Xiaomi Launches its Blockchain-based WiFi App
April 19, the Chinese smartphone manufacturer, Xiaomi, has launched a blockchain-based App named Xiaomi WiFi Chain in the App store. According to Xiaomi, this App uses blockchain technology which allows users to earn “Mili” to gain a prize.According to Xiaomi’s official website, the Xiaomi WiFi Chain App could provide “the value of internet usage” through blockchain technology. Users only needs to bind a WiFi, and the device connected to the WiFi would provide “growth factors” for them. The more devices are connected, the more “growth factors” they would get. The so-called “Growth Factor” may produce “Mili” for users which could be used to purchase prizes. The App is currently under test and the prizes includes F Code and the Crypto Rabbit.
Xiaomi was founded in 2012 as a telecommunication provider and it now ranks in No.4 among domestic suppliers in China. The industrial giants includes Samsung and Huawei have put lots of efforts in blockchain technology usage. It is not surprised that Xiaomi eyes on developing blockchain within its ecosystem.
In this brand new App, the core components are the Growth Factor and the Mili. The main role of the Growth Factor is to calculate the daily amount of Mili users may gain and the concept of Mili is much easier to understand. It plays a similar roll as virtual currency which could be used to purchase prizes, but according to Tang Mu, the vice president of Xiaomi ecological chain, “Mili is not a token, but a minimal decentralized accounting unit.”
Mili has several characteristics. First of all, the daily output is fixed; secondly, it will be allocated based on the ratio of the amount of Growth Factors held by the user across the entire network. For example, the daily output of Mili is 6, a user’s Growth Factor is 2, and amount of Growth Factor on the entire network is 3, then the user could get 4 (6*2/3) Milis.
Tang also claimed that the “WiFi Chain” is not equals to “Blockchain”, its only a small application based on blockchain technology.
At present, users can purchase the Android version in the App store and the ios version is still under testing.