What is TEL? Your ultimate guide
Telcoin is designed to increase access globally to financial services. How does it work?
Established in 2017, the cryptocurrency telcoin (TEL) is a decentralised, user-owned financial platform, using blockchain technology to try to increase access globally to financial services. The main objective of the start-up is to provide all mobile phones users with access to affordable and accessible financial products.
Telcoin is firmly aimed at the billion-dollar remittances industry, with fees cut to less than 2%. Users send money by logging in to the Telcoin app, selecting their preferred wallet or source, typing in the recipient’s name and mobile number, and confirming the payment.
As part of the growing decentralized finance (DeFi) industry, telcoin has performed well this year, but what is telecoin? And what is telcoin used for?
How does telcoin work?
Co-founded in Singapore by Paul Neuner, an entrepreneur who co-founded Mobius, telcoin has several different products, which serve different purposes. Its flagship product, Telcoin Remittances, provides quick and inexpensive money transfers to mobile money planforms and digital wallets. More recently, the project launched a worldwide remittance network called the Send Money Smarter Network (SMS) as well as TELxchange, a decentralised digital asset exchange.
The crypto has also been developed to be highly secure. The company’s main products are the TEL coin and the Telcoin Wallet app. This can be downloaded from the App Store or through Google Play.
Telcoin (TEL) is hoping to place itself in prime position to capitalise on the surging demand for DeFI. DeFi helps to provide access to people across the globe to financial products, without the need for financial intermediaries.
Telcoin currently uses proof-of-work to mine coins. However, it plans to move to proofof-stake after the 1,000th block has been mined. Proof-of-stake models are much more energy efficient and can be done at a much lower cost. This, in turn, means more users can be involved in the process.
What is the TEL cryptocurrency coin?
TEL coin is the native cryptocurrency of Telcoin. It has several different functions including as a medium of exchange, a protocol token and a reserve asset. The TEL coin allows individuals to access a host of different financial products, but uses market participants such as telecom companies to provide specific services to platform users.
The telcoin cryptocurrency, built on the Ethereum network, is an ERC-20 token. The maximum supply of TEL is 100 billion. There is a current circulating supply of 55.03 billion and a current market cap of $798m.
During its launch, one quarter of the tokens were distributed to investors, 15% were kept back by the TEL team and 5% was put into a liquidity fund.
After a dismal performance throughout 2019 and 2020, telcoin cryptocurrency price picked up in 2021. From $0.0001708 on 1 January 2021, the TEL price rose to its highest ever price on 10 April 2021 of $0.05987.
The current price stands at $0.01491 at the end of November 2021.
The telcoin price has gone up 8,210% in the last year.
The maximum supply of telcoin cryptocurrency is 100 billion. There is a current circulating supply of 55.03 billion and a current market cap of $798m.
Telcoin has never been officially audited by any regulating authority.
You can buy TEL at some, but not all, crypto exchanges. We don’t have it yet at currency.com yet, but we will let you know if and when we do.