As time passes, more cryptocurrencies in the world get introduced to the mainstream, leading to the increased enthusiasm in the market. This then leads to the development of different cryptocurrencies to meet the ever-growing demand.
What is Telcoin?
Telcoin is a decentralised cryptocurrency that operates as an ERC-20 token on the Ethereum network. It aims to give consumers a low-cost, efficient, and secure experience when sending digital remittances using mobile platforms and e-wallets.
Telcoin was established in 2017 by Claude Eguienta and Paul Neuner to make money transfers more efficient than previous. The Telcoin team thinks they have the right mix for providing the most convenient way for consumers to transmit money.
It supports a variety of e-wallets and other mobile money systems, intending to collaborate with major telecommunications companies such as AT&T and Verizon. The initiative intends to scale by partnering with well-known players in the telecom business.
Telcoin’s primary target is the remittance business, which Western Union presently dominates. The CEO of Bitcoin, the world’s largest digital currency, is expected to unveil a billion-dollar agreement with an investor group to develop a new financial service platform for banks and financial institutions utilising the technology.
Key Features
- Affordable: Telcoin intends to reduce the average transaction charge for transferring international remittances to less than 2%. On this front, it’s employing a strategy to network providers to keep the costs affordable for users.
- Instantaneous transfers: The Ethereum blockchain technology enables near-instantaneous transactions and payments, evidenced by a user claiming that it only took three minutes to complete a wire transfer to be completed.
- Mobile friendly: Telcoin strives to make it possible for customers to make international payments and remittances straight from their mobile phones. It is not attempting to replace current mobile money systems but rather serves as a bridge for them.
- API integration: It could be used as both a currency and a mobile payment method on eCommerce platforms. Users may also gain access to their mobile wallets via internet platforms via application programming interfaces or APIs.
- Security: Telcoin is a decentralised, multi-signature solution to crypto security that requires the use of more than one private key to authorise a transaction, providing a high level of security.
- Incentivised adoption: Users are eligible for TEL token prizes as soon as they join the network. The incentives are determined by the number of transactions and the network operator’s integration support.
- Supports multiple wallets: Telcoin is a new cryptocurrency that may be held in a variety of wallets. The ERC-20 crypto standard enables network operators to interface with third-party wallets or creates their own if they so want.
Current State of Telcoin
Telcoin is investigating and constructing its V3 technology, which will be used to update its crypto wallet. It intends to add additional functionality to the wallet as well as new crypto apps such as DeFi. The goal is to significantly simplify payments, which any crypto enthusiast (and non-enthusiast) would undoubtedly appreciate. Telcoin has collaborations with the GSMA network operators, GCash, ECPay, KuCoin, Uniswap, Balancer, CoinGate, and Plaid.
Telcoin has had significant price swings, prompting many cautious voices to raise worries about TEL. Telcoin’s team has been working hard and has lately achieved notable successes, including a new state banking licence for its financial services to US clients. It also stated that its customers would be able to send money from the United States, Singapore, and Australia to 16 South-East Asian and African nations.
Closing Thoughts
As mentioned above, Telcoin has been facing price swings recently so it will be better for investors to research and prepare before deciding to invest in it. It’s not the most stable coin right now in terms of volatility. It is advised that traders study the market movements and price fluctuations to ascertain the prime moment to invest in Telcoin.
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