Wednesday, August 21, 2019

ONEm Company Launches Offline Cryptocurrency In Africa

One essential item that investors and crypto-owners need in order to gain some cryptocurrencies is internet. Still, there are places wherein internet services are limited due to different factors. As a solution to this, ONEm Communications launches a digital currency that is meant for offline transactions such as transferring cryptos to another account without any usage of internet.

Interestingly, ONEm Communications is a company that deals with creating interactive content and applications without any interaction with internet services. So how do they do it?

Recently, the company launches mCoin digital currency. The main function of the currency is its ability to be transferred to another account using mobile phones via SMS text messages. According to the company, creating ONEm wallet is a secured method for saving mCoin due to its feature that doesn’t connect to the internet, which also means that having any interaction with third parties will be lessened when it comes to each transactions.

According to an interview with ONEm Co-founder and CEO Christopher Richardson in Bitcoin Magazine, he stated that blockchain is a great opportunity to connect people all over the world especially in regards with their banking statements.

Richardson came up with this idea and sees Africa as the perfect place for the launching of offline cryptos as he describes the country as having ‘tremendous reception’ with the technology. Also, Africa is known as a continent that has a massive number of population using mobile phones but little amount of internet usage due to the country’s limitations with data.

“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” he added.

Although, Richardson expects this plan to be a successful one, he also explained that the security of this method still depends on the user for the reason that once the device is taken control by other people, the security of the account may be easily hacked.

Related Article:  The 43 ICOs Opening This Week

For now, in order to earn mCoins, the users must participate in a “Pseudo-Mining” program in which rewards users points through their mining activity but ONEm assures its users that they will develop and enhance their technology for the larger mass soon. Furthermore, mCoin is now evident in seven African countries and its application is an achievement for the company.

 

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