One token is committed to using cryptocurrency to solve a global payment problem.
This article is part of a series called “New & Notable Cryptocurrencies” by BlockWrite to bring quality content from businesses to users, offering technical writing, translation, whitepapers, and more to blockchain companies. No compensation was provided by the research and issuing of this article. Follow @BlockWriteGroup on Twitter to get future updates and business inquiries.
The perspective of looking at a globally connected world is a long dated point of reference. The internet as a medium and mobile devices as a vessel have forever transformed the default lifestyle in the modern world. Nevertheless, the way and which each generation uses technology will very. We still do a few things the “old fashion way” and one thing in particular is remittance payments. Companies like WesternUnion and MoneyGram are dinosaurs in this computational world. That’s not a bad thing in most cases as it’s beneficial to look at legacy companies to see their success and learn from them. However, cryptocurrency has brought attention a wide open gap to change remittance despite those two companies trying to integrate crypto into their systems. This brings us to Telcoin.
What is Telcoin?
In December 2017, one of the hardest months ever in cryptocurrency history to launch an ICO, Claude Eguienta and Paul Neuner gave a public offering of a coin called Telcoin. The basis of this cryptocurrency token, which is on the Ethereum network, is the complication that most coins, tokens, and projects are not in a state of being useable. Many projects are built on a great premise but could be built without blockchain. Telcoin on the other hand, built the token to be used specifically as a means of exchange between peers. No gimmicks, vaporware, announcement of announcements, or fancy smart contracts attached to it. Just a minimalist token to be used as money in one part of the globe to another, instantly and cheap.
But money based coins/tokens already exist like Bitcoin, Litecoin, Dash, and others? Great ones that have advantages like speed, privacy options, and more. Why Telcoin then? The answer from Claude and Paul? Remittances.
Remittance is Ready for Disturbance
For some, it might come as a surprise that remittances, or cross-border payment exchanges, has any sort of problem but remittance payments are a minefield of complications including high costs, slow transfer times, lack of privacy, theft, and more. The biggest factor by far is that the transferring of money across borders has been in of itself, a money waste with fees and operating costs. Telcoin measures this opportunity to be valued at around $500 billion, with over $1.5 trillion dollars with of remittance exchanges.
Many countries depends largely on cross border transfers such as Mexico and India, where these reduction of costs can literally help improve or even save lives. Remittance companies surely need to keep the doors open and charge as a result, but with some rates as high as 16%, it’s hard to argue that it’s a cash grab at some point. Cryptocurrency and blockchain technology can reduce these costs of operation, provide security, and make transactions consistently faster.
Telcoin is purposely a no-fluff token under the hood. It’s a means of exchange for those wanting to receive money bank and forth across the globe. Telcoin works with its mobile app, already available on the Apple App Store and Google Play Store, where you can download the app and already send and receive money.
The impression here isn’t that Telcoin is a cryptocurrency as those are dime a dozen. The main aspect that makes Telcoin notable is the idea of remittance solving. It’s a complex issue where legacy companies complete with difference countries and cultures, some cultures at different levels of financial access. Combine those things with dozens of remittance companies with their own stipulations and rules, it becomes a cause for concern.
Telcoin has chosen a global problem that has tangible solutions with cryptocurrency, which is more than what most projects can say. At BlockWrite, we are planning to take a deeper look into remittance and cryptocurrency and how this project as well as others could change how cross-border payments are done.
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