Telcoin (TEL) operates as a decentralized cryptocurrency and remittance payment system. It was designed to streamline global money remittance by integrating blockchain and the telecommunication industry in a seamless manner. The platform seeks to become the main currency used by telecom providers to offer money transfer services to clients.
It’s easy to see the upside potential of this strategy when you learn that there are five times more mobile phones than active bank accounts in the world. In many locations in the world, the mobile infrastructure exists, but not the financial infrastructure required to provide traditional banking services. For these remote locations, Telcoin has the potential to be a game-changer.
History of Telcoin (TEL)
Telcoin (TEL) was founded in July 2017 in Singapore. The platform has seen considerable adoption since its launch. The network has successfully managed to secure multiple strategic partnerships including GSMA, Telin, paga, Gcash, unipagos, VIMO, and more. The platform recently completed a V2 update that added the remittance features to the network.
Telcoin was also instrumental in helping Nebraska sign Legislative Bill 649 into law. Introduced by Senator Mike Flood, the Nebraska Financial Innovation Act creates a new state bank charter for digital asset depository institutions. The banks would offer the same type of service as Avanti bank, a Wyoming-approved special-purpose depository institution (SPDI).
What Problems Does Telcoin (TEL) Attempt to Fix?
The remittance sector continues to see growing blockchain integration. For many places in the world, remittance serves as a financial lifeline. It can make up large portions of a country’s GDP. For example, in Somalia, remittance payments are 35.3% of the country’s GDP. For these nations, securing a reliable form of remittance is more than just about saving on fees, it’s also a matter of national security.
These countries have begun to embrace blockchain technologies in new ways. For example, El Salvador recently became the first sovereign country to adopt Bitcoin as a legal currency. This decision was brought on by multiple factors including rising inflation rates and a growing reliance on remittance payments. A report published by Trading Economics shows remittances in El Salvador increased to 684.94 USD Million in May from 644.52 USD Million in April of 2021.
Benefits of Telcoin (TEL)
Telcoin (TEL) users enjoy many benefits. For one, the platform operates in a decentralized manner. The use of blockchain technology provides more transparency and responsiveness. Additionally, the developers went to great lengths to remove technical barriers. As such, Telcoin is available on both Apple and Google devices as a free download. It takes seconds to install. From there, it’s cash-in, enter the beneficiary country, phone number, amount, and send.
Instant Transfers
The use of blockchain technology enables Telcoin (TEL) to provide near-instant money transfers globally. The platform integrates the current mobile money infrastructure to accomplish this task. In comparison, it can take over 24-hours to send funds via Western Union across the globe.
Fees
The removal of multiple third parties from the remittance process reduces the overall fees paid by users. Telcoin users are subject to a 2% fee rate. In comparison, the global average is 7% for most providers including MoneyGram and Western Union. Best of all, the Telcoin network can offer low fee services to users and still remain profitable for the service providers.
Secure
Telcoin (TEL) leverages the full security of the Ethereum blockchain. The platform integrates advanced security features such as multi-signature and API protocols. Specifically, the network interacts directly with carrier billing and mobile money platforms through REST APIs, SMS, and USSD.
Easy Integration
The use of APIs simplifies the integration of Telcoin into mobile networks. Providers don’t need to make any hardware adjustments. Integrating Telcoin is similar to adding a new supplier to their platform. In this way, the network operates as a valuable on-ramp to the decentralized markets.
How Does Telcoin (TEL) Work
The Telcoin (TEL) network connects existing mobile money platforms to the decentralized financial system using proprietary technology. The platform was built from the ground up to fit into existing fee models and provide a more efficient alternative to the market.
Wallet
The Telcoin wallet enables users to interact with all the network’s features. You can easily send and receive TEL globally from the wallet’s dashboard. You can also access vital data such as your transaction history and current balance. The wallet is designed to be secure and simplistic. Anyone can join the decentralized economy using the Telcoin wallet.
Consensus
Telcoin (TEL) relies on Ethereum’s blockchain to achieve validity and the execution of smart contracts. Ethereum utilizes a Proof-of-Work consensus mechanism at this time. It’s currently the second-largest PoW network in the world. As such, it’s incredibly secure.
In the coming months, Ethereum will convert to a Proof-of-Stake (PoS) network. This upgrade will provide the network with more scalability and added features. This added scalability will provide Telcoin with more performance and a higher tps (transactions per second) rate.
TEL
TEL is the main utility token of the Telcoin network. Users must hold TEL to interact with the network’s services. Notably, Telecom operators are issued TEL based on their transaction volume and integration maturity. This approach helps to ensure the most efficient delivery of an affordable remittance service to their subscribers.
TEL is an ERC-20 standard token. As such, you can trade this token on popular DEXs such as Uniswap and Sushiswap. TEL users have access to the entire Ethereum ecosystem. TEL is also currently available on a variety of centralized exchanges including Kucoin.
Bottom Line
Telcoin (TEL) provides a reliable alternative to the status quo. The network enables users to send remittance payments across the planet in seconds for a fraction of the cost they would normally pay. For countries that are reliant on these payments, this could result in billions in extra revenue for citizens. For these reasons, Telcoin is positioned wisely.
