ONEm Communications Bringing the mCoin Program to Africa
London-based firm ONEm Communications is bringing cryptocurrency to those without the internet as reported by Africa Newsroom Group. mCoin is a hybrid cryptocurrency that can be transferred over text or via the smartphone app.
Africa has the largest volume of unbanked citizens as published by the World Bank Group through the Global Findex Database 2017. Globally there are 1.7 billion adults that are unbanked without access to services provided by financial institutions. The majority of these are living in developing countries that may not have access to the internet for buying or selling crypto.
ONEm is addressing the barriers preventing people from accessing financial services with the development of the mCoin, a hybrid cryptocurrency. There are reportedly 5.8 billion mobile phones in which 3 billion are without the internet. By developing this coin ONEm Communications can reach these users and provide them with access to blockchain technology.
mCoin won’t require the internet for users to store and transfer coins whilst providing applications on the network to buy and sell crypto. Other existing applications will be part of the ecosystem, such as selling crypto for services. ONEm are working hard to onboard service providers to generate user cases whilst developing the project.
The project provides a virtual wallet via the app but allows users without the internet to store, send and receive mCoins using their standard phone. These users can send coins via SMS messages which only require a name as oppose to a receive address. Users storing their tokens on their phone without access to the internet benefit from an extra layer of security as unauthorised access via mobile authentication cannot happen.
Most cryptocurrency projects are developing blockchains that address limitations and increasing efficiency but require the internet to perform their decentralised protocols. ONEm Communications is a rare project that is addressing the reach of financial institutions to increase accessibility and inclusion regarding the technology they have access to.
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