ICO of the week: IUNGO
Project name: IUNGO
What’s it about: blockchain network aimed at making Wi-Fi access secure and reliable
Token time line sale: 07/12/2017 – 31/01/2018
Project target: hard capitalization 64 mln $
About the project:
The IUNGO company is a Wi-fi service provider that suggests users to public wireless internet on premises or run parts of the service infrastructure. The platform will have a network with proving end-user authenticity, identification. The IUNG project also plans to install its own billing system.
On practice founders of the project offer anyone to become internet service providers locally and get rewards for providing internet access. In this way IUNGO will create a global internet network of access points that will be used from individuals like gamers or travelers to small businesses, airbnb hosts or coffee places.
In this way founders of the project want to disrupt the global internet service providing market and make competition to such giants as the Verizon.
Features of this ICO:
The minimum target of the project is 800 k$. The soft cap is quite modest. Its pretty clear that IUNGO would undoubtedly disrupt the market in the first year, but it can certainly take its niche in the future.
The platform will charge a 3% of transaction fees. An additional 1% will be transferred to the operator, while the rest will be transacted to the local provider.
The payments will be made in the ING native tokens, generation of the tokens will begin early next year. The alpha version of the project will only be released in June 2018.
Risks of investing in the project are relatively high, major return investments are doubted. The project has some strong competitors from Hotspot to Boingo.
The origins of the team are Lithuanian. The founder is Ricardas Bernotavicius, he was previously involved in Medical tech companies and international IOT projects. Paulius Sirevicius and the COO of IUNGO. The CTO of the provider is Andrius Macys, he has over 15 years of experience in engineering management.