Most events in life are not distributed evenly. They tend to follow the 80/20 rule (Pareto principle). They realize that the majority of the results come from a minority of inputs.
For example in;
- business: 20% of customers contribute 80% of sales
- software: 20% of bugs cause 80% of crashes
- internet: 20% of websites has 80% of the internet traffic
- sports: 20% of training yeild 80% of impact
- apps: 20% of features produce 80% of usage
The list goes on and on…
The reality in the money world reflects a very different model to the 80/20 split. With global wealth growing to 280 trillion dollars (global wealth pyramid from Credit-Suisse), 1% of world adults control 50% of this wealth.
Many critics pointed to capitalism for creating this inequality. But the same critics admitted that capitalism is also the reason behind prosperity for the 1%. It is the type of capitalism that makes the difference. There are of course other important factors such as climate and natural disasters, but liberal vs control capitalism makes a big difference.
The world’s fiat currencies are controlled centrally by respective government’s central banks. They have a centralized approach for money creation and a controlled approach for distribution.
Cryptocurrencies are free from the control of central entities to create and distribute money. They ought to achieve a better money distribution in theory. In practice, instead of the central banks, Bitcoin distribution is controlled by a handful of powerful miners. 87% of Bitcoins are linked to only 0.68% (bitinfochart.com) of the available wallets. This results in less democratic decision for software upgrade and potential price manipulation. This is repeating the uneven characteristic of fiat money distribution.
The value of cryptocurrency is determined by its utility (trust on what it can be used for) and distribution (how many people can use it). The more people that believe in what they can use the currency for, the higher the value it will become.
mCoin is a cryptocurrency for everyone, including those without the Internet. The mCoin team recognised the importance of utility value and widespread distribution. It aims to restore the 80/20 rule for mCoin distribution. Its focus is distribution of 20% of the mCoins supply at creation to 80% of the participants. This will achieve widespread ownership to create utility value for mCoin.
mCoin restores the 80/20 rule of cryptocurrency distribution.
ONEm is introducing the mCoin “Pseudo-Mining” concept. This concept dictates distributing 20% of the mCoin supply to the masses. “Pseudo-Mining” adheres to the “proof-of-work” principle but simplifies the work to make it accessible to anyone. Unlike Bitcoin mining involving significant resource and effort, “Pseudo-Mining” requires SMS use only.
“Pseudo-Mining” involves participating in the ONEm ecosystem using services that have a positive social and economical impact in the respective emerging markets. For example, participants in distant rural areas can access useful internet content and services via SMS.
Participants earn points for using sponsored ONEm services. They can convert the points they earned to mCoin to add to the mCoin supply in the market.
mCoin “Pseudo-Mining” enables all mobile users to participate in mCoin circulation. All that is needed is a basic mobile phone and access to the ONEm ecosystem either via a connected local mobile operator, or a short code or long code. mCoin restores the 80/20 rule of cryptocurrency distribution.
