Telcoin, a company spearheading blockchain innovations for the financial technology and telecom sectors, has made a decisive step toward complete decentralization by establishing the Telcoin Association – a non-profit organization protecting the interests of GSMA Mobile Network Operators (MNOs) and other stakeholders in maintaining and developing the Telcoin Platform on a shared blockchain infrastructure.
Members of the Telcoin community dove right in, and have already unanimously approved the Association’s first governance proposal in a recent TEL token holder vote. Founding a non-profit association is an important stage in Telcoin’s already remarkable development. The platform focuses on providing low-cost, high-quality financial products for users worldwide. Moreover, it focuses on building a safe presence in DeFi, accessible to anyone with a phone, and is designed to be as intuitive as sending a text.
Read on as we unveil how the Telcoin Association will provide Telcoin and its stakeholders with the necessary legal framework and ensure the platform’s sustainable development.
The Telcoin Association – Mission and Objectives
The Telcoin Association is based in Lugano, Switzerland, and has the important mission of providing a legal structure for the emerging Telcoin Platform while developing a governance regime per its non-profit goals. It functions on its proprietary constitution, establishing the parameters and boundaries within which its members operate.
According to the Telcoin Association website, its vision is as follows:
“A globally adopted, self-sustaining ecosystem that aligns GSMA MNOs and mobile phone users across the world around a common, blockchain infrastructure, empowering them with self-custodial products and services and their inclusive, decentralized governance.”
The Association has six primary objectives guiding its members in the decision-making process:
1. Legal Recognition
The Telcoin Association aims to obtain the legal rights for its members to organize, determine, and enforce their own rules regarding the interactions with the Telcoin platform.
2. Legal Person Status
The Association will aim to obtain legal recognition for its members to interact and do business with others as a single entity.
3. Tax Clarity
The Association will ensure a means for its Council Members and other involved actors to file and pay taxes correctly.
4. Limited-Liability Protection
The Association will operate as a separate legal entity and be recognized as such by governments and courts. Therefore, its members will benefit from greater protection against any liabilities or claims brought forward by other actors.
5. Legal Protection
The Telcoin Association will ensure legal standing for its Council Members to represent the miners’ interests before administrative or judicial proceedings. Also, it will reserve the right for itself and those authorized to act on its behalf to attorney-client privileges in any legal action.
6. Information-Sharing Mechanisms
The Association will provide a global forum hosting discussions on mutual problems and aiming to expand the knowledge about alternative techniques for sustainable management. Moreover, it will investigate several methods for solving shared problems through legal and political means.
The Telcoin Association has devised a bold and unique vision to help its members achieve these goals and build a global, self-sustaining ecosystem aligning GSMA MNOs and mobile phone users worldwide around a common blockchain infrastructure featuring self-custodial products, services, and their inclusive, decentralized governance.
Lastly, its operational core is strengthened by no less than 23 values, aiming to build a solid governance level. These values include equal voting power, privacy, and the rejection of panaceas, or a “one-size-fits-all” approach to governance. Notably, the Association’s values aspire to follow Nobel Prize winner Elinor Ostrom’s 8 Design Principles for sustainable management of common pool resources.
Telcoin and its Expanding DeFi Ecosystem
Telcoin is a financial technology company building a blockchain-based landscape for GSMA MNOs and mobile users worldwide. In this space, consumers will benefit from high-speed, low-cost international remittances. Also, they will have access to affordable, top-quality DeFi products via the Telcoin application.
Telcoin was established in 2017 and became a GSMA Associate Member in February 2018. Its mobile application is an assisted, self-custody DeFi wallet on Polygon. It allows individuals to store, send, and trade tokens rapidly and safely across various protocols.
On Christmas Day, Telcoin sustained a malicious attack on its implementation on Polygon. However, contrary to many sensationalized reports, the bad actors did not exploit the wallet code itself, nor did they obtain any user keys or personal data. The Telcoin team immediately beefed up security in collaboration with blockchain investigative firms and law enforcement. More importantly, it increased safety coverage for all wallets within the same day, significantly reducing the attack’s effects.
Recently, Telcoin announced it has restored all wallets to their pre-incident state and resumed all operations. The speed with which the company addressed this security incident proves its commitment to building a secure and lucrative DeFi initiative focused on maintaining community trust.
Telcoin’s growing DeFi ecosystem includes the upcoming Telcoin Network – a blockchain exclusively validated by GSMA MNOsthat provides customized, automated financial applications. The GSMA stakeholders will run transaction nodes and earn network fees. Consumers worldwide can use the many financial products and services on the network from the convenience of their mobile phones.
Other Telcoin services include Liquidity Pools (LPs) via its liquidity engine, a DeFi exchange (TELx), and stake and refer programs. The company’s ultimate goal is to provide innovative financial products globally, focusing on inclusivity and the developing world.
Learn more about Telcoin, the Telcoin Association, and the upcoming Telcoin Network by following these links: Telcoin Website | Telcoin Association | Telcoin Network | Twitter | LinkedIn | Telegram Announcements | Medium | YouTube | Discord
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