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Telcoin(TEL): Blockchain With Financial Products for Mobile Users

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Telcoin(TEL): Blockchain With Financial Products for Mobile Users
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Telcoin aims to bring fast and affordable DeFi products to communities across the world. To facilitate this, the company has partnered with mobile network operators and mobile money platforms globally. The transactions in DeFi are executed in code rather than intermediary institutions. It reduces the costs and returns fees to users. The company was founded in 2017.

The team of Telcoin consists of professionals having vast experience in telecom, blockchain, technology, and banking. Some of the team members are Paul Neuner serving as the Chief Executive Officer, Rajesh Sabari serving as the Chief Commercial Officer, Petrick Gerhart acting as President of Banking Operations etc.

The Telcoin Platform employs a multi-level architecture composed of an application layer (Telcoin app), a liquidity engine (TELx), and a settlement network (Telcoin Network). It is powered and coordinated by the TEL token. 

Telcoin App

The Telcoin app makes digital asset trading fast and affordable. These decentralized transactions through Telcoin are made on the Polygon Network. It provides the end users with mobile-based access to the Telcoin Platform and its decentralized products.

It features a multi-signature Ethereum wallet, traditional banking rails, and an interface connecting users to TELx-powered use cases through the comfort of mobile. It facilitates token exchange, domestic payments in crypto and fiat, and also international remittances. It provides the user with compliance and identity verification. The user can secure the self-custody of assets with the app.

The user can store the complaint digital assets i.e. ERC20 digital currencies on the Polygon Network including Telcoin (TEL). Further, they can purchase USDC using the bank account and can deposit the digital assets on the Polygon network.

About TEL

TEL is the native asset of the platform. It is used as a medium of exchange across every layer on the platform. It also acts as gas fees as the liquidity bridges are used to connect products across TELx. It is a staking token securing the Telcoin Network.

At press time, the token had a market cap of $185,570,934. The circulating supply is 70,30,762,193 TEL. The total supply is 100,000,000,000 TEL.

What is TELx in the Telcoin Platform?

TELx is the decentralized liquidity engine of the Telcoin platform. It is built with the aim to facilitate the mobile phone users with affordable financial services. The mobile phone users worldwide can get the incentives. The individuals thus get the chance to to earn the incentives through this network otherwise incentives would typically be awarded to legacy financial institutions

It is superior to traditional financial markets because they do not need third parties to execute the transactions. Traditional markets often require a high amount of fees and need a lot of time to reach the settlement whereas Telcoin accommodates with lower fees and faster settlements.

TELx markets works as per DeFi protocol, hence it is self-custodial. It requires no third party and so facilitates low fees. It is a decentralized network of Telcoin users. As the transactions are conducted through smart contracts they are automated, instant and safe.

Telcoin Network

Telcoin Network is an Ethereum sidechain validated by GSMA member Mobile Network Operators. The network provides fast, secure, and neutral transaction settlement for the Telcoin ecosystem.

Telcoin Network is an EVM-compatible and public blockchain. It is secured globally by GSMA Operator Member MNOs using a Proof-of-Stake consensus. 

Telcoin’s Aim

Telcoin’s Mission is to provide high-quality user-owned financial products to every mobile phone user in the world. The offered financial products are self-custodial and globally adopted. The financial infrastructure scales to meet the demands of a global user base. It aims to empower everyone with mobile phones. No capital and technical knowledge is needed to access products, add value, and earn incentives.

Telcoin Remittance

Many traditional remittance companies claim their services are free, that they do not charge fees to send money. However, the reality is that while they may not be charging fees to send money, their fees comes from the foreign exchange rate between the currency being received and the currency being sent. 

As per the reports of The World Bank,  the global average cost of sending a remittance is more than 6 percent. The pricing on Telcoin is transparently shown in real time.

Telcoin Remittances is Telcoin’s product that focuses on high-speed, lower-cost digital money transfers to mobile platforms and e-wallets. It is an exceptionally affordable way to send remittance to mobile and money platforms globally. Now, with this product sending money will be as easy as sending a text.

With Telcoin remittance, the user can send money to 16 countries as Telcoin works with telecom and mobile money providers globally. The app now supports fiat remittance from Canada and the United States to 16 countries. The user can use the bank account to send money to different countries like the Philippines, Nepal, Kenya, Bangladesh, Ethiopia, etc.

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