First of its kind cryptocurrency to be accessible without internet, mCoin, launched by London-based telecommunications company, ONEm on Tuesday.
Excitedly, Christopher Richardson, CEO of ONEm notes that, “It is exciting to see so many people who share in our vision for an inclusive Cryptocurrency outside of the domain of the Internet. People from all over the world are participating in mCoin Pre ICO and taking advantage of the attractive bonus packages now available as they see tremendous high growth potential of a cryptocurrency that can reach this very big un-tapped market.”
With the launch of mCoin, over 3 billion people around the world who do not have access to the Internet can take advantage of the block-chain technology on their mobile devices with ease.
According to the telecommunications company, “mCoin is powered by ONEm’s global and scalable Platform and has the ability to reach billions of people around the world even through traditional mobile without the Internet.”
The cryptocurrency promises secured trade through SMS based virtual wallets powered without Internet connections. Its Users will be able to earn mCoins through “Pseudo-Mining”, which would be a “Proof of Work” based on meaningful activities.
Most cryptocurrencies use a proof-of-work system; A proof-of-work scheme uses a hard-to-compute but easy-to-verify computational puzzle to limit exploitation of cryptocurrency mining.
Although the cryptocurrency does not require internet access, it is not exclusive to SMS only, as the company states that millions of small businesses around the world will have access to mCoin through ONEm’s Sweb for Business, Market Place, mCatalogue and many social applications that use SMS and/or the Internet.
The first decentralized cryptocurrency (an encrypted, decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining) began in 2009 and these alternative forms of online money payments have penetrated the markets, garnering wide acceptance in many countries.