The blockchain-powered mobile network infrastructure provider World Mobile said today it’s launching a new token buyback program as part of its plan to incentivize participation in the project.
Under the program, World Mobile’s decentralized treasury will seek to purchase its native cryptocurrency $WMT from the open marketplace.
World Mobile is building an entirely new and global, decentralized mobile network from scratch that’s based on blockchain and powered by renewable energy and the sharing economy. It’s aiming to create a superior mobile communications infrastructure, outside of the one delivered by traditional mobile network operators.
One of its key aims is to establish last-mile connectivity in the numerous underserved regions of the world, such as sub-Saharan Africa. To do this, it’s creating a hybrid network that meshes together unlicensed spectrums such as free-space optical communication (FSO), Citizen’s Broadband Radio Service (CBRS), Wi-Fi and TV Whitespace (TVWS) using off-the-shelf hardware from brands such as Asus, Cisco, Ericsson and Motorola. Because World Mobile’s network is built entirely on unlicensed spectrum, it’s much lower cost than traditional network.
World Mobile is building out its network by encouraging businesses to set up network nodes across underserved regions. Users can contribute in a variety of ways, by running a node, connecting to other nodes or staking to secure the network, and in doing so they can earn $WMT token rewards.
However, the network is just one aspect of World Mobile’s mission. Its second major goal is to extend financial inclusivity to the unbanked with Atala PRISM, a self-sovereign identity protocol that can be used by people without a formal ID.
The token buyback program therefore serves a number of purposes, giving the World Mobile treasury access to a large pool it can use to pay rewards to those who support its network. At the same time, the program should help to support the value of $WMT, meaning that those rewards are actually tangible and worthwhile. The treasury will fund the token buybacks through revenue it collects from its network operations, which launched in East Africa earlier this year.
World Mobile’s chief executive Micky Watkins said the token buybacks reaffirm the project’s commitment to both token holders and network operators, who play a key role in supporting its network. “By repurchasing World Mobile Tokens from the open market, we aim to build a sustainable sharing economy for all our participants,” he explained. “We believe that executing on our business model and initiating buybacks from real world revenue is a large step towards mass adoption and strengthens the overall stability and utility of the World Mobile ecosystem.”
Perhaps the best news is that this is not just a one-time thing. World Mobile carried out its first large-scale buyback of tokens on May 29, and it plans to continue regularly buying back tokens, with greater and greater frequency as adoption of its network grows.
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