This Czech company has launched what it calls the world's first blockchain based mobile operator.
In this era when any shiny new thing simply needs to squeeze in the word "blockchain" to gain some credibility, the question is "what does an algorithm add to a mobile network"?
Maybe some of you are old enough (like me) to remember the tech bubble of the early 2000's when having a web presence "guaranteed" success. Spoiler alert - it didn't end well.
Miracle boats that it has "zero competition". I wonder if this means that they are the first mover or it indicates that it is not a great idea.
But what does a blockchain add? Obviously it could allow for the anonymous purchase of a SIM or the payment of bills. Mmm, not sure this is always a big problem for most cell phone users.
The blockchain does not play a part in the service provision. Miracle say that they have signed service contracts with local operators in many countries. Great, still don't see the need for the blockchain.
Perhaps an ICO then? Nope - Miracle says that it doesn't rely on an ICO "because of the diversification of its services and private investments". Okay - but it looks like they are having one anyhow. Miracle go on to say:
"By diversifying its services and offering the users to choose either to use its telecom services as if it was a common mobile operator or tokenize their assets and purchase mobile plans using TELE tokens, Miracle Tele protects itself from risks of closure as it usually happens with 90% of crypto projects who go for ICO but then disappear in less than a year because of technical inefficiency, misappropriation of funds, or lack of interest to their projects."
I have read this several times and do not really know what it means. It probably says that you can pay with a fiat currency or the TELE token but I am still not clear why this reduces the risk of ICO failure other than by reason of the fact that there is a real service that may attract customers.
Overall, Miracle may be a great company. I have no reason to believe that it is not. The gripe I have is, that the blockchain idea appears to be a bolt-on. It is like me saying that I am going to open a cake shop where I will sell my produce normally or you can buy CAKE tokens from me to then exchange for real cakes.
Perhaps I am becoming a grumpy old git but if you are going to sell me a cell phone or a cake, just tell me what you will do and for how much. Cut the Block-bull.