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Telcoin

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Discover Telcoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Telcoin?

Telcoin (TEL) is an Ethereum-based token designed for the open-sourced fintech platform and remittance market. It aims to provide low-cost, high-quality financial products for mobile phone users worldwide, focusing on unbanked populations. TEL is used for payments via mobile platforms and e-wallets, offering a cost-effective alternative to traditional money transfer platforms like Western Union.

How is Telcoin used?

Telcoin (TEL) is the native token of the Telcoin Platform and is used in various ways across the platform and its ecosystem. Here are some key uses of TEL:

  1. Settling Payments: TEL is used to settle payments on the Telcoin Platform, facilitating transactions between users and mobile operators.

  2. Exchange Fees: TEL is used to pay exchange fees on the TELx network, which is a decentralized liquidity pool for digital assets.

  3. Gas Fees: TEL is used to pay gas fees for transactions on the Telcoin Network blockchain, ensuring the security and validation of transactions.

  1. Liquidity Mining: Liquidity miners earn TEL fees and issuance by providing liquidity to the TELx markets, supporting the decentralized exchange.

  2. Governance: TEL is used to determine the political power of miners and liquidity miners within the Telcoin Platform governance, influencing decision-making processes.

  3. Remittances: The Telcoin App uses TEL to facilitate low-cost remittances to mobile money platforms globally, supporting financial inclusion.

  1. Digital Wallet: The Telcoin App allows users to store, send, and receive digital assets, including TEL, securely and efficiently.

These uses highlight the versatility and importance of TEL within the Telcoin ecosystem, supporting its goals of financial inclusion and decentralized financial services.

How do I store Telcoin?

To store Telcoin (TEL) tokens, you can use various wallets that support the ERC-20 protocol. Here are some options:

  1. Telcoin Wallet App: The official Telcoin app allows users to store, manage, and transfer TEL tokens securely.

  2. MetaMask: This in-browser wallet supports all ERC-20 tokens, including Telcoin. You can add it to your Chrome extension and use it to store and manage TEL.

  3. MyEtherWallet: This wallet is available as a browser extension or downloadable app and supports Telcoin. It provides a client-side interface for interacting with the Ethereum blockchain.

  1. Trezor: This hardware wallet is highly secure and supports over 1,000 coins, including Telcoin. It allows offline storage and management of your tokens.

  2. Ledger: Another trusted hardware wallet, Ledger supports Telcoin and provides a secure way to store and manage your tokens offline.

  3. Trust Wallet: You can also add Telcoin to your Trust Wallet by following a step-by-step guide.

These wallets offer different levels of security and convenience, so you can choose the one that best fits your needs.

How to buy Telcoin?

To buy Telcoin (TEL) tokens, follow these steps:

  1. Find a Reliable Exchange:

    • Centralized Exchanges: Look for exchanges that list Telcoin, such as KuCoin, Bitrue, and Phemex. These exchanges allow you to purchase crypto with fiat currency and then trade it for Telcoin.
    • Decentralized Exchanges (DEXs): You can also use DEXs like Uniswap and 1inch, but these are recommended for advanced users due to the complexity and potential risks involved.
  2. Sign Up for an Account:

    • Create an account on the chosen exchange by providing personal details and a government-issued ID for verification.
  3. Deposit Funds:

  • Deposit fiat currency or a compatible cryptocurrency like Bitcoin (BTC) or Ethereum (ETH) to the exchange. This will be used to trade for Telcoin.
  1. Buy Compatible Crypto:

    • If depositing fiat currency, purchase a compatible cryptocurrency like BTC or ETH, which can be traded for Telcoin.
  2. Trade for Telcoin:

    • Use the compatible cryptocurrency to trade for Telcoin. Select the Telcoin trading pair (e.g., TEL/BTC), set the amount, and confirm the trade.
  3. Transfer to a Digital Wallet (Optional):

  • For secure storage, transfer your purchased Telcoin to a digital wallet that supports ERC-20 tokens, such as Trust Wallet.

Remember to research and understand the fees, risks, and security measures involved in each step to ensure a safe and successful purchase.

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History of Telcoin

Telcoin (TEL) was created in 2017 by Paul Neuner and Claude Eguienta. Despite being launched earlier than some other popular cryptocurrencies like Solana (SOL), Shiba Inu (SHIB), and Polkadot (DOT), Telcoin's popularity did not soar as much due to its reliance on partnerships for success. The founders aimed to create a utility token, and their project idea quickly gained investor support, raising $25 million in its initial coin offering. This strong start enabled the team to establish partnerships with various telecom operators, such as Etisalat (United Arab Emirates), Gcash (Ghana), and Globe (Philippines), and expand into countries like Canada and Singapore.

In 2021, Telcoin officially launched its money transfer platform, which was a significant realization of its vision to speed up money transfers and reduce costs. The platform uses blockchain technology, telecom operators, and money transfer companies to facilitate low-cost transfers. Users can purchase TEL tokens through crypto exchanges or partner mobile operators and manage them via the Telcoin app. The project continues to grow, with plans to launch its own Rivendell blockchain in the future.

Telcoin's price history shows that it launched in December 2017, with an initial exchange rate of $0.00563. The lowest price was $0.0000789 in March 2020, and the highest price was $0.0560 in May 2021. The best year for Telcoin was 2021, with an average price of $0.0156.

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How Telcoin works

Telcoin (TEL) is a decentralized cryptocurrency designed to streamline global money remittances by integrating blockchain technology with the telecommunications industry. Here's how it works:

Network Integration

Telcoin partners with major mobile networks in areas where traditional financial institutions are scarce. This partnership allows users to access financial services using only a working smartphone with a phone plan. The project utilizes an API that promotes network interaction and cooperation, enabling operators and networks to integrate with Telcoin and receive constant TEL issuance based on their transaction volume and integration maturity.

Wallet and Transactions

The Telcoin app allows users to transfer TEL to third parties without paying commission fees associated with global money transfers. The app can be downloaded from the App Store or Google Play and supports fiat remittances in 16 countries. Users can store, trade, and send digital assets and fiat remittances securely within the app.

TEL Token

TEL is an ERC-20 token developed by Telcoin Pte. Ltd. and is the main utility token of the Telcoin network. Users must hold TEL to interact with the network's services. Telecom operators are issued TEL based on their transaction volume and integration maturity, ensuring efficient delivery of affordable remittance services to their subscribers.

Blockchain and Consensus

Telcoin relies on Ethereum's blockchain to achieve validity and execute smart contracts. Ethereum currently uses a Proof-of-Work consensus mechanism but is planning to convert to a Proof-of-Stake (PoS) network, which will provide more scalability and added features.

Liquidity and Fees

The Telcoin app uses decentralized TELx liquidity pools to send and receive digital assets. TELx liquidity providers earn transaction fees traditionally awarded to financial institutions, reducing costs for users. The platform aims to provide lower fees and a more efficient user experience compared to traditional remittance providers.

Accessibility and Benefits

Telcoin has the potential to be a game-changer in areas where mobile infrastructure exists but financial infrastructure is lacking. It offers worldwide accessibility, lower fees, and a more efficient user experience, making it a promising solution for global money remittances.

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Telcoin's strengths

Telcoin (TEL) has several strengths that contribute to its potential success:

  1. Low-Cost Remittances: Telcoin offers a significantly lower fee structure compared to traditional remittance services like Western Union and MoneyGram. This makes it an attractive option for users looking to send money across borders at a lower cost.

  2. Decentralized and Secure: Telcoin operates on the Ethereum blockchain, ensuring transparency and security. It also integrates advanced security features like multi-signature and API protocols, making it a reliable platform for users.

  3. Easy Integration: The use of APIs simplifies the integration of Telcoin into mobile networks. Providers don't need to make any hardware adjustments, making it easy for them to adopt the platform.

  1. Instant Transfers: Telcoin enables near-instant money transfers globally, leveraging blockchain technology to speed up the process. This is a significant improvement over traditional remittance services that can take over 24 hours.

  2. Wide Reach: With partnerships with mobile telecom operators, Telcoin can tap into the massive global mobile user base, providing access to financial services for the unbanked and underbanked populations.

  3. User-Friendly: The Telcoin wallet is designed to be secure and easy to use, allowing users to interact with the network's features seamlessly. The platform is available on both Apple and Google devices, making it accessible to a broad user base.

  1. Growing Ecosystem: Telcoin is expanding its services, including the development of a payments card and a decentralized finance platform. This can help drive further adoption and increase the reach of mobile money platforms.

These strengths position Telcoin as a promising solution for global remittances and mobile payments, offering a unique combination of low costs, speed, and security.

Telcoin's risks

Telcoin (TEL) carries several risks that investors should be aware of:

  1. High Risk Rating: Telcoin has been given a high risk rating by InvestorsObserver due to its price volatility and the potential for manipulation by limited trading.

  2. Exploits and Security Issues: Telcoin has experienced a significant exploit related to its wallet implementation on Polygon, resulting in a 40% price drop and the loss of over $1.2 million in funds.

  3. Market Volatility: The cryptocurrency market is known for its high volatility, and Telcoin is no exception. Its price can fluctuate rapidly, leading to potential losses for investors.

  1. Dependence on Telecom Partnerships: Telcoin's success relies heavily on its partnerships with telecom operators. If these partnerships do not materialize or are not successful, the project's growth could be hindered.

  2. Compliance and Regulatory Risks: As a cryptocurrency operating in the financial sector, Telcoin must comply with various regulations. Failure to do so could lead to legal issues and reputational damage.

  3. Competition: The remittance and payment sectors are highly competitive, with established players like Western Union. Telcoin must differentiate itself and provide a compelling value proposition to attract users.

  1. Technical Risks: As a blockchain-based project, Telcoin is susceptible to technical issues such as smart contract vulnerabilities, network congestion, and scalability limitations.

  2. Liquidity Risks: Telcoin's liquidity can be affected by various factors, including market conditions, trading volume, and the availability of fiat currency conversion options.

  3. Trust and Adoption: Cryptocurrencies, including Telcoin, still face trust issues among the mainstream population. Widespread adoption is crucial for the project's success, but this may take time to achieve.

  1. Forex and Secondary Market Risks: Telcoin's commercial model involves managing forex and secondary market risks through spreads. If these risks are not managed effectively, it could impact the project's profitability.

Investors should carefully consider these risks before investing in Telcoin (TEL).

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Telcoin's ecosystem

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Telcoin’s team

  • Claude Eguienta: CEO and co-founder of Telcoin, with a master's degree in computer science and experience in startups and tech companies focused on distributed systems and crypto.
  • Paul Neuner: Co-founder and chairman of Telcoin, with over 20 years of experience in the telecom industry and a background in mobile telecom fraud management.
  • Eric Chung: Executive director of Telcoin, with extensive experience in business and corporate development, design, strategy, and adtech.
  • Simo Kinnunen: Lead developer of Telcoin, a full-stack programmer with experience in tech startups and expertise in Rust.
  • Adam Kull: Mobile lead of Telcoin, with a master's degree in computer science and experience in iOS development.
  • Naïm Boughazi: Product director of Telcoin, with an MS in computer science and expertise in UI/UX design.
  • Yacine Farouk: Marketing director of Telcoin, with experience leading campaigns for major brands and co-founding Kabotip with Eguienta.
  • Nobusuke Matsuoka: Telecom business development lead of Telcoin, with over 20 years of telco consulting experience and three patents.
  • Alix Zerd: Crypto business development lead of Telcoin, with experience in game development and VR business management.
  • Christopher Riza: Community manager of Telcoin, a smart contracts and blockchain researcher with a background in business development and investment analysis.
  • Ryan Tully: Vice President, Head of Product of Telcoin.
  • Parker Spann: EVP, Business Development, Strategy, Labs of Telcoin.
  • Jeff Quigley: EVP, Business Development and Communications of Telcoin.

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