mCoin launched in Africa, Cryptocuurrency to work without Internet

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London based ONEm Communications has announced the launch of their cryptocurrency mCoin. This is a revolution in the market of the already pre-existing cryptocurrency.

This being said the mCoin concept in lieu of the fact that there are places which still don’t have any stable internet connection to none at all. The new introduction to the field will allow places without the connectivity issue to still deal and continue with their cryptocurrency transactions.

The new program to introduce this new cryptocurrency will be Africa and has already been initiated. This is to make the transactions still accessible over phone text messages and even via Smartphone App. The whole wide world of emerging cryptocurrency and the new addition makes it more usable than ever before. People can be more secure about it and ensure their money is always safe.

Africa is a continent with millions of people who have access to mobile phones but little to no internet connectivity. ONEm wants to bring the benefit of cryptocurrency to millions of the unbanked in Africa through the mCoin program.

ONEm Communications

ONEm Communications is a tech startup that focuses on developing advanced platforms supporting an ecosystem of services. The ecosystem is a set of interactive services that seeks to transform the way people communicate and access information on mobile.

In an interview with Bitcoin Magazine, ONEm Co-Founder & CEO Christopher Richardson said the reception for the mCoin in Africa has been “tremendous.” He believes the blockchain can be combined with mobile technology to connect the unbanked in Africa.

“We believe when combined with informational and community-based services; this can leverage their happiness by giving them simple and effective tools that extend their capabilities. Africa is just the beginning; we will be launching in many countries all over the world to allow everyone to enjoy cryptocurrency on ordinary mobiles.”

Crypto Wallet

The ONEm Wallet is among of the digital wallets but with an advantage. The users of the mCoin community can easily make transactions among themselves. The username is the wallet identity and the text messages are the medium to make the transactions happen. It’s more secure as it won’t be connected to the internet. And, would certainly work as a cold storage wallet. Users can also send mCoin from an offline SMS wallet to the digital wallet. Mr. Richardson, who has experience in the telecommunications sector, explains how the SMS wallet is secure as it’s not connected to the internet.

The SMS wallet is configured to work with a set of shortcodes that provides options to the user, such as sending mCoin and viewing the wallet address. According to the company, users can send to another SMS wallet or to a digital ONEm Wallet using the shortcodes.

While Mr. Richardson believes the funds in the offline SMS wallet are secure, there is still a high risk of losing the tokens if the registered phone happens to fall into the wrong hands. Also, unlike hot digital wallets, the SMS wallet doesn’t have the capability to enable two-factor authentication, which acts as an extra layer of security for these wallets.

Earning and Trading mCoin

For now, users can only earn the cryptocurrency by participating in a “Pseudo-Mining” program — a form of mining activity that rewards its users for their activities on the platform with points (mPoints), which would then be converted into mCoin. The company plans to also add an option for users to purchase mCoin with their phone credit in the future.

Mr. Richardson says the users will be able to trade their mCoin on both local and global exchanges, but he refused to mention any other cryptocurrency names. mCoin has a growing community of over 80,000 users, and it currently operates in 7 African countries.

mCoin is not to be confused with M-Coin, the mobile payment solution for web and mobile devices.

One can learn more about mCoin here.

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