Telcoin (TEL) is a decentralized cryptocurrency based on Ethereum. It was established in Singapore in July 2017 and aims to become a bridge between the cryptocurrency, blockchain and telecommunications industries.
The project aims to cooperate with leading companies in the telecommunications industry such as Verizon and AT&T to eliminate the hassle between billing platforms and mobile money.
Telcoin’s main focus is the remittance market, and Western Union is currently the clear leader in this market. Telcoin cooperates with global telecommunications and mobile money platforms to provide users with high-speed, low-cost digital remittances to mobile money platforms and electronic wallets.
Telcoin (TEL) is an ERC-20 token based on the Ethereum blockchain. TEL is used in the Telecoin ecosystem to make payments on e-commerce websites.
Who is the founder of Telcoin?
In 2017, Paul Neuner and Claude Eguienta co-founded Telcoin to help users transfer money globally in seconds. Paul Neuner, the chairman of Telcoin, has accumulated more than 12 years of experience in the telecommunications field before entering the blockchain world.
His first involvement in the field of telecommunications as a technology entrepreneur began with Mobius, a start-up company that provides fraud management services for mobile networks. In 2012, he founded Pangea K.K., a software mobile application development company based in Tokyo, Japan.
Before founding Telcoin, he created Ikou in March 2017, a mobile application for creating and organizing events. In 2018, he founded Sedona, a next-generation telecom fraud management service focused on protecting sovereign mobile financial services.
Claude Eguienta serves as Telcoin’s CEO and leads the project. He has a master’s degree in computer science and focuses on distributed systems. For more than ten years, Claude has been working for startups and large technology companies, focusing on providing customers with the best financial services.
What makes Telcoin unique?
Telcoin’s main focus is the remittance market. Although there are almost five mobile phones in existing bank accounts, people are still queuing to send money from high-cost remittance agencies, of which Western Union is the largest.
Using the power of blockchain, Telcoin brings a faster and lower-cost alternative to remittance services for people in developing countries. To achieve this goal, Telcoin cooperates with global mobile operators and e-wallets to enable them to reach a wide user base through contactless services.
Like other decentralized digital assets, Telcoin allows users to fully access their funds via mobile phones. Users can send and receive funds from anywhere in the world at will. The project is also user-centric, keeping the platform as user-friendly and familiar as possible.
Telecom operators connected to the Telcoin network can immediately issue TEL tokens. The network gives incentives; the more TEL token traffic an operator has, the more rewards he will get from the network.
Telcoin stated that Telcoin’s incentive model provides extremely low fee services, which are attractive to end users, but are still profitable for the network.
How many Telcoin (TEL) tokens are in circulation?
Telcoin is built on the Ethereum blockchain. When it was launched in 2017, 25% of the tokens were distributed to investors in crowdfunding. The other 15% is retained by the Telcoin team, of which 5% is liquid funds.
The above-mentioned incentives for telecom operators account for 50% of all tokens. Community incentives and continuous development account for 5% of all TEL tokens.
The project was launched with a fixed amount of TEL tokens. The largest token on the network is fixed at 100,000,000,000 TEL. Currently, about 50% of the tokens (50,270,110,195 TEL) have been issued.
How is Telcoin protected?
Telcoin runs on the blockchain based on Ethereum. Although it benefits from the security of network decentralization, the Telcoin network does not provide collateral.
There is also no validator on the web; instead, it uses a proof-of-concept model. Telcoin’s partners, namely the telecommunications companies that have contracted to integrate TEL, are equivalent to validators on the PoS blockchain. The telecommunications company paid off on the Internet.
In order to achieve better security, Telcoin has implemented a multi-signature encryption security or multi-signature model. This means that to complete a transaction on the Telcoin network, you need at least two private keys. The user can set the number of keys required before the transaction is completed.
In addition to the proprietary Telcoin wallet, you can also choose to integrate other existing telecom mobile currency wallets.
Where can you buy Telcoin (TEL)?
Although TEL is a very popular crypto asset, few exchanges provide facilities to purchase TEL tokens in legal tender. You can buy TEL tokens for cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH).