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Welcome, welcome, welcome to this lovely Monday edition of ‘Coin of The Day’ where we do reviews on whatever coin or token the universe throws at us.
While Consensus, the biggest event in regards to cryptocurrency, is going on, we must remember that this the time of the year when the bulls appear in droves and then weirdly the bears go into hibernation in the dead of summer. Is it call hibernation by the way? There is a term for sleeping a very long time throughout the summer. It is on the tip of my tongue. What is it? Hmm?
Anyway, let’s get into this segment.
As seen in the video above, the coin that background internet noise has chosen is no other than Travelflex.
This coin sounds interesting. I hope it gives me the crypto ‘urges’.
Travelflex (TRF) is no 50% off, all-inclusive promotion from Four Seasons, but a cryptocurrency that wants to connect the travel industry to the concept of blockchain just to make travelling financially cheaper and more secure than what is already established. Also, it serves as a way for fast transactions and uses a unique private pin-code in order to access your coins.
There are nine members on Travelflex’s team who specialize in blockchain development, software engineering, finance, communication and software design but no one has any experience in the tourism / hotel industry (which I feel should be a requirement with a name like Travelflex). Their CEO, Peter Hoogslag, is a proclaimed Bitcoin investor who participated in its development in the very early days of cryptocurrency when most of you reading right now never knew it existed back then.
TRF is mineable on a Scrypt algorithm (also use by Litecoin and Dogecoin). They are expected to change over to the dagger algorithm later this year which is still makes it a Proof-Of-Work coin.
On January 31, 2018, Travelflex was added to CoinMarketCap after having a successful ICO lasting from late December to mid-January.
For more brief summary about this cryptocurrency, watch the introductory video below.
Now on to the features:
Zero fees on transactions.
Super fast transaction speeds (1200-1400 transactions per second compared to Visa’s average 1700 tps or Bitcoin’s 7 tps.
No pre-mined coins.
Coins can be mined on your smartphone like what Electroneum is trying to do.
As a result, these mobile device will contribute to making their network decentralized, widespread and also to improve the speed of transactions.
One block is generated every second with a reward of 0.5 TRF and a difficulty change every one block.
Soon to unveiled physical Travelflex Card which can be used as a credit or ATM card.
Near Field Communication (NFC) is a function that they will be a part of their product that can supposedly see else has their coins in close proximity to the user. It can be switched on or off in the privacy setting similar to the Snapchat’s Snap Map Location feature).
Escrow service over the Travelflex network and even a price lock function to keep payments from suffering the onslaught of a volatile market.
Modern printable TRF cheques. Soon to be implemented.
Direct chat, secured and decentralized among friends, family and other users using mobile app.
Bounty campaigns for social media sign-ups and promotion. Most of these are closed.
Charity where users can donate coins to a wallet of their choice.
24/7 customer support. To be honest, they are poor in this area.
Circulating supply is 78,432,200 and growing.
Total supply stands at 163 million according to their whitepaper.
-All Time High (ATH): $0.34 (0.00003326 BTC) on January 31, 2018. This can all be chalked up to the anticipation and hype caused by the coin’s placement on an exchange after its ICO. A few hours later, investors sold off the coin when they heard that it wasn’t being added to popular exchanges. Currently (at the time of this post), its all-time-high of 3328 satoshis is worth around 29 cents.
MY CRITIQUE
WEBSITE AND SOURCE CODE:
Let’s start off with the good first before going to the bad critique.
The logo is perfect for a cryptocurrency like this. It is basically a green compass rose engraved on a circuited background. From a distance, this symbol can be viewed as a green star of hope and adventure.
Their whitepaper is one of the most user friendly design I have ever seen. It is easy to read and make effective use of pictorial representations. In addition, this 40 minute read time document- pamphlet lookalike is available in 21 languages and can be found here.
As an experiment, I signed up for their TRF card. Right now, I am awaiting the next step. I will update you on this in later posts.
A clear background picture of the Empire State with a backdrop of New York City’s skyline is the first image you will see on their official website.
And… the bad:
How the web page is arranged. ‘What It Is?’ I think should be more near the top of the page. Successful partnerships should come afterwards. Travel card section where the user can register should come after the market position section since it looks like the highlighted product.
The ‘About Us’ section is better when it is on a different page along with the team member’s bio.
Roadmap is nearly okay but a few of their Q1-Q2 goals are not met. Future milestones seem like speculations (especially the annotation for Q2 2019).
Lastly, there… is… no… source… code. Although the team intended for publicly revealed the source code after the ICO, they have not accomplished this feat leaving many doubtful if Travelflex is a real cryptocurrency project.
SOCIAL AND POPULARITY:
Twitter- 4763 followers and growing. Tweets and retweets are done on a regular basis. There isn’t much engagement from the followers on their official page.
Facebook- 2315 followers and growing with over 2080 likes. TRF’s posts are mostly about their partnerships (noteworthy is one they made with Irie Travel and Tours from Jamaica). In contrast to Twitter, on here, the engagement is better and posts are regular.
Bitcointalk- 17 pages and counting where some express optimism of this project while others express doubt and regret. Also, two team members on here handle the most pressing questions posed by curious investors.
Telegram- Like Bitcointalk above, there is a lot of frustrated and worried investors. Some expressed dismay of the founder not giving them the full details. Yet still a few would defend Travelflex hoping to cash in and get their lambos. By the way, there are over 6620 members in their official Telegram group.
Google Plus- More than 140 followers. Their team is not active on here since their last post was 16 weeks ago. However, there is a lot of their ICO information on this account.
LinkedIn- Truthfully, this is where I learnt about their headquarter being in Hong Kong. On their company’s profile, there are 120+ followers.
Instagram- 490 followers and rising. There are 52 posts (as of this writing) on their official page. The most recent one was over 2 days ago. For each post, the rate of followers’ participation is relatively low.
YouTube: TRF’s official channel has 942 subscribers and only two videos (both of which are on their website).
When you search for Travelflex now on YouTube, you will most likely be bombarded with dozens of videos on this cryptocurrency. Most of the YouTube channels are not too popular and the comments under videos shilling this crypto are a good representation of extreme opposing views. On one hand, people are dissuading others from going to Travelflex while on the other, people are defending its validity. If you want to see this action, go to Jay P’s review on TRF and yes, it is ‘clickbait shilling video’ but the guy does bring up some good points.
EXCHANGES:
Travelflex is traded on the following exchanges:
BTC-Alpha
CoinBene
Stocks.Exchange
GetBTC
Coinnox
No announcement to be added on other exchanges especially the popular ones at the moment.
CONCLUSION:
In conclusion, Travelflex is a travel industry cryptocurrency that can be used for fast transactions and to secure your funds. It will soon hop over to the DAG algorithm. They hope to secure many partnerships especially those in the tourist industry.
What do I think about it?
Travelflex is still young. There is numerous kinks to iron out before they can be worthy of gracing the top 100 coins. Therefore, I am not going to invest in this one until they accomplish five things. These are as follow:
a) More marketing- at least create more hype around the coin and its product
b) Customer service needs some improvement.
c) Build a product with a wider use case and sell it to the users.
d) For the good love of God, get on a well known exchange with at least medium daily volume and has high liquidity among cryptocurrency assets. Those five exchanges I mentioned above will not boost the value of Travelflex much.
e)Source Code is a must.
And that’s my take.
Until next time, keep safe, take it easy and be fantastical. Remember to subscribe for more contents like this and possibly giveaways of free cryptocurrency.
Later.
Source:
➤ CoinmarketCap
➤ Travelflex's Website
➤ Jay P's Video
➤ Picture courtesy of pixabay.