Despite the hitches, resistance, and obstacles digital currencies have encountered, the enthusiasm among cryptocurrency traders as well as onlookers has continued to increase. Blockchain has been critical in the introduction of innovative solutions in a bid to solve basic everyday problems. One of these solutions is Telcoin (TEL).
Telcoin is an Ethereum-based cryptocurrency that operates as a decentralized cryptocurrency as well as a remittance payment system. It was introduced to streamline the global remittance of money via the integration of blockchain and the telecommunication industry in an unproblematic manner.
Telcoin aims to become the major currency used by telecom providers to offer their clients money transfer services. The introduction of Telcoin is a huge turning point in an industry where it is simple to point at the benefits of offering remittance service, but it is important to point out that while many locations have mobile infrastructures for such services, they lack the financial infrastructure needed to provide traditional banking services.
There has been an upsurge in the rate of blockchain integration into the remittance sector. Remittance is a financial lifeline in many places, and in some cases accounts for a large chunk of a country’s GDP. A classical example is Somalia where remittance payments account for about 35.3 percent of its GDP. Hence, it is important to secure a dependable form of remittance and this is more important than just about saving fees. It contributes to national security.
Another notable example is El Salvador who adopted Bitcoin (BTC) as a legal tender. A report by Trading Economics revealed that its remittance increased from about 644.52 million dollars to about 684.94 million dollars in April 2021. El Salvador’s decision to adopt Bitcoin was crucially due to the rising inflation and a growing dependence on remittance payments.
The entry of Telcoin was timely because the remittance sector is dominated by large centralized providers. These providers continue to increase their rates as they continue to transfer fees accumulated from the numerous third parties involved in processing international money transfers. So Telcoin is leveraging on the existing mobile payment infrastructure in order to provide a more efficient user-friendly experience and cheaper fees to the market.
History of Telcoin
Paul Neuner and Claude Eguienta established Telecoin in July 2017 in Singapore. Their objective was to assist users to transfer money in the shortest possible time. Chairman of Telcoin, Paul Neuner, had over 12 years of experience in the telecommunication sector blockchain before delving into the blockchain industry. His first involvement in the telecom industry began with Mobius, a startup that provides mobile networks with fraud management services. In 2012, Paul Neuner founded Pangea K.K., a Tokyo-based software mobile application development company. Prior to co-founding Telcoin, he started Ikou, a mobile application that helps to create and organize events. In 2018, Neuner founded Sedona, a next-gen telecom fraud management service that focuses on safeguarding sovereign mobile financial services.
The CEO and head of the Telcoin project is Claude Eguienta. He had worked for startups and large tech companies focusing on providing clients with the best financial services for over a decade.
Tech Basics of Telcoin
Telcoin runs on the Ethereum blockchain and uses its best features to serve its purpose. Telcoin uses Proof of Concept (PoC) instead of validators to ensure consistency in transactions. What Telcoin does is verifying whether or not a transaction has some real-world feasibility before validating it.
The Telcoin model has three components: network, telecommunications companies, and subscribers. It ensures the proper care of wallets as well as the implementation of the network. As it is common practice with decentralized cryptocurrencies, Telcoin users retain total ownership and control of their tokens.
A token owner reserves the right to directly transfer tokens to a peer account from theirs. For activation of these transactions, however, the user needs a minimum of two private keys based on Telcoin’s security architecture. This requirement can be increased via a setting known as a multi-signature model, which helps in guaranteeing a high level of security in systems.
Other Features of Telcoin
There are several other features that help Telcoin stand apart in rendering efficient delivery of an affordable remittance services to their subscribers.
- Incentivized adoption. Telcoin can conveniently fit into existing few models for connecting to carrier billing and mobile money platforms, however any fees applied are then deducted from TEL issuance. This service is attractive to end-users as well as profitable for the network.
- Flexible Telecom API. The pricing of Telcoin, as well as the exchange of API, interacts directly with carrier billing and mobile money platforms via USSD, REST APIs, and SMS.
- Wallet Agnostic. Telcoin has the ability to integrate with existing telecom mobile money wallets in addition to a proprietary wallet. This gives Telcoin users an additional remittance merchant.
Benefits of Telcoin
There are several benefits available on Telcoin owing to its decentralized platform.
Firstly, transfers on Telcoin are instantaneous owing to the use of blockchain technology. It integrates the current mobile money infrastructure to achieve instant transfers.
Secondly, there is a drastic reduction in the overall fees users pay as a result of the removal of multiple third-party companies from the remittance process. The platform has a 2 percent fee rate in comparison with 7 percent for most providers like MoneyGram. The low transaction fees do not in any way affect the profit margin of service providers.
Further, integration into mobile networks is easy via the use of APIs. That means that service providers don’t need to make any hardware adjustments.
Finally, Telcoin capitalizes on the full security of the Ethereum blockchain. The platform has advanced security features like API protocols and multi-signature. The network works directly with carrier billing and mobile money platforms via SMS, USSD, and REST APIs.
The use of blockchain technology provides users with transparency and responsiveness. Telcoin is available on both Google and Apple devices.
Telcoin (TEL) Token
TEL Token is the main utility token of the Telcoin platform, hence users must hold this token to be able to interact with the network’s services. Telecom operators are able to issue TEL depending on the volume of their transactions and integration maturity. This ensures the most efficient delivery of a cheap remittance service to their subscribers. TEL is an ERC-20 standard token.
Telcoin with its blockchain feature offers people in developing countries a faster, cheaper alternative to remittance services. Telcoin is in partnership with mobile operators and e-wallets worldwide, which allows them to get to a broad base of users with a contactless service.
Users of this platform are able to transfer and receive money from anywhere in the world. This project centers around the users thereby making it user-friendly. Telecom operators that are connected to Telcoin are immediately able to issue TEL tokens. The more token traffic an operator has, the more incentives he gets from the network.
Telcoin provides an alternative to what is currently obtainable. It gives users the opportunity to send remittance payments across the world in the fastest possible time at the cheapest possible fee. For countries that rely on remittance payments, Telcoin could generate extra revenues for its citizens.
What is Telcoin?
Telcoin is an Ethereum-based cryptocurrency that operates as a decentralized cryptocurrency as well as a remittance payment system.
How does Telcoin work?
Telcoin connects existing mobile money platforms to the decentralized financial system via proprietary technology. The platform was built to fit into the existing few models and provide a more efficient option to those available in the market.
Who founded Telcoin?
Telcoin network was co-founded by Paul Neuner and Claude Eguienta.
What are the advantages of Telcoin?
Telcoin has many advantages including security, instant transfers, easy integration, and low transaction fees.
How to use Telcoin?
With Telcoin, users are able to transfer and receive money from anywhere in the world. Users of the Telcoin platform also have a full access to their money via their mobile phones.
Telcoin is a relatively new project hence it is only available on a few exchanges. The best option for those who want to buy TEL is KuCoin. It is available globally on that exchange including the United States. Users can easily buy TEL by first buying Bitcoin, Ethereum, USDT, and BNB and then transferring it to an exchange that offers to trade Telcoin.