Despite the popularity of Blockchain technology and the solutions that it has brought so far in various industries, its relative level of adoption is still considered to be low. The inherent potential of Blockchain is so huge that all we are seeing at the moment is described as “the tip of the iceberg.”
Industry entry barriers
Becoming involved in the crypto industry is usually an entirely new concept to a lot of newbies who may not have the slightest idea about Blockchain and cryptocurrencies. The natural tendency of humans to resist change, especially when it affects a part of their lives that is considered precious, like wealth, makes it only natural for there to be some level of reluctance, and in some cases, resistance to such adventure. This process adopting blockchain and cryptocurrencies often involves signing up for an initial crypto wallet with any of the popular blockchain platforms. Most of the time, despite discovering the convenience offered by Bitcoin and other cryptocurrencies in terms of transactions, the complicated processes involved in the initial acquisition of these cryptos ironically become moments of discouragement to people who are already looking for an excuse to stay away.
Cumbersome processes such as the acquisition of some technical knowledge, registering in an exchange, going through KYC, signing up for a wallet, etc have contributed to the reluctance of the wider population in adopting the novel technology and the benefits that come with it. Therefore, it can be deduced that the non-acceptance or relatively low adoption of Blockchain and cryptocurrency is not a matter of rejection, but rather a subject of compatibility.
A simplified access point
Now imagine a subtle process of seamlessly leading the public through a gradual process of adoption using platforms that they are already comfortable with and used to. A process which makes crypto adoption easily compatible with existing telecom and mobile network processes would simplify and make it easy for the public to welcome the novel technology that would eventually become an intrinsic part of their lives. Hence, Telcoin is focused on connecting with mobile networks globally, enabling easy conversion between telecom mobile money, prepaid credit and postpaid billing platforms.
The Telcoin cryptocurrency is based on the Ethereum Blockchain that will be distributed by national telecom operators and made available to everyone, anytime, anywhere. The Telcoin business model is centered around mobile network operators with already existing infrastructure and global customer base. This model will enable a seamless and uncomplicated entry process for over five bln mobile network users across the globe, hence functioning as a viable tool for the adoption of cryptocurrencies into the mainstream.
Partnership for synergy
In the beginning, Telcoin will initially be offered to mobile network partners, providing their customers with seamless access to the digital economy: online remittances, transfers, payments and e-commerce. The company will also provide the necessary marketing and product development resources to nurture the Telcoin ecosystem, in a joint effort with these telecom partners.
Telecoin’s major objective is not to compete with telecom mobile money, but to cooperatively participate in the overall mobile money ecosystem as a complementary solution; a tool that will increasingly bring users to mobile money, cryptocurrency-backed solutions and mobile wallets.
By partnering with mobile operators, Telcoin can avoid key points of friction that have prevented similar projects from succeeding: trust, reach and KYC compliance.