SMART CONTRACT UPDATE FAQ
We have compiled this FAQ list to provide information and clarity on many of the questions community members have been asking regarding the smart contract update. Please read the FAQ thoroughly, and should you need to discuss anything further, you can contact our admins on our official telegram channel: https://t.me/telcoincommunity
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- Is the smart contract upgrade finalized?
Yes. We have completed the update as planned. TEL holders were sent new TEL tokens to their wallets on or around Jan 28th (you can see these transactions by looking at your wallet transaction history by typing your wallet address into www.etherscan.io and selecting the ERC 20 Token txns tab)
Since then, we have been working with the wallets and trading platforms to ensure our smart contract address is up to date and that people can use it. This process is still underway. However, we are in close communication with wallets and trading platforms and will update the community about our progress.
- Why did Telcoin need to update its smart contract?
We had to update our smart contract because of a non-technical issue ( neither a hack nor a bug). The company is safe, and your tokens are safe.
- I have transferred new TEL tokens to the app but do not see the transfers or the balance, what happened?
The Telcoin App is being updated and will reflect your balance of new TEL tokens. The app update will be taking place this week.
- What happens to the old tokens?
We will not use them in our system, and most exchanges will refuse them. Their value will, therefore, be zero.
- What happens if someone sends old tokens to exchange.
We do not recommend users to manipulate old tokens. Exchanges will generally not accept those tokens.
- How can people differentiate between old tokens and new ones?
By entering your address on Etherscan or any other Ethereum blockchain analyzer, you will see the list of your tokens. Each ERC20 token has a smart contract address. The smart contract address for the new TEL is 0x467bccd9d29f223bce8043b84e8c8b282827790f
- Do people need to add custom token or make any changes in MEW?
Until MEW updates the address of our new contract, it is necessary to add a custom token. Please see the answer to “Is there a generic way to add the new TEL?” for further information.
- Will the new tokens be exchangeable on IDEX?
Telcoin is not responsible or affiliated with any centralized or decentralized exchange trading pairs unless explicitly mentioned in official groups. Telcoin does not control any TEL assets which we do not custody nor do we have control over the exchanges who list or claim to list TEL tokens. We are unable to assist you with any exchange related token discrepancies and recommend you take up your complaint with the exchange in question.
- Is there a generic way to add the new TEL?
In general, in any ERC20 wallet, you need to add our smart contract address (0x467bccd9d29f223bce8043b84e8c8b282827790f) to hold your new TEL.
You can add a custom token to 3rd party ERC20 wallets that currently store TEL tokens, such as Enjin, Ethos, or Eidoo, by selecting the option to add a custom token, two decimals, and the TEL ticker. You can add a different ticker like Tel2 for your convenience.
Unofficial Video: How to add the new custom token in ledger / MEW: https://youtu.be/EelTRh7mxuA
Unofficial Video: How to add the new custom token in Metamask: https://youtu.be/qaRElrTCCf8
- I moved some old TEL tokens before the update but did not receive the same amount of new TEL tokens.
Please contact the support with details regarding your transactions. — firstname.lastname@example.org Be sure to provide at least:
Your Ethereum address.
The IDs (txid) of your transactions.
- I have bought old TEL tokens from someone without going through a trading platform, what can I do?
It is best to communicate with the seller as they should still have your new TEL tokens in theory.
- Can we burn old TEL tokens?
Telcoin takes no responsibility for how holders manage their TEL tokens (old or new). This answer should, therefore, serve as a short guide for TEL token holders willing to take the risk.
A typical way to burn ERC20 tokens would be to send them to the address 0x0000000000000000000000000000000000000000 (https://etherscan.io/address/0x0000000000000000000000000000000000000000) This would remove them from your wallet, and you would not be able to get them back.
At this stage, we would recommend not burning your old TEL tokens. If you attempt to burn them and accidentally send new TEL tokens to the aforementioned address, you will not be able to get them back, and we will not be able to recover them or reverse the transaction. For the community members who insist on burning their tokens, we will share unofficial videos detailing the process.
If you do decide to burn your old tokens before we have provided this information, you are responsible for any potential mistakes.
- Some TEL pairs on trading platforms are not ready yet. What can we do? Are withdrawals and deposits open on trading platforms?
We are working with the trading platforms for them to re-open TEL deposits, withdrawals, and trading. We will keep updating the community on the progress of this process.
Kucoin has re-opened deposits and withdrawals; the other platforms are to follow.
- When will the Telcoin App be updated to show new TEL tokens?
We will update the Telcoin App on or before Sunday, Feb 16th 2020. This update will reflect all the balances of new TEL tokens.
- Where can I check the status of my new and old tokens?
The balances of your address are all visible on Etherscan. No matter which ERC20 compliant wallet you’re using, you should be able to have an Ethereum address for it. This address is what you must copy and paste on Etherscan to display your balances. At the time of writing this, the new Tel smart contract will show up in your wallet; however, it will not have a fiat value and will have the eth logo next to it. see image below:
Etherscan is in the process of updating the new smart contract information so it can show the logo and fiat value amount corresponding to new TEL tokens, which will help you differentiate between old and new tokens.
Non-Smart Contract questions
- Are the regular AMAs over, or will they be continuing throughout the year? How is Telcoin going to improve the communication between the internal team and the community?
As the team is now leaner, we have more work to do with fewer people, and it implies more focus to deliver the products for our community and market. We are not canceling the AMAs, though; we will resume sessions after the transition phase the company is going through.
- The amount of Telcoin employees went from 30 to around 20 on LinkedIn. Could you share some information about the structure of the company?
We are going to be leaner moving forward. We still have the same goals but have shifted our ways of working. We will be more efficient, communicate better, and reach profitability faster with this leaner team.
New smart contract address
Decimals : 2 Ticker : TEL
Old smart contract address (no longer valid)