mCoin, a cryptocurrency which works on any mobile with or without the internet, today announced the release of the virtual SMS wallet to thousands globally in the mCoin community who are keen to participate in this new technology.
Christopher Richardson, CEO of ONEm Communications, said:
“Connecting people with financial services is a key challenge in Africa. Our innovative service allows people to use an ordinary mobile for business and complex financial transactions. Soon we will be announcing significant government partnerships in Africa regarding support for the ONEm ecosystem.”
Unlike other tokens and cryptocurrencies, mCoin is taking a different approach with a technology that works outside the domain of the internet. mCoin’s Virtual Wallet provides the 3 billion who are unconnected, a way to participate in cryptocurrency.
Anyone with a mobile phone will be able to access the Virtual Wallet and interact via SMS interface. mCoins can be transferred to another virtual wallet owner by using ONEm’s global identity names instead of the traditional long cryptocurrency addresses. This approach aims to make exchanges more feasible and user-friendly.
mCoin’s Virtual Wallet creates credit card-like transactions that let users build their own credit history. These credit histories can be used for lenders to determine lower lending rates based on transaction merit.
To get a virtual wallet, customers will be able to join mCoin’s Airdrop Program and earn free mCoins. Anyone willing to own more will have to join the ICO and will be able to acquire mCoins at 3¢ before the price increases to 5¢ on June 3rd.