Readii upsets Australian telco with web3-enabled Internet service that lets consumers earn money while browsing. Telstra and Stripe experts use their unique Web3-powered router to remove entrance hurdles.
Readii launches in Australia with the goal of establishing a new market segment for web3-enabled telephony, driven by industry experts from Telstra and Stripe.
The web3-enabled Internet service from Sydney-based disruptor telecom Readii is now available, enabling users to earn cryptocurrency while using the Internet.
The introduction of Readii aims to bring developing technologies to the general public while also bridging the ideas of web3 and cryptocurrency with home internet services.
Users often have to go through a lengthy onboarding process before entering the world of web3, which requires comprehension of a sophisticated language and a relatively new technological paradigm.
Readii aims to simplify web3 by eliminating entry barriers such as complex cryptographic keys and high gas costs. This recognition of the challenges faced by users in this space drives their mission to make web3 more accessible and user-friendly.
The company’s patented Web3-powered router, which in addition to providing internet access can store a customer’s private cryptographic key and facilitate seamless bitcoin network transactions, is at the center of this endeavor.
The router uses multi-party computation (MPC) to protect this key.
Customer incentives and RDI
Customers of Readii receive a 10% revenue share of the company’s native token, $RDI, which they can use to lower the cost of their monthly internet service or withdraw as cryptocurrency rewards, in exchange for using the network. The Readii token can be exchanged for bitcoin and ether, and cryptocurrencies can also be used to pay for internet plans.
Customers will also have access to a mobile app that works with routers, where they can use their tokens and take care of their web3 identities on their own devices.
The startup, which allows users to utilize their stablecoins to make real-world payments through the company’s own digital Mastercard, is the second web3 initiative of co-founder Daniel Li, who was previously a member of the founding team of Stables.
Prior to that, he launched the Australian IT and technology businesses ReadiiNet and ReadiiTel.
Second co-founder of Readii and previous employee of Stripe, Zip Co., and SiteMinder Mark Collins joins the group as chief product officer.
Participating in web3
Li believes that the telco sector is ready for disruption and innovation. Due to Australia’s NBN Co network and similar infrastructure in other countries, ISPs’ offerings are similar. By leveraging web3’s advantages, we can offer genuine financial value to clients in Australia.
Collins emphasized that Readii is a practical means for customers to participate in web3. It is not just about the internet and cryptocurrency enthusiasts; it is also for regular people who want to learn more about and engage with emerging technologies that have become a rite of passage in our era.
By June 2023, Readii will be fully rolled out in Australia. We will reveal token airdrops closer to the launch date. Additionally, we are planning to release $RDI and support for other cryptocurrencies in the coming months.