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. It is the first cryptocurrency to tap into synergies between the reach of mobile telecoms and the fast, border-less 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). 1 It’s a lot easier to access mobile phone services than banking services.
By partnering with mobile operators, Telcoin can avoid key points of friction that have prevented similar projects from succeeding: trust, reach, and KYC compliance. Cryptocurrencies suffer a major trust issue. The instantaneous nature of transactions is a double-edged sword, and Bitcoin has been featured in numerous stories recently of hackers stealing cryptocurrency. The token is not trying to replace Bitcoin. In fact, Telcoin will drive greater adoption of Bitcoin, as many early Telcoin users will likely use it to buy Bitcoin.
Five billion people have mobile phones. Reaching potential users can be difficult and costly for any new business. Telcoin will create a symbiotic relationship with telecoms in order to capitalize on their vast reach. By incentivizing mobile operators to partner with it, will gain immediate access to their existing subscriber base. Telecoms will naturally promote Telcoin in order to maximize their own revenue from issuance. By going with a telecom-distributed cryptocurrency, a certain amount of KYC compliance is already in place. Telecoms KYC is admittedly thin in most markets, but it’s a start.
Telcoin is a smart contract on the Ethereum blockchain. It was decided to favor an ERC20 Token over bootstrapping it’s own blockchain because of the trust that already exists with Ethereum. Using Ethereum leverages the collective security of all tokens using Ethereum, and makes it easy to connect to cryptocurrency exchanges and make Telcoin available everywhere. When a user registers using a fully compliant wallet, they will authenticate with their mobile money provider via SMS and Telcoin will then generate the appropriate addresses, private keys, and store the relevant information in a secure way. If the user is not a subscriber of a supported network, the fully compliant wallets will still allow their users to generate a regular blockchain address, as Telcoin is an ERC20 token.
Before the Telcoin purchase gets open to the public through the actual ICO, the team plans to meet with investors who intend to buy a minimum of US$100,000 worth of Telcoin. The Telcoin supply will be composed of 100,000,000,000 coins, but only 25% of the total supply will be distributed during the ICO. Telcoin will be purchasable in exchange for Ethereum, Bitcoin or TenX Pay tokens, through smart contracts for a limited time and limited amount.
To find out more check: http://www.telco.in/