Blockchain technology is used to solve various everyday problems, and Telcoin aims to solve financial issues that have to do with money transfers. There is a growing demand for cryptocurrencies despite the volatility of various crypto assets because they make payment seamless.
Today, we are focusing on what is Telcoin and how it is trying to solve the problem of remittance payment worldwide.
Within just one year, Telcoin has witnessed an insane price increase that has generated a lot of positive buzz about the cryptocurrency.
Investors and enthusiasts are interested in knowing how Telcoin works. If that interests you, you are at the right place; read along as we break everything down in a simple way.
What is Telcoin?
- Website:Â telco.in
- Explorers:Â Etherscan
- Max Supply:Â 100,000,000,000
- Twitter:Â @telcoin_team
- Reddit:Â r/Telcoin
- Facebook: telcoin
- Telegram:Â telcoincommunity
Telcoin is an ERC-20 token based on the Ethereum blockchain focused on helping users provide high speed, low cost, and secure international remittances through mobile platforms and e-wallets. Telcoin is trying to rival Western Union, but their services are more affordable. TEL is the native cryptocurrency of the network, and it is used for making payments in the Telcoin Ecosystem.
The network is decentralized, which means there is no third party involved in handling your money after you remit it from one country to another. One of the biggest challenges that technology hasn’t been able to solve is wiring money internationally.
It takes a lot of time and money as transaction cost. Telcoin is bridging the gap between fiat currencies and crypto by using Blockchain technology. As a result, using Telcoin for international money transfers will take only a few seconds.
Right now, you can transfer money from Canada or the United States to 14 countries, including Ghana, El Salvador, and Pakistan.
What is the Purpose of Telcoin?
The most significant purpose of Telcoin is financial inclusion. The network aims to link mobile users across the globe to a general financial system. Telcoin uses blockchain technology to bring people in third world countries a faster and more secure way of receiving international money.
In addition, the payment network is working with telecommunication operators and e-wallets globally to reach a broad user base.
Using the peer-to-peer method, users can receive payments directly to their mobile numbers. Users can send and receive money at any time.
The network is also decentralized, giving the user access to their total cash on the phone. Telcoin is working to partner with telecom operators globally to make the service available for everyone.
Who are the Founders of Telcoin? (Brief History)
Telcoin was launched in 2017, and it is currently being used in Canada and the Philippines. Paul Neuner and Claude Eguienta co-founded Telcoin to solve the problem faced by many while transferring money internationally.
They leveraged blockchain technology to create a network that will make international money transfers instantaneous.
Paul Neuner is the Chief Executive Officer (CEO) at Telcoin, and he has worked in the telecommunication industry for over twelve years. Before Telcoin, he started a software mobile application development company in Tokyo, Japan. He also built a mobile app known as IKOU that created and organized events.
Claude Eguienta Served as the CEO of Telcoin, but at the time of writing this, he is currently the CEO of MIMI DeFi. He has an MS in computer science and is a specialist in distributed systems. Claude has worked with a lot of startups and prominent companies.
Currently, the Telcoin team has over members with experience in blockchain, telecommunications, marketing, and finance.
Who are Telcoin Investors?
Telcoin has some notable investors backing their project, and they have raised over 10 million dollars from two funding rounds.
The first funding round was on the 19th of September, 2017, while the recent seed round was on July 1st, 2021. The most notable investors from the funding rounds include Chronos Ventures, East Ventures, FaBB, and Carnaby Capital.
Telcoin Roadmap
There is no roadmap on the Telcoin official website, but they have a roadmap that consists of activities and plans on their official medium handle. The roadmap covers their goals from 2020 October to 2021 December.
It covers all the everyday activities on the Ethereum based blockchain within the time frame. The plan finished with a proposal to scale marketing campaigns in December 2021.
Telcoin Tokenomics
TEL is the native token of the Telcoin network, and it also serves as the medium of exchange asset between Telcoin and Telecom service providers. The asset is also used to incentivize telecom service providers on the network and active users.
Users cannot stake their Telcoin asset even though the network is decentralized; it is only used for sending and receiving money.
TEL currently has a market capitalization of 358.8 million dollars when writing this article. There are 59 Billion TEL tokens in circulation, with the maximum supply at 100 billion TEL tokens. Investors currently hold a large percentage of the token, and there is no specified burn mechanism.
Where to Buy the TEL token
The TEL token is available for trading on top exchanges like KuCoin and Bybit. It can be traded in some pairs on KuCoin that include TEL/USDT, TEL/BTC, TEL/ETH, while on Bybit, it is only available in TEL/USDT. In addition, the cryptocurrency is available on Uniswap (V3), and it can be traded as TEL/WETH.
Other exchanges include QuickSwap, HotBit, and Bitrue. The token can be traded in multiple pairs that Include TEL/USDT on Hotbit and Bitrue. QuickSwap supports the following trading pairs: TEL/USDC, TEL/WETH, TEL/WMATIC, TEL/AAVE, TEL/WBTC, and QUICK/TEL.
You can also download the native Telcoin App that supports Android and IOS devices and send TEL to any country where the services are supported. All Ethereum based wallets also support it to solve interoperability problems.
Rounding Up – What is Telcoin
Telcoin is changing how we send money across the world. It is an instant way of sending and receiving money globally while reducing the price to only 2% per transaction.
Many third-world countries rely on remittances, and the global remittance market is growing yearly by billions of dollars. The biggest problem is the high cost of transactions, and it takes time before the transaction is verified
It might take time before blockchain technology catches up with banks because of slow adoption, but it indeed looks inevitable with the advent of projects like Telcoin.
Hopefully, you understand what is Telcoin after reading, and if there is any part you don’t understand, please ask us in the comment section below.
