Telcoin V3.0 FAQs
2021-11-19

Telcoin V3.0 FAQs

We put together an FAQ document with answers to all of your V3.0 related questions. If you have any additional questions, comments or concerns, please reach out in the community channel. Thank you!

Q: Can I transfer TEL from my Ethereum wallet or Kucoin to my Telcoin Application wallet? If not, how can I deposit my TEL?

A: No, presently, you cannot transfer TEL tokens from an Ethereum wallet address or an exchange wallet (such as Kucoin) directly to your Telcoin wallet. Initiating this type of transfer will result in significant (months) delays in receiving your assets and will incur costs upon recovery.

As of V3.0, the Telcoin wallet has migrated to the Polygon PoS Chain. In order to deposit your TEL or other supported assets, you will first need to bridge your assets from Ethereum to Polygon using a Web3 wallet such as Metamask. Then, once your assets have settled in your Polygon Wallet, you can deposit them directly into your Telcoin Application wallet.

Learn more here:

Q: Can I keep my TEL on ledger or other ERC20 long term?

A: TEL is an ERC20 token native to the Ethereum blockchain, and can be stored on any ERC-20 compatible wallet. The migration of the Telcoin Application from Ethereum to Polygon had no effect on the TEL token and therefore no actions need to be taken with your assets.

However, you cannot transfer your TEL from an ERC-20 wallet, such as Kucoin, without first bridging your assets to Polygon. Once you have bridged your TEL to Polygon, you can then deposit it directly to your wallet address. Learn more here: https://www.telx.network/about/how-do-i-bridge-to-polygon-pos-chain

Q: How long will it take to transfer my assets from my Ethereum wallet to the Polygon wallet on V3 of the App?

A: You cannot send your TEL from an Ethereum ERC20 wallet to the Telcoin wallet directly. The TEL tokens must be transferred to the Polygon network via the Polygon bridge. The time it takes to bridge assets depends on the ethereum network speeds and congestion, so it can take anything from a few minutes to a few hours depending on those factors. There are also gas fees which must be paid in ETH in order to make the transfer across the bridge and the price of the gas also varies depending on Ethereum network congestion and unfortunately can get quite expensive. Once you have bridged your assets to Polygon, transferring them to your Telcoin wallet typically takes anywhere from 1–5 minutes with a very low fee, paid in MATIC (Polygon’s native token).

Q: Will Telcoin ever offer any bridging tools themselves, meaning a user can send tel from an Ethereum address, pay fee, and gain access to Telcoin app? Without having to manually do it themselves?

A: Yes we will support this at some point in the future. For more information, see: https://telcoin.medium.com/telcoin-3-0-update-522dca4b4f9c

Q: If I sent my TEL from KuCoin to the Telcoin wallet on Ethereum (displayed as ERC20 in KuCoin), is it now gone forever as I didn’t bridge it to polygon first?

A: Contact support at https://telco.in/support.html and we will try to help on a case-by-case basis. Retrieving your assets will incur gas costs and may take months to recover.

Q: Am I able to withdraw from the V3 App to a Polygon Address? If so, will the fee be TEL or Matic?

A: Yes you can withdraw to any Polygon address. Because the Telcoin wallet is a 3-key wallet contract, it operates a bit differently. The fee is paid in the asset you are transferring.

Q: When a new wallet is downloaded does that register on Polygonscan as a holder address?

A: When you set up a new Telcoin wallet it is created on the Polygon network and as such can be viewed on Polygonscan.

Q: Can I see my wallet address somewhere in the app?

A: Take the following steps to review your Polygon wallet address and QR code:

  1. Press the center button on the main screen (features two arrows)
  2. Select: “deposit” to deposit tokens into your wallet. A drop down list will appear showing all the tokens currently available to store on your wallet.
  3. Select the token you wish to deposit (e.g. TEL) and it will reveal your wallet address along with a scannable QR code.
  4. You can press and hold on the wallet address to copy it and then paste it into the wallet you wish to send from.

Note: Always triple check the wallet address before sending any tokens to ensure you inserted the correct address. If you send your funds to the wrong address, they will be lost permanently. We recommend reading the first four and last four characters of your deposit address three times to confirm accuracy.

Q: Is my account recoverable in the event of a lost or stolen phone?

A: Yes. Contact support at https://telco.in/support.html and we will help you.

Q: I set up Touch/Face ID, why am I not seeing a prompt?

A: Currently the app prompts for biometric authentication at time of transfer and not at app unlock.

Q: Will the Telcoin Application integrate password protection to unlock?

A: We may add support for this in the future. For now, the app prompts for biometric authentication at time of transfer and not at app unlock.

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