Since the inception of blockchain technology by the mysterious figure Satoshi Nakamoto in 2008, thousands of projects are now using decentralized technology. Many teams worldwide are pushing the boundaries to innovate with this efficient technology – London-based ONEm is one of these players.
ONEm recently introduced a cryptocurrency which can be accessed by people without access to an active internet connection.
The technology leverages legacy telecom protocols on the top of a blockchain network, allowing people to use virtual coins by use of the SMS function.
With this coin, called mCoin, ONEm is targeting markets which lack infrastructural development and thus have a relatively small amount of internet penetration. The firm claims that out of 5.8 billion total mobile phone users around the world, 3 billion still do not have internet access on their phones.
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In the press statement, Christopher Richardson, CEO of ONEm, commented: “We are very passionate about the inclusive nature of our services as they consider the needs of billions of people who don’t have reliable or ready access to the internet.”
According to ONEm, mCoin can reach around 261 million mobile phone users around the world by way of ONEm-connected mobile networks in 13 different countries.
To protect the token from inflation, ONEm is also using a reducing supply algorithm, which will limit the supply of the mCoin token to 32 billion over the next 34 years. Users can use these tokens to carry out transactions with ONEm commerce services.
ONEm has been working on this technology since 2012, and finally, after solving the technical puzzle, the company has a working product.
Mr. Richardson added: “Non-Internet users will be able to access a virtual wallet via SMS, using the ONEm platform, giving them access to their mCoins and doing away with the need to access the internet or mobile data.”