I’ve been using the Verizon Mifi for the last two weeks and am finding it a very nice portable solution when I’m away from home.  It allows not only me to gain access to the internet but up to four other users at the same time.

Well it looks like I might not need the Mifi after all.

MyWi, a recently announced application for Jailbroken iPhone 3G and 3G S users allows you to create your own mobile hot spot, just like the Mifi and let up to four users to share the iPhone’s internet connection to access the internet on their device.

Features:
- Create WiFi Hotspot to connect mutiple laptops or mobile devices to share your iPhone’s internet connection
- 40 bit and 104 bit WEP Security to prevent others from accessing your WiFi HotSpot
- Ability to enable USB and Bluetooth Tethering on your iPhone as well
- Broadcasts the Network Name (SSID) – no need to fuss with creating an adhoc network on your laptop
- Uses less battery and much faster then PdaNet due to native routing
- Shows up and down bandwith usage

What’s really neat is you don’t have to have tethering enabled from a custom ipcc either, you can enable tethering from MyWi itself.

You can learn more about MyWi on the developer’s web site.

Note:  Gear Diary assumes no responsbility if you get slapped with a $1,000 bill from AT&T for tethering without a proper tethering plan on your account.