Telcoin (TEL) Unveiled: An In-depth Look at the Project
Telcoin (TEL) is a native token of the Telcoin platform, a decentralized financial system granting mobile phone users a global portfolio of financial services. Currently holding the 230th position in the cryptocurrency market capitalization leaderboard, Telcoin (TEL) is primarily used for governance and reward mechanisms.
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Project's Mission
Telcoin embodies a global enterprise harnessing the power of blockchain technology to bestow users with cost-effective and efficient decentralized financial services via mobile phones. The cornerstone of its mission is to facilitate both fiat and blockchain transactions by forging alliances with telecommunications industry partners, mobile payment platforms, and e-wallet providers.
Telcoin. High-quality financial products for every user Source: Telcoin’s Twitter
Telcoin was established in Singapore in 2017 by entrepreneur Paul Neuner, who had formerly launched Mobius, Ikou, and Sedona, and Claude Eguienta, an expert in distributed systems. Their vision was to empower all mobile phone users with the ability to swiftly and affordably send money transfers worldwide. The project initially catered to residents of Asian and South African countries lacking open bank accounts.
Presenting itself as a modern, user-friendly alternative to traditional international money transfer methods, Telcoin stands in contrast to services like Western Union. Traditional services require one to visit a physical location, endure potentially long waiting times, pay a commission fee of up to 10% of the transfer amount, and then wait for the funds to be deposited. Conversely, Telcoin transactions are much more enticing: payments can be processed via the app within mere minutes, the commission fee ranges between 0.5-2%, and the funds virtually reach the recipient instantaneously.
From February 2018, Telcoin became a member of the GSMA, a prestigious international association uniting mobile network operators and equipment manufacturers. The Monetary Authority of Singapore oversees Telcoin's activities, and the company has secured official registration across various international markets, including Canada, the USA, Lithuania, the UK, Malaysia, and Australia. Telcoin operates its main offices out of Singapore, Tokyo, and Los Angeles.
How Telcoin Works
Telcoin operates on a layered architecture, tying together the Telcoin app, the TELx liquidity engine, and the Rivendell settlement network. Their coordination and operation are steered by Telcoin's unique token, Telcoin (TEL).
The Telcoin App
The app bridges the gap between telecom providers and mobile money services, enabling money transfers across 16 countries worldwide. This gateway opens up users to a variety of financial tools, including Polygon's digital wallet, a portal for money transfers, and a trading and deposit platform.
TELx
TELx forms a network of automatic decentralised financial markets, which, for a moderate reward, allow Telcoin's services to operate autonomously, eliminating the need for middlemen or custodians.
Rivendell
Currently under development, Rivendell is an Ethereum sidechain that has earned approval from the mobile operators part of the GSMA association. Rivendell aims to deliver rapid, secure, and unbiased transaction settlements within the ecosystem.
Understanding the Telcoin (TEL) Token
Purpose
Telcoin (TEL) (ERC-20 standard)acts as the native utility token of the Telcoin platform. It's important to note that possession of the token doesn't translate to a stake in Telcoin's company shares. Rather, it functions as an instrument for exchange and a unit of calculation within the platform.
The fundamental goal of the Telcoin (TEL) token is to incentivise users to support and actively engage with the platform and the wider ecosystem. TEL operates as an economic motivator for proactive contributors to the project, who, in exchange for their services, receive an allotted number of tokens or discounts on transaction fees.
Issuance and Distribution
The issuance of Telcoin (TEL) is automated, with the TEL Genesis wallet releasing new tokens every week. Mobile operators who are partnered with the project can also partake in token issuance. For these partners, an incentive model is in place: the more Telcoin they issue, the larger the profits they can expect from the network. This process creates a win-win scenario for all participants: the platform itself, mobile operators, and users.
The total supply of Telcoin (TEL) is fixed at 100,000,000,000 tokens. Its Initial Coin Offering (ICO) took place between December 2017 and February 2018. The distribution of all Telcoin (TEL) is as follows:
- 50% allocated as rewards for mobile operators,
- 25% for the initial sale to investors,
- 15% reserved for the project team,
- 5% dedicated to community development,
- 5% set aside for a liquidity fund.
Current Market Situation
As per data from coingecko.com, Telcoin (TEL) ranked 230th in the global cryptocurrency market press time. The token is trading at $0.0018. Its market capitalization stands at $125,210,256, with a circulating supply of 69,202,904,801 TEL, and a daily trading volume of $429,426.
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