SID Limited connecting the world!

By: SID Limited
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GIBRALTAR - Oct. 2, 2018 - PRLog -- 1. What problem is your ICO project addressing?

One of the key factors in ensuring adoption of users on the "Share Internet Data" platform, or SID for short, incentivizing by paying them for the Megabytes of internet they share. Whereas most people are quite happy to share internet they receive for free, from public hotspots, they are a lot more reluctant to share their home Wi-Fi or their own Mobile internet unless they are paid for it.

The average amount required for a User to read his chats and emails, excluding videos, is around 10 Megabytes. Competitive prices as a typical benchmark go around 1 Gigabyte for 1 EURO / 1 $US. Therefore, to pay a SID user who shares his/her internet means to pay him/her 1 Cent EURO / $ 1 cent at minimum. As there is no credit card company or bank that is willing to offer API access and make millions of transactions for that small amount (because their cost & margin is higher than the amount to be transferred) we offer our SID solution based on blockchain technology making this possible.

2. What makes blockchain the ideal technology for solving this problem?

It´s not so much why blockchain is ideal but rather the traditional financial systems are unable to cope with our requirement of millions of transactions in the order of magnitude of $ 1 cent, clearing it in a matter of seconds and making it available to the recipient account for a negligible cost.

Unfortunately, even in the current blockchain industry most famous blockchains like Bitcoin and Ethereum also fail to deliver on those basic two parameters: (i)millions of transaction valued of around $1 cent at negligible transfer cost, (ii)consistent system transfer speeds of the order of seconds also at a negligible transfer cost.

Fortunately for SID our due-diligence on Stellar passed with flying colors. The Stellar Blockchain provides more than sufficient capacity for many millions of transactions at a cost of roughly $ 1 cent per 100 thousand transactions and this consistently in a matter of seconds.  Note : our own testing showed between 2 and 4 seconds.

3. Which key markets, industries or applications will benefit from the scalability of your technology or platform and how?

The SID market opportunity is massive, as it is combining both the smartphone and the Wi-Fi markets all in one.

Some market data: According to Statista, Smartphones numbers are outperforming public Wi-Fi hotspots by 5.3B to 0.279B meaning by more than 18 to 1. These figures clearly show the importance we give to Share Internet Data (SID) through smartphones as being the core of our SID platform technology accessed through our SID APPs and through our future commercial customers SDKs.

What SID technology is doing is enabling to add to the existing 279 Million current global public Wi-Fi hotspots a potential staggering 5.3 Billion moving hotspots on demand (meaning smartphones and tablets). That market opportunity already exists now in 2018 and is expected to keep on  growing!

Add to that the fact that still to-date globally, around 4 Billion people still have no  internet access. There is still 20% of the population without regular internet access in Europe and North-America, 53% in Asia and a staggering 65% in Africa. That in addition to the previous, shows the massive market potential: SID can carve a part out of these potential users and fulfill its mission to lift a certain segment of the 500 million people out of poverty through internet provisioning, provided sufficient funding can be raised and allocated in the coming years.

4. What is the best advice you have received from one or more of your advisors and why?

When measuring the best advice with the most impact to the team, this was the best one: "In current market conditions lower your short term fund-raising expectation without lowering your long term company expectations!" This way of thinking had a massive impact on our resource focus. Instead of focusing on the original Hard-Cap that needs to be adapted to the current market conditions, focus on using the Mid-Cap as the new Hard-Cap target at $15 million. Then re-focus on achieving the same long term goals with less short term funding (crypto/fiat) through partnerships with other ICO/ITO companies. That strategy will ensure that SID can be funded for the long term over the next 2 years, instead of trying to raise those long term funds in a matter of months which was the norm until recently in ICOs/ITOs. By doing so, we gained 2 years of time to achieve long term success and to raise the delta to the original old Hard-Cap over the next few years. This strategic move in no way compromised the company's long term targets.

It was an eye opener and proves that the right advice from experienced industry Advisors can have a powerful impact.

For more info:

Media Contact
Jose Merino, Chairman of SID Limited
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Tags:Blockchain, Crypto, Cryptocurrencies
Location:Gibraltar - Gibraltar - Gibraltar
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Page Updated Last on: Oct 02, 2018
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