mCoin White Paper v2.0 (20-04-2018)
This is an updated version of mCoin White Paper v2.0. It includes revisions from community feedback,
business strategy refinement, and legal counsel advice. This is the latest version of the White Paper,
superseding any previous versions.
The White Paper will continue with revisions to reflect feedback and new functions.
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Table of Contents
1 Introduction......................................................................................................................... 5
2 Company Proﬁle & History............................................................................................... 9
3 Introducing mCoin............................................................................................................. 14
4 Business Model................................................................................................................. 16
5 mCoin Use Cases.............................................................................................................. 22
6 Technical Solution............................................................................................................ 23
7 Timeline & Roadmap........................................................................................................ 26
8 mCoin ICO........................................................................................................................... 28
9 The Leadership Team....................................................................................................... 29
10 The Challenges.................................................................................................................. 30
[email protected] | www.ONEm.com/mCoin
Please read this disclaimer section carefully. You should consult your legal, financial, tax or other
professional advisor(s) before taking part in the ONEm mCoin ICO. For full terms and conditions of the
mCoin ICO, please visit onem.com/mcoin/ico.
The information in this White Paper may not be exhaustive and does not imply any elements of a
contractual relationship. While we make every reasonable effort to ensure the accuracy of the
materials in this White Paper, they must not be constituted as professional advice and must be used
for reference only.
ONEm does not guarantee and accepts no legal liability whatsoever, in relation to the materials in this
White Paper. Investors and potential mCoin purchasers should seek appropriate independent advice
before taking any action.
ONEm undertakes no obligation to act on behalf and in the interests of purchasers in the ONEm
mCoin ICO. ONEm does not act as a tax agent for the purchasers and/or any third parties in the ONEm
mCoin is not intended to constitute a security in any jurisdiction. This White Paper does not
constitute a prospectus or an offer for a security in any jurisdiction.
ONEm Communications specifically disclaims liability for incidental or consequential damages and
assumes no responsibility or liability for any loss or damage suffered by any person as a result of the
use or misuse of any of the information and/or on the onem.com website.
In no event shall ONEm Communications be liable to purchasers of ONEm mCoin ICO sale and ICO for
any special, indirect, incidental, consequential, exemplary or punitive damages (including lost of
anticipated revenues or profits and failure to realise expected savings arising from any claim relating
to the mCoin ICO sale and/or services provided by ONEm Communications) whether such claim is
based on warranty, contract, tort (including negligence or strict liability) or otherwise or likelihood of
Purchasers are not eligible to participate in ONEm Communications mCoin ICO if they are a Citizen of
the United State of America or the People’s Republic of China.
If you are interested in participating in the ONEm mCoin ICO, please visit our website at
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ONEm is introducing a new cryptocurrency that works without the Internet. mCoin is a cash like
Blockchain payment system. It has a unique debit card like feature of recording transaction details. It
is available to everyone with or without Internet access, with strong focus on the emerging markets.
The Internet has revolutionised many industries. It has become a global means of communicating,
learning, and trading without borders. Yet, it is not ubiquitous, with billions of people still left
Inclusive economic growth in emerging markets is the surest path to prosperity. ONEm believes the
catalysts for sustainable, inclusive economic growth are:
• Unrestricted access to technological innovations which connect people, businesses, markets,
jobs and opportunities
• Better financial inclusion to encourage economic participation from people and businesses
Blockchain innovations are disrupting the centralised and trust-based payment transaction systems.
These innovations provide an efficient, secure and transparent system for transactions at a low cost.
Unfortunately, they are almost only available on the Internet. As a result, 3.5 billion people globally
still can not take part in Blockchain innovations for social and economic growth.
mCoin is a unique, inclusive cryptocurrency, available with or without the Internet (hybrid). It uses
Litecoin Blockchain technology to create a cash like payment system that also works without the
Internet. mCoin creates a financially inclusive opportunity for unbanked people and businesses.
Together with ONEm applications, mCoin will generate more economic activities with transaction
records. These records will establish a trusted credit history for everyone. Having a credit history is a
step towards micro-financing in emerging markets.
mCoin’s hybrid access and financially inclusive approach will speed up economic growth in emerging
markets. Its high utility demand will pave way for improved prosperity for everyone.
ONEm is excited to announce its sponsorship and participation in the World Blockchain Forum on
April, 16-17th 2018 in Dubai, to feature the mCoin ICO. For details visit: https://dubai.keynote.ae/
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The speed of change on the Internet is challenging the capacity to deliver benefits to all users
globally. Despite Internet improvements in many markets, Internet access is still only available to
54.4% of the world population in 2017. The majority of users in Africa (64.8%), Asia (51.9%) and 35.5%
in the Middle East remain unconnected to the Internet. Many will still be denied Internet access for
their social and economic activities in years to come. (Source: internetworldstats.com)
Internet Access in the World by Region
Asia Europe Latin Middle North Oceania /
America / East America Australia
According to GSMA reports, 66% of the world's population have mobile communications as of 2017.
But, only 43% of them have Internet access. The penetration rates in emerging markets are even
With Mobile Internet
Sub Saharan Africa
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ONEm's vision is to ensure all mobile users can enjoy the benefits of digital innovations and better
connectivity. As such, ONEm has developed a global platform dedicated to this purpose. The
platform employs the latest digital technologies to reinvigorate mobile SMS and voice. Hence, all
ONEm services are inclusive and thus available to any mobile user on any mobile device.
ONEm has already built relationships with Mobile Operators in the following countries:
The total potential number of subscribers in the
country can be seen in the table.
This will increase as we start to add more Mobile
Operators to the pipeline.
ONEm is empowering businesses and users
globally with its unique services. They include
marketing tools for small businesses and Internet
services for consumers, globally.
The ONEm services include:
ACS - Advanced Communication Services
• Group call
• Group messaging (with in-line
• Radio & audio podcast
• Video call
• Points for mCoin
ILS - Internet Like Services
• News (Reuters, Bloomberg, DW, France24, Al Jazeera)
• Useful Internet information & services for education, agriculture, productivity
• Social networking bulletin board
• Marketplace for buying and selling
• Catalogue goods e-commerce
• Points for mCoin
Sweb - Marketing & CRM services for SMEs
• Management & information system
• Customer management & communications
• Offer: advertising and promotion management tool
• Bolt-on business applications
• Points for mCoin
The total potential number of subscribers in the country can be seen in the table.
This will increase as we start to add more Mobile Operators to the pipeline.
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The Internet will take time to reach everyone in emerging markets.
Meanwhile, those without the Internet will gain from the
opportunities of digital innovations.
The Internet has created new
economic opportunities for individuals
and businesses. One of which is to
help businesses manage data to prove
their creditworthiness in their local
develop and spread
globally, leaving those
without the Internet further
The lack of access to this
economic growth in
can work like cash
and is ideal for
emerging markets. It
reduces transaction costs
and removes the
dependency on a
system. But it is only
accessible on the Internet.
Emerging markets need a better
payment and credit system to underpin
their economic growth.
• Everybody accepts them
• Easy to understand
• Easy to spend
• Transactions are fast and
• Create good third party
• Widely accepted
Cryptocurrencies • Work like cash but are
safer and more secure
• Are an ideal mechanism
for payments and
transactions in emerging
• Reduce transaction costs
and remove dependency
on a centralised banking
• Easy to steal
• Easy to misuse
• Don't provide any third
party transaction history
• Need special network
• Require acceptance by
• Take time for merchant
to receive funds
• Cost merchants % of
• Cost user high interest
• Are only accessible via
• Don't provide a useful
• Lack practical
• Accepted by few
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Collaboration and open standards allow
platforms and services to scale rapidly.
By forging strong relationships with
mobile operators, regulators and other
stakeholders, ONEm can narrow down
the digital gap. Starting by
enabling some of the 3.5
billion unconnected people
with Internet like services,
ONEm is bringing
Blockchain innovations to
mCoin, a digital
mCoin on the ONEm ecosystem provides an ideal
that also works
payment system in emerging markets. By creating
with SMS and
transactional histories with cash like functionalities,
voice, mCoin delivers
mCoin solves a major problem.
• Accessible with or without the Internet
now, without waiting for the
• Cash like convenience
long lead time of Internet
• Fast and low-cost transactions
buildout. Together with ONEm
• More secure than other cryptocurrencies
applications, mCoin will
• Accurate third party, credit card like records
promote social and economic
activities that stimulates growth in
With mCoin, unbanked people in emerging
markets can generate a credit history. Their credit
history can remove financial barriers to growth.
The unbanked will also benefit from having a
digital identity on the mCoin Blockchain
network. By using mCoin like cash, but with
detailed transaction records, ONEm can pave
the way towards a more financially inclusive
future for the unbanked in emerging markets.
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ONEm was established in 2012 in the United Kingdom. It is headquartered in
the City of London's financial district and neighbouring Tech City.
Our active membership and awards:
We have set out to make it possible for the billions
of people without access to the Internet to partici-
pate in the wonders of digital innovations.
Start up & Idea (Dec 2012)
Seed funding was received from
Angel Investors from the
Established Company in London
Technology & Platform
Built Technical Team
Opened Development Hub in
GSMA Membership Granted
Connecting to Mobile
Operators in Africa & Asia
Presentation to African
Developed Services & Marketing
Developed first Hybrid App
Integrated ONEm Platform with
Amazon Voice Activation
Actively participated in Major
Global Telecom Events
Key Achievements (to date)
• Built a scalable platform that can currently
handle 1.4 billion calls simultaneously
• Developed a way to create SMS sessions to
allow true interactivity between our service
and any user in an operator network
• Proved there is demand for our service
from mobile operators
• Developed the first Hybrid App, which
utilises both SMS and Internet and can
reach a new market of people who do not
have access to the Internet but own a
• Recognised for advancement in technology,
awarded The Technology Innovation Award
from Entrepreneur Magazine.
• Created the first social media experience
using SMS, where users can post comments
on SMS and it can be viewed by another
ONEm member, globally.
• Created a unique way to trigger voice calls
• Created own framework, where ONEm can
take any third party content and display the
content interactively via SMS
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ONEm has identified and recruited strategic partners.
A few are global news and content providers, like
Reuters, Bloomberg and France24. ONEm also have
other strategic partnerships to provide localised
information. ONEm look for content that serves the
local and regional needs of its audience.
Being able to access content and services without the Internet,
benefits all stakeholders.
ONEm services bring benefits to non-Internet users, content providers,
mobile operators and organisations.
Partners extend the reach of their content to millions of people who
are not on the Internet.
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mCoin is a cryptocurrency based on Bitcoin technology. The main difference is that mCoin doesn't
need access to the Internet. Half of the world's population doesn't have Internet and can't access a
cryptocurrency. Of these, 1.7 billion can use mCoin on their mobile, even though they don't have
Why is mCoin based on the Bitcoin Blockchain?
A Coin is a cryptocurrency that can operate on its own Blockchain. They act like money that can buy
many different assets.
Why is mCoin not a Token?
A Token depends on another cryptocurrency as a platform to operate. They act more like shares or
reference ownership of an asset.
Key Features of mCoin
mCoin is de-centralised, inclusive, transparent, secure and designed for the emerging markets. A
de-centralised transaction payment system will help to narrow the digital gap. Businesses and users
gain connectivity to the latest Blockchain digital innovative systems.
Why is mCoin Different?
Other cryptocurrencies rely on the Internet, excluding those who are not connected. mCoin is
inclusive because it works both on and off the Internet. Billions of people will be able to access a
Blockchain cryptocurrency for the first time. They will do this through ONEm's virtual wallet.
Virtual Wallet - The Key to Access
The virtual wallet uses SMS and voice to manage mCoin transactions.
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mCoin access without the Internet is made possible by the ONEm platform. It utilises traditional
mobile infrastructure and the latest technology to provide a scalable solution for mCoin.
mCoin supply will adhere to the following allocation rules:
• Finite - 100% = 31.53 billion coins
• 65% Mined by miners
• 35% Pre-mined by ONEm
• 25% Pseudo-mining pool
• 1.5% Pre-ICO sale
• 2.5% ICO sale
• 1% Bounty and referral
• 5% mCoin maintenance
Unlike other digital cryptocurrencies, mCoin supply and circulation can be mined as follows:
(1) Pre-mining for Pre-ICO and ICO sale: This is to fund the development/marketing/operation of
• The Blockchain network
• SMS interface and authentication
• Virtual wallet
• Smartphone wallet app
• Transaction recording and management
• Marketplace (#market) and catalogue (#mCat) services
(2) Digital mining: This is for “miners” to receive mCoins for finding the hash to add blocks to the
(3) “Pseudo-mining”: Pseudo-mining is a term created by ONEm. It enables people without the
Internet to get mCoins from the pre-mining pool. It involves a type of “proof-of-work“
activities, using the ONEm services to earn points for mCoins.
All users of the ONEm ecosystem will have the opportunity to earn mCoins. “Pseudo-mining” is one of
the ways to get mCoins into circulation. It involves using ONEm services with social and economic
impact. For example, people can access:
• Language translation to remove communication barriers (#translate)
• Internet encyclopedia wiki service to search for any topic (#wiki)
• Group messaging to foster collaborations (#xgroup)
ONEm will make it easy for everyone to earn points, at the beginning, to promote mCoin circulation.
This will encourage the unconnected or unbanked to join in the digital revolution.
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ONEm is rolling out its ecosystem and services through mobile operators and third parties in
emerging markets. ONEm has already invested 3 years in building relationships with Mobile
Operators to reach mass adoption.
Blockchain applications and cryptocurrencies are disrupting the current centralised payment
transaction systems. These new applications are empowering businesses and individuals, except the
unconnected and unbanked.
One of the challenges for a new cryptocurrency is to convince people to use it. With the introduction
of mCoin, ONEm is adapting its business model to ensure there are enough mCoin users using it to
create demand. By combining mCoin payment into its Marketplace and mCatalogue services, ONEm
provides a means to use mCoin in a closed loop economy. People can use the mCoin virtual wallet for
buy/sell transactions and create mCoin circulation.
The high “crypto” awareness will create marketing pull from mobile operators towards ONEm
services. Pseudo-mining will encourage ONEm service adoption by consumers and small businesses.
This will, in turn, create utility impetus and use of mCoins.
The higher the mCoin usage within the emerging markets, the higher the value it will become in the
// 16 //
mCoin pseudo-mining follows the original Bitcoin’s proof-of-work concept. It creates mCoin supply
into the ecosystem.
The following table compares the key principles of proof-of-work mining of coins:
Original Bitcoin Proof-of-Work Mining
Available supply for mining - there is a
fixed amount of coin supply that can be
mined in a given period.
mCoin Proof-of-Work Pseudo-Mining
Available supply for mining - there is a
fixed amount of mCoin supply that can be
pseudo-mined in a given period.
eg. Year 1 - No. of coins per block x 10 min eg. Year 1 - 31.53bn mCoins x 25% x 75% x
x 6 x 24 x 365
Proof-of-work - finding the right nounce
to add a new block to the Blockchain
Increasing difficulty - increased mining
competition from faster computers
increases difficulty for new block
Proof-of-work - using ONEm services to
earn points which can be exchanged for
mCoins. ONEm acts as the miner to
confirm the transaction in a pre-mined
block on the Blockchain
Increasing difficulty - increased number of
ONEm users to pseudo-mine increases the
number of points to exchange for mCoins
The following diagram depicts the mCoin pseudo-mining process of creating mCoin circulation:
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mCoin Supply & Demand
Up until the first quarter of 2019, ONEm will initiate mCoin supply through promoting
pseudo-mining. ONEm will also promote mCoin demand for payment transactions within the ONEm
Once there are regular mCoin users, transactions and circulation, mCoin will start digital mining.
mCoin will be listed in popular cryptocurrency exchanges for trading between other crypto and fiat
currencies. Pseudo-mining will continue and Bitcoin like digital mining will start to add more mCoin
supply into circulation.
While in the closed loop system:
• Users and businesses will access the growing number of ONEm services through their mobile
operator. These services enhance their daily lives and generate economic activities and values.
• Users are rewarded with ONEm points, which they can use to redeem mCoins
(pseudo-mining). All mCoin transactions will be confirmed in the Blockchain by ONEm.
• Users can aquire mCoin with their virtual wallet (#wallet).
• Users can use the acquired mCoins to exchange for goods such as a premium smartphone.
They can also use mCoins for goods from the ONEm catalogue service (#mcat). Again, all
mCoin transactions will be confirmed in the Blockchain by ONEm.
• Users can use their acquired mCoins as payment for buy and sell on the ONEm Marketplace
• mCoin transactions will have detailed records. These records, over time, will provide a
transactional credit history for the users and businesses.
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mCoin Utility Demand Initiative
It is easy to appreciate the utility value of mCoin, a currency for buy and sell transactions - like the
original Bitcoin. To create initial mCoin adoption, ONEm will execute marketing initiatives in target
(1) “Gold Rush” initiative to sign up mCoin users and accelerate mCoin circulation
• Post launch of ONEm services in the target markets, ONEm and its local partner
will encourage users to sign up to the ONEm service. Users will pseudo-mine
mCoin into their ONEm virtual wallet. ONEm will work with its local partners to
promote generous offers to incentivise ONEm users to earn mCoins.
• Users can use mCoin in their ONEm virtual wallet to "buy" locally in demand
goods from ONEm partners.
(2) ONEm Marketplace service to facilitate mCoin payment demand
• Similar to eBay on the Internet, the ONEm Markeplace service (#market)
provides an easy to use framework for buyers and sellers of goods to conduct
their sales without the Internet.
• Users can use mCoins to pay for goods in the Marketplace. ONEm will
incentivise Marketplace users with more points when they use mCoin to settle a
buy and sell transaction.
// 20 //
The technical solution comprises two core elements:
(1) mCoin seed nodes
(2) The ONEm platform
mCoin Seed Nodes
The seed nodes run the Bitcoin protocol and hold all blocks and transactions in the network. The seed
node exposes all of the core Bitcoin protocol features (core node, wallet, mining and network
As the network grows over time, more nodes are expected to be added by the community.
mCoin is a fork of the Litecoin project using the Scrypt hashing algorithm. Scrypt was chosen as it is
more profitable to mine than SHA-256-based currencies (like Bitcoin) without compromising on
The table below gives a summary of the main characteristics of mCoin, Litecoin and Bitcoin.
Approx. Coin Total 31.5 bn
Initial Mining Reward 15,000 MCN
Block Target Time 2 mins
Hashing Algorithm Scrypt
The seed nodes run on hosted highly secure cloud infrastructure.
// 23 //
The ONEm platform connects to mobile operator networks at their network boundary. It runs in a
private cloud and communicates with the operator networks using standard protocols HTTP for Web,
SIP (Session Initiation Protocol) for voice and SMPP (Short Message Peer-to-Peer Protocol) for SMS.
The platform is highly secure and scalable, ready to support many millions of daily active users. The
platform already provides highly interactive services using an innovative system of SMS-based menus
and “multi-modal” interfaces using web, voice and SMS.
The platform has been designed to support the needs of
both “connected” and “unconnected” users. Users have
a variety of options to interact with the platform
depending on the type of device they wish to use and
whether they are “online” or “offline”:
• Intelligent “hybrid” smartphone app using a
“fallback mechanism” to use SMS as a background
communication channel to connect with the
ONEm platform when mobile data is not available
Desktop/Mobile web interface
Regular “GSM” voice (circuit switched)
SIP-based voice (packet voice)
SMS native messaging
The ONEm solution provides a number of options for users to access their mCoins and send/receive
Other methods are expected to be added in the near future
Hybrid App Store
Hybrid App Hybrid mCoin
Hybrid smartphone wallet support
Voice-based wallet using biometric
// 24 //
mCoin Virtual Wallet - #wallet
mCoin is accessible without the Internet through a virtual wallet. The virtual wallet is accessible only
over SMS. The user's wallet contains their mCoins.
The benefits in using ONEm's #wallet via SMS is security, utility, simplicity and compatibility:
• Security - There is no access to #wallet except SMS from the mobile owner.
• Utility - There are many services on the ONEm ecosystem that use #wallet. Users get the
benefit of keeping a transaction history.
• Simplicity - Simple multiple choice menu driven as easy as ABC. Users can send mCoins to
@names to other users.
• Compatibility - Users will be able to transfer coins between offline and online wallet.
// 25 //
mCoin will empower small business and consumers in “unconnected” emerging markets. Initially,
mCoins will be used for local and in-country commerce transactions within the ONEm ecosystem.
mCoin ICO proceeds will fund the activities of the mCoin project in development, marketing and
mCoins can be traded for other crypto and fiat currencies on cryptocurrency exchanges in
jurisdictions where such trading service is legal.
16 April 2018 - 16 June 2018
ICO target amount US$ 23.6 million
Price per mCoin US$ 0.03
Maximum number of mCoins
Bounty & Referral
Digital mine supply
10% - Development, Marketing &
Pseudo-Mining Pool - 25% of total supply
• 75% available for launch
• 25% reserved for demand growth
• Half release rate every year
• 13 year release - 99.99%
Bounty & Referral
// 27 //
65% - Digital Mining
• 31.5 billion mCoins
• $0.03 per mCoin
ONEm will use the mCoin ICO proceeds
to create initial utility demand for mCoins
in the target markets as well as scale up
business development and mobile
The proceeds will be assigned as follows:
Utility demand seeding programme
Marketing and PR
Marketplace & catalogue service development
Market expansion (mobile operators)
// 28 //
The three challenges are Regulatory, Mobile Operators and User Take-up and Adoption.
The biggest challenge any paradigm shift faces is resistance from the establishment. This comes in
many forms. prohibitions, regulations and barriers to market entry.
Some governments act fast by making the use of any cryptocurrency difficult. There may not be any
actual laws that prescribe remedies for use. Many governments take a “wait and see“ position.
Regulation will follow after seeing the effect of cryptocurrencies in the market place. The biggest
challenge is to avoid a regulatory shutout.
mCoin, like other cryptocurrencies will work to influence standards. Blockchain cryptocurrencies have
many advantages that will help local economies. mCoin has many advantages in this regard.
Closed Ecosystem - mCoin can operate as a semi-closed ecosystem. Users can enjoy mCoin within the
confines of a ONEm ecosystem. In this way it is not used as a fiat currency for public open-air
Points Proxy - mCoin can use its point system to support mCoin. Users can then use their points to
exchange for mCoins. They will do this outside of the ONEm ecosystem either over the Internet or via
The challenge is to connect, deploy and sustain mCoin with as many operators as possible.
ONEm has many interesting service offerings for mobile operators. There is always time required to
negotiate, connect and build up a user base.
ONEm is already connected to many operators and understands how to work for progress. Virtual
access to mCoin depends on an operator's SMS.
If a cryptocurrency is not allowed, we can use the Closed Ecosystem or mPoints solution.
ONEm has the advantage of:
• Including mCoin's use in new or existing applications
• Creating use for mCoin independent of the local market
• Using an mPoints Proxy solution
User Take-Up and Adoption
For long term survival, all cryptocurrencies need people to buy, keep and trade them. These constant
activities drive up their value. The challenge is to create a sustainable need for mCoin.
ONEm generates constant activities by using mCoin as a reward system for the use of its services.
// 30 //