Telcoin - A cryptocurrency distributed by your mobile operator and accepted everywhere.. Only three more days to launch ICO.
Telcoin - Financial inclusion for a mobile world
Telcoin is a new cryptocurrency based on the Ethereum blockchain that will be distributed by your national telecom operator and made available to everyone, anytime, anywhere. This is the core of our business, and mobile network operators will be at the center of our strategy. Telcoin is the first cryptocurrency to tap into synergies between the reach of mobile telecoms and the fast, borderless nature of blockchain technology. According to the World Bank, there are nearly five times as many mobile phones in the world (5 billion), as there are active bank accounts (1.2 billion).
Why Partner with Telecoms?
By partnering with mobile operators, Telcoin can avoid key points of friction that have prevented similar projects from succeeding: trust, reach, and KYC compliance.
Telcoin Exchange API
Telcoin will offer a flexible application programming interface, the Telcoin Exchange API, to provide operators a number of integration options. Initial implementations will focus on simple connectivity to existing mobile money APIs. We will support any mobile network or third party wallet and have also already partnered with TenX wallet to be able to immediately deliver an endto-end solution. With our mission of financial inclusion in mind, Telcoin will work diligently to support feature phones as well, via native/SIM apps, SMS, and USSD.
What makes Telcoin different from other ERC20 tokens?
Telcoin is going to be sold to buyers during the initial token sale, and then provided at no charge to partner mobile operators. Technically, the entire supply of coins will be issued to Telcoin Pte Ltd, and then given to telecoms at a rate depending on their stage of Telcoin integration, as described below in the Telcoin Issuance Model. This simple model minimizes barriers and risks for operators to partner with us, and will thus accelerate Telcoin adoption.
Telcoin Integration Stages
- Connecting with Telcoin - 10% weighting
- Validating Network Size - 10% weighting
- Telcoin Exchange Volume - 50% weighting
- Compliance Maturity - 30% weighting
Telcoin User Journey
While most incumbent money remittance services have digital options for connecting a bank online, the process requires one or two business days to connect. Once sent, the sender either needs to agree to require as much as five business days or agree to a higher transfer fee. The recipient then needs to go to a physical outlet to receive the money, requiring time for completing a form to receive the transfer. After all of that effort and time, the recipient is left with an average of around 8% less than what was sent, for a US$200 transfer. Below depicts a $1000 transfer.
Wallet security
In order to store and spend cryptocurrencies, users normally use software wallets. Those wallets typically hold keys that allow users to execute transactions on the blockchain. Traditionally, a user can execute any sort of transaction on his addresses using their keys. As normal as it sounds, this model exposes the user to the risk of losing all of their coins instantly if their private key is compromised. On the Ethereum blockchain, those issues can be mitigated using smart contracts acting like multi-signature wallets.
A multi-signature wallet, or multisig, requires a certain number of participants to sign for a certain subset of operations to be executed. An example could be a wallet in which you would have daily limits, and require several participants to sign in order to withdraw larger amounts.
Token Sale.
Initial Token Sale commenced on Dec 11, 2017. Buying the coin is only reserved for the whitelisted community members. Sign up now and become a White listed member.
Reference Links
This is my entry for the @originalworks ~ Sponsored Writing Contest
Disclaimer: Statements on this post do not represent the views or policies of anyone other than myself. The information on this post is provided for discussion purposes only, and are not investing recommendations. Please read the scheme related documents before investing
telcoin2017
I love learning of the new builds on top of ethereum. Thank you for this.