ONEm Communications on Monday launched its mCoin across Africa. The cryptocurrency program uses “Pseudo-Mining” for coin distribution to the masses and works with and without the internet. On any mobile anyone can own, store, earn, trade mCoin using a revolutionary SMS Wallet.
As reported by the World Economic Forum there are more than 4 billion people without access to the internet. According to the World Bank, affordable financial services can be solutions to overcome poverty, reducing income disparities and increasing economic growth. Cryptocurrency technology has the potential to be part of the solution. It can enable 2.5 billion unbanked people to access financial services.
mCoin was created to empower the unbanked people. It provides affordable financial facilities such as electronic payment, current and savings accounts for the billions of unconnected and unbanked people globally.
The ONEmWallet allows people to send mCoins between one another by using only a ONEm name, instead of inputting a long wallet address. For the first time people will be able to transfer mCoins from an offline SMS wallet to digital app wallets. Many people can enjoy the security which is offered from a fully functional wallet that is essentially like an offline cold wallet.
Having blockchain technology accessible over SMS alongside real use applications is the first step in giving billions of unbanked people the chance to experience eCommerce on a basic mobile without the internet.