Telcoin
Telcoin is an ERC-20 token built on the Ethereum network and operates as a decentralized cryptocurrency. An open-source project focused on providing customers with a low-cost, efficient, and secure experience when sending digital remittances using mobile platforms and e-wallets. TEL is the native cryptocurrency and is used to make payments within the Telcoin ecosystem.
The Telcoin model consists of the network, telecom companies, and subscribers. It uses Proof of Concept instead of validators to guarantee transaction consistency. Before approving a transaction, the Proof of Concept makes sure it can work in the real world. Telcoin users maintain total ownership and management of their tokens, as is usual with decentralized cryptocurrencies.
Telcoin was founded by Paul Neuner and Claude Eguienta in July 2017 in Singapore. The goal was to help people transfer money as fast as possible. Prior to entering the blockchain market, Paul Neuner, the chairman of Telcoin, had more than 12 years of expertise in the telecommunications sector. Claude Eguienta serves as the project's CEO and head. He had spent over a decade providing clients with the best financial services while working for startups and large IT organizations.
Blockchain integration continues to expand in the remittance industry. Remittances serve as a financial lifeline for many regions in the world. It can account for a major portion of a country's GDP. Countries have started to adopt blockchain technologies in unique ways. For instance, El Salvador recently became the first independent country to make Bitcoin a legal currency. This decision was influenced by a number of factors, including rising inflation rates and an increasing reliance on remittance payments.
The remittance market is currently dominated by large, centralized companies. These companies keep raising their rates because they have to pay fees to many different third parties in order to send money abroad. Telcoin leverages the current mobile payments' infrastructure to give the market with lower rates and an improved user experience.
Telcoin aims to serve as a bridge between fiat currencies and the cryptocurrency sector by utilizing blockchain technology to enable fast, low-cost money transfers.
Telcoin operates on the Ethereum blockchain and makes advantage of its best capabilities to achieve its goals. Instead of validators, Telcoin uses Proof of Concept (PoC) to make sure that transactions are consistent. A token holder has the right to send tokens directly to another peer's account. Telcoin's security architecture requires that the user have at least two private keys to make these transactions work. This requirement can be enhanced by the use of a setting known as a multi-signature model, which helps to ensure a high level of system security.
The use cases that TEL token offers are: Price Speculation- The TEL token, in addition to being the native token of the Telcoin ecosystem, can also be kept primarily for price exposure. Telcoin, like most other cryptocurrencies, is purchased and sold for trading, and speculating that its value will continue to increase over time. Worldwide Remittances- Telcoin uses blockchain technology to get rid of middlemen and replace them with a decentralized, unchangeable ledger. Since there is no intermediary company that needs to make money from the transaction, Telcoin can provide much lower fees than traditional remittance services. Domestic Banking for the Unbanked- Telcoin gives consumers mobile money access and allows them to make rapid transfers and payments with reduced transaction fees. Similar to remittances, customers can utilize TEL directly or make fiat payments and then use TEL to transfer value.
DATE NEWS/EVENTS IMPACT 16/11/2022 Telcoin's trading volume on KuCoin has grown massively +40% Increase 01/05/2022 Telcoin soars after layer-2 migration to the Polygon network +300% Increase
The world revolves around smartphones, and Telcoin's future looks bright since digital market penetration is only going to grow as technology improves and more people learn about blockchain and cryptocurrency.
Telcoin (TEL) presents a trustworthy alternative to the current situation. The network enables customers to send global remittance payments in seconds for a fraction of the cost they would usually pay. For countries that rely on these payments, this might result in billions of dollars in additional money for their residents. Telcoin is positioned effectively for these reasons.
