This article will introduce Telcoin, a decentralized cryptocurrency based on the ERC-20 standard. In addition, these cryptocurrencies are implemented on the Ethereum blockchain. This digital currency is intended to act as a remittance payment system.
The system worked seamlessly to simplify global remittances through blockchain and the telecommunications industry. In the following, we will acquaint you with the history and function of this digital currency. We will also explain the features of this digital currency.
History and the founders of Telecoin
In 2017, Paul Neuner and Claude Eguienta designed and created the Tel Quinn digital currency intending to help digital currency users transfer remittances in seconds.
Paul Nonner, head of the Telcoin project, has more than 12 years of experience in telecommunications and has entered the world of digital currencies and blockchain in recent years. His first partnership as a telecommunications technology entrepreneur was with Mobius, a startup that provides fraud control services in mobile networks.
In 2012, he founded Pangea K.K., a Tokyo-based mobile software development company. Before founding Telcoin in March 2017, he launched Ikou, a mobile app for creating and organizing events.
Claude Agonta is the CEO of Telcoin. He has a master’s degree in computer science. For over a decade, Claude has worked with startups and large technology companies to provide the best financial services to customers.
What is telcoin?
Telcoin is a decentralized digital currency, an ERC-20 token based on the Ethereum blockchain. An open-source project aimed at providing a low-cost, efficient, yet secure experience for users to send digital remittances through mobile platforms and e-wallets. TEL is a native digital currency used for payment in the Telcoin ecosystem.
Tel has already announced its goal of making money transfer smarter. Even with all the technology around us, wiring money internationally is a fragmented experience that ultimately takes a lot of time – plus a lot of money in the form of transaction costs and tolls.
Tel acts as a bridge between Fiat currencies and the cryptocurrency world, using Blockchain technology to transfer money instantly without transaction costs.
How does telcoin work?
Since the launch of Telcoin in 2017, the project has attracted a great deal of attention due to its ambitious plan to integrate the telecommunications industry with blockchain technology. Telcoin is all about making money transfers easier and smarter – both in peer-to-peer transactions with people’s phone numbers and when interacting with e-commerce stores. Telcoin is working closely with major mobile networks in areas where access to traditional financial institutions is a hassle.
This partnership benefits the population by providing access to financial services that were not previously available and is the only prerequisite for having an active smartphone with a telephone plan. The project uses an API that helps enhance network interaction and collaboration. Operators and networks can integrate with Telcoin through this API. This, in turn, qualifies them for permanent TEL issuance.
Networks that receive more traffic and have more integration maturity receive more TEL as a reward. In addition to the company’s official wallet, Telcoin can be integrated with existing mobile wallets. Payments made through partner wallets are free, and the only fee is to convert TEL to other digital currencies and convert those digital currencies to Fiat.
Free in-app operations with conversions supported by local telecommunications companies will undoubtedly help consumers and business owners looking to reduce additional costs.
The ultimate goal of this project is to facilitate global non-banking by providing an alternative to traditional money transfer platforms through cheap remittances, payments, credit, and other benefits that can be achieved through Blockchain technology.
Features of Telcoin
Several other features help Telcoin stand out in providing efficient remittance services to its subscribers, which are mentioned below.
According to Telcoin, the average transaction fee for sending international remittances is about 7%. Telcoin plans to reduce it to less than 2%. To achieve this, it works on a model that remains profitable for network providers, even while cheap for general users.
Ethereum Blockchain technology helps transfer or pay almost instantly. According to a Reddit article, a user claims that it takes three minutes to make a transfer.
Telcoin is designed to ensure that users can make international payments and remittances directly from their mobile phones. It also allows existing mobile money platforms to adopt a blockchain approach.
Therefore, it is not an attempt to replace these substrates but acts as a facilitator. With this approach, Telcoin allows them to jump into the future of remittances.
Multiple wallet support
Perhaps best of all, instead of being limited to the platform’s native wallet, Telcoin can be stored in various wallets that support the ERC-20 encryption standard. Therefore, network providers can always integrate with other third-party wallets or expand their wallets if they wish.