TravelFlex Review December 25, 2017 – Posted in: Reviews
The Main Idea
Travelflex is aiming to change the travel industry by improving the travel-related payments through the introduction of the advanced payment system and a social network. Travelflex is also giving a re-birth to the traveller’s cheques.
Travelflex is a cryptocurrency that has advantages to other coins like Bitcoin, in terms of scalability, by using a DAG-based algorithm. This coin can be mined and has its own network. Although the initial purpose of the coin is to be used by frequent travellers, it can also be used as a payment for any goods and services. While the Bitcoin network can handle 3 to 4 transactions per second for 1 MB, Travelflex is able to process 1,200 to 1,400 transactions per second, and this number can even be increased when more users join the network. Travelflex coins can be mined with GPU and, in the nearest future, even with a mobile application. This app will also have social functions, including a chat, a friend list, and a feature of discovering other Travelflex users.
This is how Travelflex works:
- Buyer and seller agree to the common terms, including the price, shipping, etc.
- The buyer sends TRF coins to Travelflex and its Escrow services
- The seller, in his turn, sends the goods or meets up with the buyer.
- The buyer accepts or declines the goods or services.
- The TRF coins are transferred to the seller’s account.
- Extremely fast transactions and a proper block size (0.5 TRF per second)
- Physical Travelflex card
- Social network with a secure p2p chat and friend list
- Near Field Communication (NFC)
- Proof-of-Work (POW) coin
- GPU mining (ASIC resistant)
- Escrow service
- Donations to charities
- 24/7 support
- Modern printable Travelflex cheques
- Mobile nodes to keep the network decentralized and faster.
Travelflex is aiming to use the funds attracted during the ICO for the support of the mobile app, development of the new algorithm and physical cards, coverage of the legal and promotional issues, as well as wages. The chart below provides a detailed information on the funds’ distribution.
|Token Name/Ticker||Travelflex Coin (TRF)|
|Token Standard||Proof of Work coins that can be mined
|Total supply||163,000,000 TRF|
|Crowdfunding supply||95,000,000 TRF|
|Currencies accepted||BTC, ETH, BCH, Dash, LTC, Fiat|
|Minimum amount for participation||$50|
|Distribution time||The purchased coins will be immediately active|
|ICO Dates||14 Dec 2017 – 12 Jan 2018|
Peter Hoogslag, CEO
Bing Hayashi, Head of Engineering
Marcel Hoogslag, VP of Finance
Alex Putzolu, Blockchain Developer
Yosui Kitahara, Core Developer
Andy Acataldi, Research & Development