GIANT Protocol is pleased to make its public debut with the announcement that it is developing a Web 3.0 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.”
As mentioned in an update shared with CI, 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 stated;
“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.”
Gupta added:
“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 established with the goal 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 announcement also mentioned that 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.”
The team at GIANT envisions or aims to turn 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, remarked:
“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 ongoing development, the initiative has hired a team of experienced executives hailing from Juniper, Salesforce, HackerOne, Roku, Mobile365, and others.
The team has collectively secured $200M+ in the past and has “generated $10B+ in value.”
They have over 100 years of collective experience from sectors “including telecoms, security, and consumer tech.” GIANT has also entered agreements with ‘”some of the largest telecommunication providers in the world,” the update revealed.