Telcoin (TEL) is an Ethereum-based decentralized crypto established in July 2017 in Singapore to be the bridge between cryptos, blockchain and the telecommunication industry. The project aims to partner with leading names in the telecoms industry like Verizon and AT&T to remove the hassle that exists between billing platforms and mobile money.
The main focus of Telcoin is the remittance market, where Western Union is currently the clear leader. Telcoin is partnering with global telecoms and mobile money platforms to provide users with high-speed, low-cost digital remittances to mobile money platforms and e-wallets.
Telcoin (TEL) is an ERC-20 token based on the Ethereum blockchain. TEL is used in the telecoin ecosystem for making payments on e-commerce websites.
In 2017, Paul Neuner and Claude Eguienta co-founded Telcoin to help users transfer money globally in seconds. Paul Neuner, who serves as the chairman & CEO of Telcoin, has amassed over 12 years in the field of telecommunication before venturing into the world of blockchain.
His earliest involvement as a tech entrepreneur in the telecom space starts with Mobius, a startup that provides fraud management services for mobile networks. In 2012, he founded Pangea K.K., a software mobile application development company based in Tokyo, Japan.
Before establishing Telcoin, in March 2017, he started Ikou, a mobile app for creating and organizing events. In 2018, he started Sedona, a next-gen telecom fraud management service that focuses on securing sovereign mobile financial services.
The main focus of Telcoin is the remittance markets. While there are almost five mobile phones to a bank account in existence, people still queue up to send money from high-cost remittance agents, with Western Union being the largest. Leveraging the power of blockchain, Telcoin is bringing people in the developing world a faster, low-cost alternative to remittance services. To achieve this, Telcoin works with mobile operators and e-wallets globally, allowing them to reach a broad base of users with a contactless service.
Like every other decentralized digital asset, Telcoin gives its user complete access to their money via their phones. At will, users can send and receive money from anywhere in the world. The project is also centered around the user, keeping the platform as user friendly and as familiar as possible.
Telecom operators that connect to the Telcoin network are immediately able to issue TEL tokens. The network gives incentives; the more the TEL token traffic an operator has, the more incentives he gets from the network. The incentivized model of Telcoin offers extremely low fee services that are attractive to end-users but still profitable for networks, according to Telcoin.
Telcoin is built on the Ethereum blockchain. At its launch in 2017, 25 percent of the tokens were distributed in crowdsale to investors. Another 15 percent were retained by the Telcoin Team with a 5 percent liquidity fund. The telecom operators' incentives described above makes up 50 percent of all the tokens. Community incentives and ongoing developments get on 5 percent of all TEL tokens.
The project launched with a fixed amount of TEL tokens. The max tokens on the network are fixed at 100,000,000,000 TEL. Currently, approximately 50 percent of the tokens (50,270,110,195 TEL) have been issued.
Telcoin runs on an Ethereum-based blockchain. While it benefits from the security in the decentralization of the network, staking is not yet available on the Telcoin network. There are also no validators on the network; instead, it uses a proof-of-concept model. The partners of Telcoin, the telecoms that sign up to integrate TEL, are the equivalent of validators on the PoS blockchains. The telecoms get the rewards on the network.
To achieve better security, Telcoin implements multi-signature crypto security or a multisig model. This means that to complete a transaction on the Telcoin network, you would need at least two private keys. Users can set the number of keys required before a transaction is completed.
In addition to the proprietary Telcoin wallet, there is also an option of integrating other existing telecom mobile money wallets.
Although TEL is a very popular crypto asset, few exchanges provide the facility to purchase TEL tokens against fiat. You can buy TEL tokens against cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). The top exchanges for buying, selling, and trading in Telcoin (TEL) currently are:
* Forex Rating accepts no liability for any errors in the Telcoin Price or TEL Information. For the most recent information please visit the Telcoin official site.
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