With blockchain technology continuing to drive global innovation on a large scale, the telecom industry seems to have been relatively untouched by the crypto wave. According to the World Bank, there are more than 5 billion cell phone users around the world. This number clearly indicates that crypto trading and exchange is more easily facilitated through telecom channels compared to traditional bank-based methods.
Telcoin is an all-new cryptocurrency designed to facilitate digital asset exchange through the use of telecom channels provided by operators worldwide. This makes the currency not only more accessible, but also more usable.
More broadly, Telcoin is one of the first crypto projects that aim to bridge the gap between mobile service providers and blockchain technology. To start off with, Telcoin tokens will initially be made available to the company’s mobile network partners. They will be usable for a number of purposes including:
- Online remittances
- Monetary transfers and payments
As its whitepaper makes clear, Telcoin does not aim to compete with the existing telecom framework, but rather work alongside it so as to provide customers with increased financial flexibility – especially for people living in lesser developed nations.
Overview of Telcoin
- Telcoin is an innovative solution that brings together the worlds of mobile technology and blockchain.
- It makes use of an incentive-based governance model that delivers rewards to network providers as well as customers.
- The platform utilizes a flexible API which helps increase network interaction and participation.
- Telcoin allows international payments to be completed within a matter of seconds. It also allows for services such as mobile credit top-ups and ad hoc transfers.
Firstly, Telcoin is totally compliant with all existing guidelines used by mobile operators across the globe. This means that the platform stays in perfect alignment with international telecom regulations, and can be easily used with GSMA mobile networks.
Overview of the features being delivered by Telcoin (courtesy of the whitepaper)
It should also be noted that Telcoin has teamed up with some of the world’s major network providers, and has thus established an infrastructure that can support approximately 5 billion users. In the same breath, it is important to recognize that this product has good market potential since it inherits the strength of an already trusted system.
Also, through a rewards-based model, the company distributes its native tokens to mobile networks in a way that allows for incentives to be obtained by each and every participant within the network. For example, Telcoin tokens will be doled out to telcos at a rate of 5% annually for a period of 10 years following the ICO. This basically serves as the integration phase during which the native currency can slowly become more acclimated with the mobile market at large.
Transaction model employed by the platform (courtesy of the whitepaper)
Lastly, the platform also comes with a fully customizable wallet called the “TenX wallet”. As a result of all these features being delivered on one platform, Inc Magazine said the following about this venture:
A financially inclusive world, made possible by blockchain startups like Telcoin, will advance an entire new ecosystem of modern finance.
How does Telcoin work?
The system has three major components:
- The Network Provider
- Telco Platform
Simple overview of how the system works (courtesy of Telcoin)
The starting point for every transaction is the end user. Customers are given full access to their money via their phones. Once one’s digital wallet is linked with the Telcoin platform, a subset of transactions can easily be made from that user’s address.
It is also important to mention that mobile operators will receive their share of Telcoin tokens, which will be stored within multi-signature wallets and have at least two private keys.
In order to simplify management, the network operator wallets are fully governed and handled by Telcoin. This not only helps streamline work and daily business operations for companies, but also reduces the transaction burden faced by telcos around the globe.
About the project
Since its launch, the Telcoin platform has received quite a lot of media attention, as it directly addresses some of the shortcomings that exist within the blockchain world. The project is headed by Claude Eguienta who also serves as its CEO. According to his official LinkedIn profile, Claude has been working with distributed systems and cryptocurrencies for over six years now. He has also been associated with a number of high-profile startups in the past including:
Paul Neuner is the current chairman of the company. He has been in the telecom sector for over 12 years and is the person responsible for Mobius, a fraud management solution that is currently used by companies such as Ooredoo and Etisalat.
Lastly, Simo Kinnunen is the lead developer for this platform. He describes himself as a full-stack programmer who has also served as a back end dev for many crypto projects in the past.
Token Performance History
Since Telcoin (TEL) has only been on the market for a little over a month, it is hard to judge its true market value or future monetary potential.
TEL token lifetime performance chart (courtesy of CoinMarketCap)
While this token was released at a base price of US$0.0048 in mid-January, the peak value of TEL was reached on January 20, when 1 TEL was worth over US$0.01. As of February 17, the price currently stands at US$0.0044.
Telcoin offers a highly innovative platform that merges two of the larger digital domains in existence today — blockchain and mobile technology. Thus, it would not come as a surprise if TEL made it onto the top crypto list of 2018, since it comes loaded with a host of revolutionary features.
However, before making any investment in the currency, it is of utmost importance that individuals do a bit of research on their own.
If you’d like to start investing in Telcoin, TEL trading pairs are currently being offered on Kucoin.