Similar to Bitcoin, in its anonymity and decentralization, ConCoin was created to meet the needs of over 6 million prison inmates throughout the state and federal prison system. Founded in 2014, ConCoin is a means for inmates to trade for anything of value within the prison walls. ConCoin is decentralized and exists outside of the purview of the government, and cannot be seized. Additionally, it is not possible for government officials or agents to directly tie account balances or other information to any one inmate.
The wallet for this digital coin can be held by family members, someone of trust or ConCoin via cold storage if needed, due to the lack of internet access available to prison inmates. ConCoin is working to develop a system that can be installed inside the prison for inmates to directly transfer their coins without the help of someone else. Today ConCoin is currently talking to 3 prisons about starting a pilot program.
ConCoin users can utilize the electronic currency to make transfers within their prison, or to send funds to inmates in other facilities. In the event that you are no longer incarcerated or just have the desire to, your ConCoins can be cashed in, or transferred to another inmate. It is our vision for ConCoin to be the sole digital currency available within prison walls. This exclusive relationship will ensure that the value and viability of ConCoin will continue to grow as a strong and lasting decentralized cryptocurrency.
The ConCoin mission is to promote, support and education decentralized cryptocurrency to over 2.3 million incarcerated inmates in the U.S. prison system and to educate the administration on blockchain technology so they can monitor the money supply passing through their institutions and together build a more accessible, mutually beneficial financial system.