Telcoin 3.0 Update
Telcoin V3 is a foundational upgrade to the Telcoin landscape. It enables users to participate across multiple-levels of the Telcoin Platform stack in order to access and provide every mobile phone user in the world with fast and affordable, user-owned, decentralized financial products.
V3.0 of the Telcoin Application offers relatively limited functionality, but is an incredibly important step toward the long term future user experience. This post intends to give an overview of the current state of the application, what changes you should expect in the near future, and why.
The first iteration of the V3 app experience involves a migration of current Telcoin users’ funds from the Ethereum mainnet to Polygon, an Ethereum-aligned layer 2 network. This upgrade enables the creation of secure, multi-signature Polygon wallets at a fraction of the US$100–200 it would cost on Ethereum and gives users access to nearly free gas (blockchain fees) and instant decentralized financial products. This is the core of our mission.
In order to enable this experience for existing wallets with TEL holdings, we were tasked with integrating a seamless bridging feature for current Telcoin app users who hold a balance to migrate to Polygon. During this process, they can either opt in or opt out, without risking loss of funds.
Ethereum to Polygon Bridge
The existing bridge integration and auto-bridge transfer functionality, the current method Telcoin Application users with balances are using to migrate their funds from Ethereum to Polygon, is a temporary pilot program which will later be an optional, paid feature in the app. Though we would like to empower users to move between Ethereum and Polygon seamlessly at their discretion, in its current form, the bridge is not scalable as mass adoption would incur tremendous costs.
Creating an Ethereum bridging wallet is expensive, and each bridge transaction is even more costly. At a later stage, users will be able to pay to create a multi-signature Ethereum wallet and to bridge between networks. Today, this bridge has a specific purpose: to enable users to migrate their existing TEL balance from V2 to their V3 wallet on Polygon — without having to bridge on their own and pay fees. For those who have been with Telcoin since the early V2 days, we wanted to show our gratitude for your passion and alignment with the Telcoin mission!
The next version of V3.0 in the Telcoin Application, to be released in the coming days, will not have this bridging feature, and therefore is scalable to everyone in the world who wants to access fast and affordable, user-owned financial products.
Users who, as of this post, hold a TEL balance on V2 and have not yet upgraded to V3, will natively have a bridging wallet, which they can use one time, to move their funds from Ethereum to Polygon. If you have already migrated your funds and currently have access to free bridge transfers, that access will expire in the very near future. In other words, unless you are migrating existing assets already held in your wallet, do not send assets from Ethereum layer one to your Telcoin app, as those funds may not be received for the foreseeable future.
Upcoming V3 functionality
This is where things get really exciting. Some time after we’ve scaled wallet creation to all eligible new users who want one, we will offer direct bank to stablecoin cash-in (for users in the United States), TELxchange swaps for all users, and Send Money Smarter remittances in supported geographies. These functions will all be powered by the TELx liquidity engine.
This is the moment we’ve all been waiting for, and we are very excited for that first swap. V3 connects TELx, a decentralized, community-powered financial marketplace, with users of the Telcoin Application to form a first-of-its-kind suite of user-owned financial products.
Thank you for your support and dedication as we work together to deliver the Telcoin mission to the world.
It’s time to Send Money Smarter. Telcoin.