Telcoin (TEL) is an Ethereum-based platform that aims to facilitate cross-border remittances and encourage the use of telecoms infrastructure and blockchain to disrupt the international remittance sector. The initiative collaborates with telecommunications service providers to assist their consumers with money transfer operations, particularly in locations where banking choices are limited. Telcoin, founded in July 2017, is the brainchild of Paul Neuner and Claude Eguienta.
Telcoin (TEL) began to trend following their initial technological upgrade on TELx. The firm stated in an official tweet on February 10th:
“We’re pleased to announce our first technical update to #TELx, which addresses UI bugs associated with connected MetaMask wallets and adds codebase improvements focusing on Typescript, static testing, and dependency upgrades #Telcoin $TEL”
What is TELx?
TELx is a decentralized liquidity network based on decentralized financial (DeFi) protocols that are driven by active Telcoin users. It serves as the Telcoin Platform’s user-owned goods’ self-custodial “liquidity engine.”
TELx’s mission is to provide simple and inexpensive financial services, with user ownership of the network allowing every mobile phone user in the globe to collect incentives that would normally be paid to traditional financial institutions.
Traditional financial markets feature middlemen and organizations that store, execute, and settle transactions on behalf of their consumers, typically at expensive rates and with lengthy settlement delays. TELx Markets are self-custodial, driven by a decentralized network of Telcoin users (TELx Miners) using DeFi protocols, and the transaction lifecycle is automated using smart contracts rather than middlemen – with instant settlement.
How does TELx work?
The design has a very rule-based approach and is done in phases:
- Product Design: Telcoin, the primary developer of the Telcoin Platform, starts by creating a user-owned product.
- Market Selection: Telcoin decides which DeFi protocols, assets, and particular markets are needed to bring the solution to the market.
- Launch of Rewards: Telcoin will then compute and distribute incentives to staking contracts on the TELx Staking Portal.
TELx Miners construct TELx pools on AMMs or add self-custodial liquidity reserves to existing pools, stake their LP tokens in the relevant TELx Staking Contracts, and start mining TEL in addition to capturing fees in Phase Two. When a market has reached the point of product viability, it will be included in the Telcoin Application.
Phase Three: When a market is activated in the Telcoin Application, end users get access to an extra product offering in which they may participate as TELx Miners and earn trading fees based on transaction volume related to user demand for a real product. When end consumers engage as Miners on the decentralized goods they use every day, they essentially “pay themselves” rather than an institution.
