My thoughts after reading the paper: I think the intention of banking unbanked people is good and should be pursued. But, I think that the people and organizations pursuing this should be foundations, volunteers and governments. For example the UN or the Bill & Melinda Gates foundation ($40B+ fund) is more suited to give $10 to 2B people, they could actually pay for it.

The main technological value I see you may develop is doing secure cryptographic signatures in a smartphone, more precisely, storing a private key securely, even if the device was stolen or lost and the memory was removed and sniffed. Also an app can be reverse-engineered, so your app needs to be resistant to that. Those are security problems that are unsolved unless you use a long password and encrypt the private key with it, I don't see how you are securing a private key without a password here. The software to do facial and voice authentication is definitely valuable, on my own searches I haven't found 3rd parties that do this well which is part of the reason pretty much no one is using facial and voice authentication on money apps. Iris and fingerprints are more common but less secure that a password.

In the paper I read that this is not a charity, therefore (1) how do I make money as an investor in this token? Why are you pushing a new currency when these communities live in countries with an established fiat currency, (2) Wouldn't it make more sense to just digitize that already accepted currency?. (3) How are you going to finance this development after you burn through the pre-ico and ico money, do you have a business model? (no business model found on the paper). And finally (4) What smartphones cost $10-$20 and how are these going to be distributed or sold in developing nations.

From my experience living in a developing country, one that is dark in the maps shown in your paper, the only communication infrastructure that many villages and small cities do have is cellular. So these people can call and text on pre-paid telephony plans. Most of them have access to basic phones with no internet and wouldn't afford a wireless internet plan if they had a smartphone. So I'm guessing that for this to work on a massive scale you would need to partner up with telecommunication companies so they give these people access to data related with your app/domains for free (which is what internet.org is doing) and sell them a smartphone for the price of a basic phone that shows their native currency in the app. A way to withdraw those electronic funds in cash would also be good for the money in the app to be accepted as money. For now, I think cash works very well for these places.