The Telcoin TEL project aims to work with industry leaders such as Verizon and AT&T to eliminate the friction that exists between billing platforms and mobile money.
Telcoin's main emphasis is the remittance business, which is currently dominated by Western Union. Telcoin has teamed up with global telecommunications companies and mobile money platforms to offer users high-speed, low-cost digital transfers to mobile money platforms and e-wallets.
Telcoin TEL is an ERC-20 token based on the Ethereum blockchain. TEL is used in the Telecom ecosystem for making payments on e-commerce websites.
Despite the fact that there are nearly five mobile phones to a bank account, people still wait up to send money through high-cost remittance companies.
Telcoin is offering consumers in the developing world a speedier, low-cost alternative to remittance services by leveraging the power of blockchain. Telcoin accomplishes this by collaborating with mobile carriers and e-wallets around the world to provide a contactless service to a large number of people.
Telcoin, like any other decentralized digital asset, allows its users ultimate control over their funds through their phones. Users can send and receive money from anywhere in the world at their leisure. TEL tokens can be issued immediately by telecom operators who connect to the Telcoin network. The network rewards operators for their TEL token traffic; the more TEL token traffic an operator has, the more incentives he receives from the network.
Telcoin's incentive strategy, according to Telcoin, delivers exceptionally low charge services that are appealing to end-users while remaining lucrative for networks.
Paul Neuner and Claude Eguienta co-founded Telcoin in 2017 to allow consumers to send money over the world in seconds. Paul Neuner, Telcoin's chairman and CEO, has worked in the telecommunications industry for over 12 years before branching out into blockchain.
Mobius, a business that provides fraud control services for mobile networks, was his first venture as a tech entrepreneur in the telecom area. He launched Pangea K.K., a Tokyo-based software and mobile application development company, in 2012.
Prior to founding Telcoin, he founded Ikou, a mobile app for arranging and organizing events, in March 2017. Sedona, a next-generation telecom fraud management service focused on ensuring sovereign mobile financial services, was founded by him in 2018.
Telcoin TEL is based on the Ethereum blockchain. Staking is not yet available on the Telcoin network, despite the security provided by the network's decentralization.
The network also lacks validators, opting instead for a proof-of-concept model. Telecoms that sign up to integrate TEL are Telcoin's partners, and they act as validators on PoS blockchains. On the network, the telecoms get the benefits.
Telcoin uses multi-signature cryptography, sometimes known as a multisig approach, to improve security. This means that you'll need at least two private keys to perform a transaction on the Telcoin network. Users can choose the number of keys needed to complete a transaction.
There is also the option of integrating various existing telco mobile money wallets in addition to the exclusive Telcoin wallet.
When it first launched in 2017, 25% of the tokens were sold to investors in a crowd sale. With a 5% liquidity fund, the Telcoin Team was able to retain another 15%.
The above-mentioned telecom operator incentives account for half of all tokens. TEL tokens account for 5% of all TEL tokens, which goes to community rewards and continuous development.
The initiative began with a set number of TEL tokens. The network's maximum tokens are set at 100,000,000,000 TEL. Approximately half of the tokens (50,270,110,195 TEL) have been issued thus far.