logo

3air: the link between connectivity and banking

3air 18

Developing countries are in need of affordable, freely accessible infrastructure to empower its citizens and connect them to the global economy. Both internet and banking services are underprovided, which are both barriers to the global economy. 3air aims to revolutionize Africa’s internet and banking industries using the SKALE blockchain and proven hardware.

Being without a bank is a huge burden for any individual hoping to get on their feet. Banks provide a way to pay for goods and services, provide customers with loans for themselves and businesses, and overall improve the quality of life for any person. In Africa, 57% of people go without any form of bank, preventing them from accessing any form of financial service they could use to improve their lives. This number includes both on the ground and mobile banking.

Banking is not only restricted to on-the-ground locations. Online-only banks, or similar financial services, do exist. However, internet access in Africa itself is also severely unavailable. In 2019, only 0.58% of Sub-Saharan Africans had broadband access, as cities were planned without the inclusion of underground cables. Mobile internet service is also similarly unusable; 73/100 people had mobile subscriptions, but a low 20% of those users had internet access, as most mobile towers are 2G or 3G hardware.

3air aims to solve both of these issues through proven technologies. First, there is the hardware portion. The company will build wireless mesh base centers using K3 Telecom’s Last Mile technology. These centers have a huge range, nearing 50 km, and have already been shown to work, as they’ve been deployed in nine different countries, three countries including Africa. Using these base centers, 3air will be able to cover even the continent’s most remote regions.

Providing the centers for wireless internet is only the first part. 3air will offer subscriptions through NFTs. They are decentralized tokens, allowing users to sell or transfer their tokens as they please without canceling contracts. The company’s tokens are also community-based, allowing users to vote on future plans for what would help them best while having a loyalty and rewards system. These tokens also provide more services, such as microloans and crypto wallets, helping solve the bankless crisis. The company will establish on-the-ground centers for its services and educate customers on Web3 topics to onboard new users.

3air’s use of the SKALE blockchain allows the company to provide its services for the cheapest cost and fastest transfers. The blockchain has low gas fees, reduces processing costs, and is scalable; perfect for a growing system on the African continent. The company will begin rolling out its services in 2023, with a roadmap to expand over the course of a few years.

Related News

Hot Stories

Bank of International Settlements green signals CBDC
Robinhood partners with Polygon to test Web3 waters. Here’s how
Neo price analysis: NEO moves sideway at $8.43 as bears strive for control
Vechain price analysis: VET loses 7 percent as the price function deflates to $0.0220
Cardano price analysis: ADA crashes below $0.4300 as bears charge through

Follow Us

Industry News

Bank of International Settlements green signals CBDC
Robinhood partners with Polygon to test Web3 waters. Here’s how
Shark tank's Kevin O'Leary advice to investors
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
What is happening with Nexo?