Led by industry veterans from Telstra and Stripe, Readii launches in Australia to create a new market category for web3-enabled telecommunications.
Sydney-based disruptor telco Readii is launching its web3-enabled Internet service, which allows customers to earn cryptocurrency while browsing the Internet.
The launch of Readii seeks to bridge the concepts of web3 and cryptocurrencies with home internet services and above all, deliver emerging technologies to the masses.
To get into the world of web3, users typically have to first pass through a cumbersome onboarding experience, which entails an understanding of complex language and a relatively new technological paradigm.
Recognising the frustrations that stem from such an experience, Readii intends to make web3 ‘simple and real’, removing barriers to entry such as lengthy cryptographic keys and high gas fees.
At the centre of this pursuit is the company’s proprietary Web3-powered router, which in addition to providing internet access, is capable of storing a customer’s private cryptographic key, thereby making any cryptocurrency transaction conducted on the network seamless.
The router also incorporates security features like multi-party computation (MPC) to ensure that this key is never misappropriated or lost.
$RDI and customer rewards
In exchange for usage of the network, Readii offers its customers a 10 per cent revenue share of its native token, $RDI – a type of cryptocurrency which they can either use to reduce the cost of their monthly internet plan or withdraw as cryptocurrency rewards. The Readii token can be swapped with bitcoin and ether, and internet plans can also be paid in cryptocurrency.
Customers will also have access to a router-compatible mobile app, where they will be able to spend their tokens and manage their web3 identity from personal devices.
The company serves as the second web3 venture of co-founder Daniel Li, who also sits on the founding team of Stables, enabling users to make real-world payments with their stablecoins through the company’s own digital Mastercard.
Prior to this, he founded ReadiiNet and ReadiiTel — IT and technology companies in Australia.
Mark Collins, Readii’s second co-founder, is a former employee of Stripe, Zip Co and SiteMinder who joins the team as chief product officer.
Getting involved in web3
“The telco sector is ripe for disruption and innovation,” comments Li. “With the operation of the NBN Co network in Australia and similar infrastructure in other countries, there is very little differentiation of services offered by ISPs, until now. We’ll be able to bring real monetary value to clients in Australia by utilising the capabilities that web3 has to offer.”
Collins added: “Readii is a tangible way for customers to get involved in web3. This isn’t just internet and earnings for the crypto natives of the world; it’s for everyday people who want to better understand and participate in the emerging technologies fast becoming an inevitability of our times.”
Readii will be fully deployed across Australia by June 2023, with token airdrops announced closer to the launch date. $RDI is set to be released in the upcoming months alongside support for other cryptocurrencies.