The London-based ONEm Communications has launched the so called mCoin, a “pseudo-mining” program on the oldest continent.
The mCoin is distributed to people through the method of “pseudo-mining”, meaning that users can receive the coin if they do something good for the society. For now, the company gives people the coin by making them text #mine to their UK number.
The truly amazing thing about mCoin is the fact that it does not need internet to function as people get the coin through sms. This is actually the very first SMS cryptocurrency wallet in the world.
Upon signing up for the coin, all users will receive 100 bonus mCoins, their very own SMS wallet and will receive additional mCoins for referrals to friends and family.
The idea of creating an “internet-free” cryptocurrency is truly a revolutionary one. Since there are so many people, especially in Africa, who do not have access to the internet, giving them an alternative will be of great use to all.
The primary goal of mCoin is to serve as a digital tool for the unbanked people, or those, who do not have a bank account. As reported by the World Economic Forum and Africa Newsroom, more than 4 billion people do not have access to the internet, and more than 2.4 billion are without access to basic financial services, like a simple bank account.
mCoin will serve as a wallet that can be used by people “offline”. What is more, the exchange of mCoins will be rather easy, as users will only have to type the ONEm name to send or receive the coin. There will be no need of long wallet addresses.