, ask for micro-loans from other peers; of course, send and receive money, and earn it by interacting with the adverts displayed by the platform through their smartphones.
- The advertisers – They are the participants that will receive a greater engagement in return for investing in the platform. A larger chunk of that investment would go into the wallets of the users, of course, as they are the source of engagement.
- The carriers – AirFox aims at buying data in bulk from the carriers operating around the world, especially, in the under banked and under served areas. That would help them sell this data at an affordable price to the users, which can be termed as a milestone to provide cost-effective internet to everyone. What do the carriers get in return? Well, they get increased revenues as their customers show greater use of the mobile data. Besides this, the users could also purchase other services besides mobile data, and that, too, obviously, at a lower price than normal.
- The publishers – Any publisher that wishes to reach low income users and increase engagement on its apps or websites could benefit from the AirFox platform. It could integrate with the system and through in-app purchases generate greater revenues.
As you can see, AirFox completely taps into the under served market through affordability and a sense of everything for everyone. But that wouldn’t have been possible without the use of the blockchain technology.
The role of blockchain
AirFox is a two-sided coin. It’s one side is all about providing users with access to affordable internet and the second one is about letting them have access to financial services without having a bank account.
This means that every user, anywhere could send and receive money, and also secure micro-loans from peer-to-peer interaction. And this is where blockchain has a role.
AirFox is based on Ethereum; and therefore, it has its own token called the AIR or the Airtoken. By eliminating the need for credit cards; and thus, banks, it provides an easy P2P way of monetary interaction through AIR.
So, I am in a position to say now that Airtoken is the main driver of all the interactions that would take place in AirFox.
Based on the Ethereum’s ERC20, the Airtoken is both the incentive mechanism of AirFox and the transaction medium. Through this token, the platform would enable average users to have access to financial services even if they are under served or under banked.
- They would be able to send and receive money in AIR,
- They’d buy mobile data with AIR,
- They’d secure micro-loans through AIR,
- Advertisers would pay them in AIR, and
- They’d make in-app purchases by using their AIR.
So, to sum up,
AIR would have to be utilized in every transaction made on the AirFox platform.
What about earning the AIR?
I did mention above that the AirFox not only allows users to have an easy way of spending but it also grants them easy ways of earning, through AirFox Browser.
The technology behind AirFox is an innovative one. That could be sensed in the way the founders have come up with the AirFox Browser.
By using the browser, users would have free reins in interacting with the ads featured on it or not. If they wish to interact with the ad, they’d be paid accordingly and vice versa.
Besides this, AirFox Browser would serve as the market for AIR where users would buy AIR using their local currency.
While these features are drool-worthy, what really makes the browser worthwhile is its ability to zero in on the necessary, meaning that it tracks unnecessary data usage, blocks it, and directs it where it is needed. This is how it lets users save their data without delving into complex processes.
AIR Spotting is the name given to the micro-financing through the platform of AirFox. It lets every user have access to capital by some simple taps on his/her mobile screen.
However, in order to be able to secure loans, he/she would have to pass a certain threshold of “trust”, which factors from user’s behavior within the AirFox app, the balance user has, transactions made, the browsing history, user’s engagement with the ads displayed on the AirFox, contacts, social network, and 3rd party data.
That is for those who already have spent a minimum of 90 days on the platform and have made transactions worth 1,750 AIR. And there are penalties for not being able to refund the AIR spotted as well.
With all these features and promises for the under served and the unbanked, I believe AirFox will totally disrupt the micro-financing banking system and also change the way carriers devise their data plans. In fact, it has stepped into the market of Brazil and it is only a matter of time that we’ll see it rising beyond our expectations. So, don’t just sit there and do nothing, download the Airfox Android app and join the community!