Cut and paste of a press release that appears to be a monetized reinvention of TOR using your phone’s unused mobile data, blockchain, and I’m not entirely sure but it feels a little like someone came up with a reward system to make a completely decentralized internet.
It’s an interesting read, and I should put talking head commentary here but no. Too many questions. You can see a lot of their pitch on the GIANT Protocol website.
Bandwidth as Currency – GIANT Protocol Aims to Connect the World with Decentralized Economy for Internet Connectivity
The GIANT protocol is transforming bandwidth into a global, digital asset.
San Francisco: (November 23, 2021): GIANT Protocol is delighted to make its public debut with the announcement that it is developing a leading-edge web3 protocol to decentralize and democratize access to the internet and financial services. The tokenized bandwidth platform will allow anyone with a mobile phone to access the internet and earn rewards based on their connectivity. GIANT Protocol is in an advanced stage of development with an experienced founding team and a well-established network in the telecom sector.
Suruchi Gupta, Founder and CEO commented; “The world needs a simple, intuitive and practical way to bring blockchain and web3 benefits to the masses. GIANT was set up to address this through the creation of a global telecommunications layer built on the blockchain that turns our phone numbers into wallets and mobile minutes and mobile data into real world value for users.
There are more than 5bn mobile phone users that spend more than $2 trillion to access broadband and mobile internet every year. By transforming bandwidth into a virtual currency, GIANT makes it easy to use, own, acquire cryptocurrencies and access new web3-based financial services. With only 220 million worldwide crypto users, GIANT will provide an on-ramp for earning and consuming crypto-based rewards for unused airtime.”
GIANT (Global Internet Access Network Token) Protocol was founded with the ambition of launching a decentralized connectivity economy that can address multiple challenges in the telecom industry. Firstly, that access to the internet and financial services is more than just a human right – it’s critical for humanity over the coming decades as we try to find our way to a more just and sustainable world.
The conventional model to build a Global Connectivity Economy would require multiple competing mobile network operators (MNOs), banks, as well as governments with conflicting interests to co-operate, making it practically infeasible to exist. We envision turning internet connectivity into a digital asset and creating a new web3 layer, which will align incentives of all parties, enables the formation of a Decentralized Connectivity Economy that is open to all, seamless and secure by design and governed by the community.
Merijn Terheggen, Co-Founder and COO, said: “Decentralized protocols offer significant promise to create a more inclusive and global economy as well as enabling and incentivizing the sharing of resources such as bandwidth. However, compared to the relative ubiquity of the internet and smartphones, decentralized platforms currently remain inaccessible due to the knowledge and technical gaps for non-users of digital currencies.”
He added: “GIANT Protocol’s decentralized connectivity economy aims to create a unified solution to these disparate issues. The project partners with telecommunications companies and connectivity providers worldwide to create a new distributed connectivity economy that tokenizes bandwidth. As such, GIANT will serve as a global enabler of decentralized financial services via connectivity as a digital asset of value, in a way not possible using the current centralized economic systems.”
As part of GIANT’s development, the project has also hired a world-class team of executives hailing from Juniper, Salesforce, HackerOne, Roku, Mobile365, and others. The team has collectively raised $200M+ in the past and has generated $10B+ in value. They have more than 100 years of collective experience from sectors including telecoms, security, and consumer tech. GIANT has also closed agreements with some of the largest telecommunication providers in the world.
The company will announce further developments in the coming weeks.