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What is Telcoin (TEL) -DeFi Token based on Ethereum?

What is Telcoin (TEL) -DeFi Token based on Ethereum?
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Meet the cryptocurrency Telcoin (TEL) Launched in 2017, Telcoin (TEL) is an Ethereum-based token developed with the aim of bringing instant cross-border transactions to all mobile users. Telcoin trades at $0,025 per token, with a circulating supply of 54 billion tokens, for a market capitalization of $1,3 billion.

What is Telcoin(TEL) cryptocurrency?

Telcoin cryptocurrency focuses on the remittance market, which Western Union and other major banks dominate. Long transaction times, high fees and delays are routine when transferring money internationally. Telcoin offers a solution by partnering with telecommunications companies like GCash to bring mobile users high-speed, low-cost digital transfers to compatible money and wallet platforms in multiple countries, including Canada and the Philippines. The goal is to expand its network by securing partnerships with telecommunications giants such as Verizon and AT&T and establishing global shipping channels. Telcoin also provides services to e-commerce sites that want to do business with international customers.

The Telcoin token runs on blockchain Ethereum with the proof-of-stake (PoS) algorithm, where Telcoin partners act as validators on the network. The project currently has a “proof of concept (PoC)” model. Telcoin uses this model to determine whether a transaction is viable in the real world before validating it. PoC is not a consensus algorithm. Instead, startups often use it to test their projects on the blockchain market before mass production. This helps identify the project’s strengths and weaknesses.

The Telcoin token also employs multi-signature (or multi-sig) cryptosecurity consisting of three keys. One key usually goes to Telecoin, another to the operator and the third to the user. Telcoin's multi-sig wallet requires at least two of the three encrypted private keys to sign and send a transaction for a transfer. Therefore, if one of the keys is stolen or lost, the funds in the wallet will remain safe. Telcoin's system ensures that its users' wallets and transactions are protected even if their phone or SIM is compromised.

What is the Telcoin token for?

Telcoin cryptocurrency aims to bring various DeFi features and services to its user base. However, only a few are accessible in the application as the project is still in the proof-of-concept stage. The features and services available are as follows:

Efficient and cheap shipments

Traditional financial institutions charge a 7% fee to send international remittances.
According to Telcoin, users who send remittances through its app only need to pay a 2% fee per transaction. Although transaction fees have increased with the rise of DeFi, it's still great for transactions over $1.000 as it's cheaper and faster than traditional shipping routes.

The active remittance feature available after the release of Telcoin V2.3 allows recipients or recipients to choose the location of inbound transfers. It is part of the “fully digital and socially distanced” campaign the company is promoting to preserve health and safety during the pandemic.

Multiple shipping aisles

With the release of Telcoin V2.3, Telcoin has added 15 new corridors and 23 mobile platforms to its network. In collaboration with the Philippines' most popular financial app, Gcash, Telcoin has also opened a remittance channel between Canada and the Philippines. The increase in shipping corridors and supported platforms will help increase the network's user base and drive adoption.

ERC-20 wallet compatibility

TEL is an ERC-20 token running on the Ethereum network, making it compatible with any ERC-20 wallet. Thus, holders with TEL in their Telcoin Wallet can transfer the tokens and store them in any other ERC-20 wallet such as MetaMask and Ledger.

physical withdrawals

After receiving remittances, users can withdraw money by going to specific physical withdrawal locations. For example, by partnering with Gcash, users can withdraw money through their Gcash account at compatible ATMs.

Telcoin interweaves your cryptocurrency (TEL) and your app to provide secure and fast transactions. The TEL token is the vehicle of exchange, and token holders convert the trust money to TEL before sending it through another corresponding Telcoin account. A network transfer involves three parties – the Telcoin application user, the mobile network operators and Telcoin:

Telcoin Application Users

Users have full access to their money through the Telcoin app or any other compatible ERC-20 wallet. They send and receive money only after telecom or mobile operators validate their transactions. User phone numbers serve as identifiers with mobile operators.

Operators (mobile operators and cash platforms)

During a transaction, operators order Telcoin to move TELs to and from the user's wallet. Operators and networks allow Telcoin to leverage its influence and connect with its subscriber base. They receive TEL as a reward where networks with more traffic and integration maturity receive more TEL than their younger counterparts. According to Telcoin, this incentive system encourages operators to keep shipping costs low.

Telcoin

Telcoin stores user identifiers, public keys, and one of your three private keys. They handle the back end of things by connecting Telcoin users or generating temporary addresses for non-Telcoin users (who are on supported carriers) so that users get their funds. During transfers, Telcoin charges a 2% fee for each transaction. This fee comes from the cost of converting the TEL into a major cryptocurrency and then into a fiat currency such as the US dollar.

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New features with Telcoin 3.0

Several new features are coming to the Telcoin app with the new version 3.0 of the app, which started shipping in early July. They are set to change the current Telcoin ecosystem, shaking up and improving the systems that users are familiar with. In this new update, new shipping channels across Singapore, Australia and the United States will join the Telcoin network. In addition, Mexico, Nepal and Tanzania will also join the network some time later.

However, according to Telcoin, the new update will be released on Polygon OS instead of on the Ethereum network. Polygon is a low-cost protocol and service framework for connecting Ethereum-compatible networks. Partnering with them can reduce transaction costs to less than 2%. In addition, Telcoin plans to leverage Polygon OS to launch the Rivendell network, an open Ethereum side chain for mobile network operators. The Rivendell network allows operators to offer blockchain-based financial services to their subscribers without going through banks.

V3 will also introduce TELx, Telcoin's liquidity network, in which users deposit their TEL token into existing pools to provide liquidity to the network, thus allowing for quick transfers. In addition, users who bet on their TEL tokens also participate in liquidity mining and earn additional TEL as incentives.

Who is behind the Telcoin token?

Telcoin was developed by Telcoin Pte. Ltd., a Singapore-based telecommunications company with physical offices in Los Angeles, Tokyo and Dubai. Telcoin was co-founded by Claude Eguineta and Paul Neuner in 2017. Eugineta originally served as CEO, and Neuner, president, but only Paul remains in July 2021. He currently serves in the joint role of CEO and President of Telcoin.

Paul Neuner spent over 12 years in telecommunications before starting Telcoin. He started his career as a technology entrepreneur in the telecommunications industry with his startup Mobius.

Last year, Telcoin brought in new talent in preparation for the launch of V3 and other upcoming projects. Its team has grown substantially since 2017 and is expected to grow larger as the TELx network expands.

TEL token price history

The TEL cryptocurrency trades at $0,025. It's nowhere near its highest record of $0,064 in May 2021, but it's estimated to rebound with the release of Telcoin V3.

The Telcoin cryptocurrency has grown over 80.000% since its ICO in 2018, and although it has gone through some tough times, it has experienced a huge increase from its $0,0013 ICO token price at launch.

In March 2020, its value grew 4.000%, but it was only in February 2021 that the market began to take off. The rally was inspired by Telcoin 2.0, which fulfilled many of the promises made by Telcoin in its white paper. It experienced similar increases with the release of versions 2.2 and 2.3, where supporters expected the new update to drive the price of the token even higher.

Is Telcoin cryptocurrency a good investment?

Cryptocurrency Telcoin believes its partnerships with telecom operators can help solve the top three issues faced by other cryptocurrency projects – Know Your Customer (KYC) trust, reach and compliance. Through established telecommunications companies, Telcoin leverages the operators' existing level of trust, user base and KYC compliance to provide compliant money transfers to users around the world. To confirm the identity of the app's users, Telcoin partnered with Jumio, an AI authentication platform, and integrated the authentication technology into the Telcoin app.

However, there is still a long way to go for Telcoin. According to its website, Telcoin currently has fewer than 20 partnerships. The limited number of telecommunications partners hinders the platform's growth and adoption. On a positive note, its V3 update promises that more countries and platforms will be integrated into the Telcoin app.

Another problem is the scalability issues of the Ethereum network. Slow transactions and high fees are common due to the blockchain giant's high transaction volume, which has had a big impact on the speed and cost of transfers across the Telcoin network. As the new V3 update is released as promised, transaction fees may be less than 2% and will be paid to liquidity miners on the platform.

TEL cryptocurrency is not listed on most major cryptocurrency exchanges. Trading pairs for TEL are also limited and TEL can only be traded for popular cryptocurrencies like BTC and ETH, but not fiat. Therefore, merchants cannot buy TEL directly and will need to keep other cryptocurrencies in their wallets to buy TEL, which can be inconvenient.

However, goals like cryptocurrency payment cards, network prepaid airtime recharge, international help, and other items listed in your white paper seem far away. Many of its proposed features are still under development. Only time can tell if the Telcoin team can deliver its myriad updates and features as promised.

Conclusion

Telcoin took a while to add channels and remittance operators, but its TEL token performed well in 2020 and better in early 2021. With the launch of TELx, Polygon, SMS and other new features, it looks like it will continue with this uptrend. The next big hurdle will be the slow introduction of new technologies, protocols and features to encourage mass adoption.

Telcoin is in its third year of service and is doing well despite various government and economic restrictions. In 2020, Tesla, Verizon and major financial institutions expressed interest in incorporating cryptocurrencies as alternative payment methods. As a result, Telcoin and other cryptocurrencies are expected to flourish with mass adoption as popular demand changes policy.

Unlike other cryptocurrencies, Telcoin is building on the established infrastructure offered by its telecommunications partners. It is leveraging its partners' trust level, user base and KYC compliance to deliver DeFi services as well. It should see sustained growth if it introduces more services, adds new operators and grows its customer base.

More information about TEL

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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