Telcoin Community Update, Volume 3
Dear Telcoin community,
We are about six weeks into our transition to the Telcoin 2.0 team. It has been a tall mountain to climb, and frankly quite frustrating until recently. During the first month of our transition, there was very little under the the new team’s control as we depended on people who are no longer with Telcoin to enable us to overcome numerous issues. I only mention this out of a commitment to complete transparency in sharing with you our progress and current situation.
It has really only been the past two weeks where we have started to feel in control of the ship. This has been a great relief that has truly energized the entire current team. We expect to be completely free of dependence on previous team members by the end of September.
I would like to reiterate my very central goal of becoming a company that is both transparent and able to set and beat targets. This cannot happen overnight, but we are on the right track and expect to be there from the beginning of Q4. Please remember what we are doing for the rest of 2020 is essentially completing things originated by former team members. Not that we aren’t excited about what we are releasing, but we recognize these as necessary stepping stones to a vision far greater.
Thank you again for your continued interest and patience. We are very excited about the future and really looking forward to being able to put an amazing product into your hands, with a few surprises on the horizon that I think the community will love and that position TEL more prominently in our overall ecosystem.
Paul Neuner, Telcoin
Remittance Beta Release Update
We are happy to announce that the External TestFlight of a new and improved version of the app, which includes Remittance Beta (starting with Canada to Philippines) is now live. The initial version supports Electronic Funds Transfer (EFT) from most Canadian banks to GCash in the Philippines. We invite anyone to sign up to participate in the External TestFlight program here, but will obviously be prioritizing those in Canada and the Philippines for now.
Note that we have reset the beta registration and added the question Bank (Funding source). It is not necessary to re-enroll in the beta program, but if you would like to be added in the earliest waves of TestFlight invitations, please do so and let us know what bank you are using. We will initially only invite users of select major banks, then will expand the beta to a broader user base.
We are also obviously only releasing this beta to iPhone users (External TestFlight). Android is currently behind, and we expect it to be behind for the rest of 2020. From 2021 Q1 forward, we expect Android to be back caught up with our iPhone releases. We recognize the importance of Android, particularly on the receiving side of remittances, and it is very central to the Telcoin 2.0 product planning.
During September, we will be focused on compliance, controls, and reporting in order to prepare for release to the general public. We are also proceeding with the integration of additional funding sources, additional sending countries, and additional receiving countries. We are hopeful that by the time we start 2021, we will be able to add on additional corridors and partners at a rapid and predictable pace.
The new team at Telcoin has made a lot of progress toward the goal of transparency and the ability to properly set and beat targets. We are still on a learning curve and there are still a number of factors out of our control, but our outlook is rapidly improving. We are getting closer to being able to confidently hit targets.
We will release our initial Telcoin 2.0 roadmap at the start of Q4 (at the end of September), but we can already at least provide a general picture of what we expect to be able to deliver during the remainder of 2020:
- Two more sending countries (Beta Remittance)
- Two more receiving countries (Beta Remittance)
- At least one major market turned on for fiat-to-crypto (TEL)
Most of the work that we are currently engaged in will be released from 2021 Q1 forward. We will provide more details on this in our upcoming roadmap.
We’ve also brought on an excellent new resource who’s been working diligently on updating our website. The whole team realizes how far behind our website is, which does not do justice to what we are currently doing (or intend to offer in the near future) — but we’ve been prioritizing the app update and beta launch. Now that significant progress has been made on those fronts, we will begin making gradual website updates throughout the month of September, and we’re targeting the end of September to have the current outstanding requests covered and generally up to date.
DEXes Gaining Momentum
Phase 1 of Telcoin’s DEX roadmap, “create new markets & teach TEL holders how to use them,” progressed from an educational piece and how-to guide to the Uniswap “bootstrap liquidity phase” late last week, when we introduced the first TEL incentivized pool and a liquidity mining program which you can read more about here.
The goal of this first pilot program is to determine the necessary economic incentives required to bootstrap the global, self-sustaining liquidity networks that will power the Telcoin suite of high quality, low cost TEL-denominated financial services, starting with remittances.
Total liquidity in the TEL/ETH pool on Uniswap V2 has grown substantially over the past three weeks, up from US$5,500 on August 7th to US$140,000 total today, an important milestone as we work to target highly competitive market depth for end users.
We are thrilled to continue releasing new ways holders can earn yield for providing value to the TEL economy.
Tools & Resources
The TEL/ETH incentivized pool is now listed on pools.fyi! We expect this listing to attract new crypto-native community members to TEL.
We look forward to pushing the envelope even further over the coming quarters, and will continue to release each stage of the TEL x DeFi roadmap consistently, over time, in phases and at launch.
Upcoming AMA with Paul
Telcoin CEO Paul Neuner will be doing an AMA next Thursday, September 10 at 10AM PDT (via our official Telegram channel) to answer any questions people may have related to recent updates, future plans, and to share more specific details on our Canada-Philippines beta testing. As in previous AMAs, we will begin with questions submitted ahead of time by members of our Telegram community. Tune in to our Telegram channel next week, where we will share specific details on how to submit questions ahead of the AMA.