Telcoin TELPrice $ 0.00384

Telcoin (TEL) is an ERC-20 token. Operating on the Ethereum blockchain, this cryptocurrency is designed to work as a mobile payment method. The nature of blockchain would play a great role for this use case, since it would offer a decentralized and borderless solution, as faster compared to the majority of traditional transfer services. Another point is that mobile payment methods can be more accessible than banking systems in some places, especially due to the fact there are more active smartphones than bank accounts in the world. The platform doesn’t aim to compete with the payment providers. Instead, it offers a co-existing solution. The partnership with telecom operators would make this cryptocurrency a legitimate part of the global financial system. 

The project was born in 2017 and its legal entity (Telcoin Pte. Ltd) was established in Singapore, although nowadays the company is headquartered in Japan. It was founded by Paul Neuner and Claude Eguienta. Since then, the company partnered with many telecommunication providers and is now a member of GSMA. Their entire business model was established early: to partner with telecom operators from all around the globe to ensure a way to send money through mobile devices. Many things related to the Telcoin platform rely on the smartphone app that is also called Telcoin (available on both Google Play and App Store) that acts as a cryptocurrency wallet and provides a smooth way to send money. The app is constantly updated and new features are added on a regular basis. It’s worth noting that TEL can be stored on any ERC-20 compatible wallet.

What are TEL’s key features and how does it work?

While the vast majority of cryptocurrencies are aiming to replace banking solutions, Telcoin is focused on quick mobile payments that can be easily sent from one user to another: the systems such as Venmo and Western Union. The blockchain-based solution can offer a faster speed and lower transaction fees, both of which are very important for this use case. The Telcoin platform doesn’t seek to replace the providers of such payments or compete with them but rather offers a bridge between fiat and blockchain. 

The tokens can be transferred directly between two accounts using private keys as a way to provide security. A multi-signature model is supported, but setting up this requirement is up to the users. The system doesn’t involve using validators per se, utilizing the proof-of-concept approach to every transaction instead. However, telecommunication providers that have Telcoin integration can act like a validator. For such services, they are rewarded with the tokens. The higher the level of integration is, the bigger the reward. It’s also based on the volume of the transactions. Such incentive is a great way to simulate adoption by the providers and services. This allows the operators to make money after integrating the system, while keeping the fees low. 

Other noteworthy features of the cryptocurrency:

·  Being mobile-friendly.

·  Security. 

·  API integration (very useful for adding TEL to the list of the currencies supported by providers)

·  Wide support of wallets: apart from the original app, the TEL is supported by any ERC-20-compatible wallet.

Where can you buy TEL?

Telcoin (TEL) tokens are available to buy on various platforms. The list includes: KuCoin, Quickswap, Balancer, Uniswap, and 1inch Exchange. They can be traded against stablecoins (USDT), cryptocurrencies like BTC, ETH, TRX and sometimes against fiat. 

How can you store TEL?

Telcoin offers the mobile app with the same name that is available for both Android and iOS devices. The program mainly acts like a wallet. TEL can be stored on any ERC-20 compatible wallet. This makes the cryptocurrency versatile and provides a potential for a bigger user adoption.  

Transactions

Since the platform utilizes the Ethereum blockchain, the speed of the latter determines how fast the transactions will be. According to some users, the average transaction time is just a couple of minutes, which is quicker than many mobile payment methods. 

Mining

TEL tokens are not minable. However, liquidity mining is supported, which allows users to receive fees for staking their crypto assets.