What is Telcoin?
Did you know that there are nearly five times as many mobile phones in the world (5 billion), as there are active bank accounts (1.2 billion)? Well, this is what the World Bank’s data says and which means that it's a lot easier to access mobile phone services than banking services.
Now, what if people can use their mobile phones for banking services? You will say this is already happening. People use their mobile devices for net banking. But let me tell you that even for net banking you have to have a saving account or current account in a bank or other financial institution.
What if people can use their mobile devices for banking services without a bank account? This is where Telcoin’s innovative model comes into play. Telcoin, through partnering with mobile networks, will provide people access to the digital economy which includes online remittances, transfers, payments, and eCommerce and all this will be done through blockchain technology.
Telcoin, founded in 2017 by Claude Eguienta (CEO) and Paul Neuner (chairman), is the first cryptocurrency to tap into the linkage between the reach of mobile telecoms and the fast borderless nature of blockchain technology.
In simple words, it aims to bridge the gap between the telecom industry, cryptocurrencies, and blockchain technology. A financially inclusive world, made possible by blockchain startups like Telcoin, will advance an entirely new ecosystem of modern finance, this is what Telcoin's official website reads.
Telcoin basically is a project based on the Ethereum blockchain and is meant to be a payments protocol, using mobile payments to provide borderless transfer services similar to Western Union and Money Gram but at far lower costs.
Why is Telcoin partnering with the telecom industry?
There are three common reasons why cryptocurrencies have not yet been able to succeed when it comes to playing a reformative role in the digital economy let me explain them to you:
Although the market of crypto is continuously growing the trust issues are still there due to the possibilities of hacking of funds, cyber-crimes, manipulation of prices, and much more.
Now, what Telcoin is looking for, is to leverage telecom’s existing trust with their customers to bridge the gap between mobile money and cryptocurrencies.
As already mentioned above, there are more than 5 billion people having mobile phones, and partnering with the telecom industry will help them to get this vast reach of potential users
Telecom, in exchange for incentives and growth in revenue, will provide immediate access to their existing subscriber base, to Telcoin.
3. KYC compliance
With the growing market, cryptocurrencies are also becoming more regulated and user needs to go through a cumbersome “know your customer” (KYC) authorization before allowing the purchase of cryptocurrencies.
Again, Telcoin, by going with a telecom-distributed cryptocurrency will use Telecom’s already existing KYC process making it easy for the users.
Mobile operating networks also have technical data such as call records, location details, etc. which will certainly help Telcoin to make transactions more secure and transparent.
What are the goals of this project?
According to the founders, the main objective of launching Telcoin was financial inclusion. In African and Middle East regions and even in Southeast Asia, there is still a lot of population which is financially excluded.
It doesn‘t have the access to banks or other financial institutions. In this scenario, Telcoin‘s aim is to increase financial inclusion worldwide through convenient and affordable digital money transfers on any mobile device.
The way arrival of the Internet made access to information very easy & portable, Telcoin, also, will decentralize access to financial services and remove third-party institutions like banks and help send money smarter.
Improving the transfers of Disaster relief funds is one of the main objectives of Telcoin. People will be able to use a much bigger amount of the donations made for them by foreign countries and citizens because using Telcoin services will bring the cost charged on such remittance to a lower level. Also, it will make donations delivery very fast and transparent.
Companies like Western Union or Money Gram have a kind of monopoly over trans-border remittance transfers and they charge an excessive amount as a fee. Telcoin can help you to save your money with its very cost-effective services. Also, it takes a lot of time to send or receive money globally but Telcoin enables users to transfer money globally in seconds.
How can Telcoin be used?
I believe problem-solving and better use case is one of the most essential things for the success of any project and guess what, Telcoin has got both. Telcoin can improve people‘s lives in many ways.
1. Efficient Remittances service
Telcoin can facilitate easy and inexpensive remittances via Telcoin to and from mobile money platforms.
If you want to send money from your country to another, you don't need to get in line fill up the form and give a 7% fee like the western union you had to do with the western union.
Now you can directly do it from your smartphone with the help of the Telcoin app and that too with less fee of around 2.5%.
2. Access to Cryptocurrency
Telcoin will facilitate the mobile customers interested in buying cryptocurrencies which are rapidly growing in demand.
3. Network Prepaid Airtime Top-up
Telcoin makes it easier to purchase and transfer airtime using Telcoin.
4. Cryptocurrency backed Card Payments
Prepaid Visa card that spends Telcoin and other crypto assets in real-time and can also be used in supported ATM machine on the Visa network.
5. International Aid
It will enable efficient disbursement of funds to under-banked aid recipients, and leverage telecom capabilities to geographically limit disbursement areas and prevent fraud.
Other than primary uses there are many additional uses of Telcoin such as Automated Revenue Share or Taxation, Roaming Spending, etc. As a cryptocurrency, it acts just like other cryptocurrencies such as investment assets, cushions against inflation, etc.
But Telcoin is more than just a crypto coin. It is a financial service provider which uses blockchain technology to provide
- High-speed transfer of money/remittances globally.
- Transfer money at a relatively very low cost compared to services like Western Union or money gram.
- Partner with telecom operators and e-wallets to make digital money transfer accessible or a broad range of subscribers.
- Make e-payments as secure as possible.
What has it achieved so far?
Now, I know many of you may question, yeah a lot of projects make such promises but very few deliver them. Well, that's true and Telcoin is one of the very few. The main reason I like this project is they are delivering everything they promised and they have a working live product which is their Telcoin app.
In 2019, Telcoin launched its wallet app for Android and IOS users. Users can now send a remittance straight to a family member‘s mobile phone which can certainly save time and money for the users. However for now it only supports fiat remittance between Canada and the Philippines. But soon it is planning to cover much more corridors.
Telcoin has signed a partnership with Unipagos which will allow it to open the largest remittance corridor in the world. More than 1.6 million Mexican households rely on inbound remittance from the United States as their most important source of income.
Telcoin has also signed remittance agreements with two of the largest mobile money platforms in Nepal and Tanzania. In Nepal, Telcoin is looking to acquire a market of more than 2 million subscribers, 25,000 merchants, and 50 bank partners. With more than 40 percent of the nation‘s mobile money subscribers (over 10 million), the service Telcoin is connecting to in Tanzania is a big one indeed.
They already have corridors open between the Philippines and Canada and also have partnered with one of the leading telecom company G-cash. And it is not just any partnership like other projects have and mention on their website but a real and working partnership. The Gcash users can now send remittances directly from their app with help of Telcoin.
One major achievement for Telcoin would be doing the foundation work for the passing of the Nebraska bill from the Governor‘s table which looks to establish crypto and digital asset banking framework for the entire state of Nebraska. Recently this bill has been passed by the governor and this is very good news for Telcoin and its investors.
What does the future look like?
In the second quarter, Telcoin has launched its marketing campaign which will cover new areas as potential markets. Also, it is working on v3 of the Telcoin app which also may launch in the second quarter. This app is predicted to be the game-changer for Telcoin with a lot of amazing features.
By the end of this year, Telcoin is aiming at gaining three more sending markets and 9 more receiving markets and also to expand its marketing campaigns.
Should you invest in Telcoin or not?
What Telcoin is looking to achieve is unprecedented in the crypto world. It is looking to bridge the gap between the telecom industry and blockchain technology.
This is a project with very high aspirations and will take a long to settle. But it is started, has a live product, working with the government, growing day by day, and most importantly, it is not even listed on big exchanges yet and even the marketing is not fully started which makes Telcoin highly undervalued right now.
I will not tell you to invest or not to invest but what I think is that this cryptocurrency project has shown a new way for blockchain adoption within telecoms. Its market rank is continuously improving and the coming days seem even better than before for Telcoin and its investor.
The current price of Telcoin is $ 0.02909 and by looking at the potential this project has got, the community, and most importantly the team they have formed, my prediction for Telcoin is $1 by the end of this year.
What do you think about Telcoin?
Like I mentioned earlier, personally, I feel that this project has immense potential and has high chances of doing great.
But, what do you think about Telcoin? Are you as excited as I am for this project? Let me know in the comments section.
Feel free to ask all the questions you may have and I will be more than willing to get back to you all.