The need for proving utility value before listing on exchanges
The decline of the cryptocurrency market from a market value of $800 billion to $100 billion demonstrates clearly that listing a cryptocurrency for trading without achieving a solid foundation for success will result in ultimate failure. There are about 800 failed digital crypto tokens in 2018 that have either been abandoned by their founders, were a scam, and/or their website is dead. There are more than 50 exchanges that have either shut down or have suffered serious operational problems.
The cryptocurrency market has evolved and matured in such a way that more than ever only those genuine cryptocurrencies that can provide a sustainable utility will have a chance to become significant players in this new market.Thus returning high return on investment for coin holders.
During the height of the cryptocurrency craze exchanges provided the perfect platform for ICO’s that had no long term plan other than to list their coin on exchanges and exit. Many people made money and many lost and ultimately those cryptocurrencies that banked on pure speculation simply disappeared as soon as the market hype dissipated.
The days of speculative cryptocurrency buying on exchanges are over and any cryptocurrency that thinks to list without having a sustainable utility will simply lose its value and join the ranks of dead coins.
Even tokens that had good business plans who rushed to list on exchanges ended up failing. The evidence is clear, coinmarketcap.com demonstrates this point well as all of those coins who listed in 2018 lost at least 90% of their value.
Why mCoin qualifies as a genuine utility token?
The mCoin team has been working tirelessly on creating sustainable utility rather than wasting resources and risking failure by listing too early on exchanges. mCoin’s sustainable utility will come from:
- Solving real world problems for the unconnected and unbanked
- Working in synergy with organisations that have common objectives and goals
- Appeal to a large and unserved user base
- Join in strategic partnerships with financial institutions
- Adhere to compliance with regulators
To create this utility ONEm communications has developed and deployed a working SMS based blockchain technology and cryptocurrency that works to provide inclusive working relationship with banks, private and government organisations to service the unconnected and unbanked. The SMS based blockchain wallet is hybrid in nature to be able to receive coins from someone using the digital wallet.
Sustainability is enhanced by working with regulated financial institutions, private and government entities. Through these partnerships ONEm can service this vast community. mCoin benefits from an enduring long range strategy that promotes utility based blockchain technology.
ONEm has a multi-currency SMS based wallet that provides a means to transact in local digital money as well as legally using the mCoin cryptocurrency in ways which provides long term sustainable utility.
ONEm has created authentication technologies to carry out cash-in and cash-out through rural banking agents even without the internet. The goal is to provide the greatest reach over non-internet enabled mobile devices that are easily accessible to the unconnected and unbanked population.
Use cases range from fish and farm cooperatives coordinating the full gamut of production target management, buying and selling and providing their members access to micro-finance companies offering loans for production inputs.
In order to scale the outreach of these services globally ONEm has developed a concept of a hub supporting ONEm’s service development technology that will provide the growth and speed to market.
mCoin is an integral part of this application framework and will serve legally to various degrees of financial freedom over ONEm’s global network.
There are hundreds of countries and economic zones that are in need of a technology that can bring to the table what the internet has done for the connected and digitally banked populations. ONEm is working in this area together with many stakeholders and mCoin is on the table as a cryptographic currency that can be used in many ways that bring utility.
The decision to focus on creating utility instead of rushing to list on an exchange has proven to be a sound strategy.
mCoin will be listed on an exchange when there is sustainable utility value.
