What is TeslaCoin (TES) Crypto Beginner’s Guide
The developers of TeslaCoin understand that humans thrive on energy. Whether it’s internal energy of our own creation, or the external energies required to eat and live in comfort, energy is a necessary and constant requirement for basic needs. While the world is financially recovering from the last economic crisis, there are still many out there who do not have access to essential energy sources. TeslaCoin intends to crowdfund sustainable energy development globally for those in need.
TeslaCoin – Energy
According to the TeslaCoin whitepaper, there are one billion people in the world who still have no access to electricity and another three billion who still employ less energy efficient methods such as wood and coal. The minds behind TeslaCoin know that the biggest step towards eradicating poverty and offering acceptable living standards for populations is hinged on sustainable energy access. This isn’t an easy task, however, and will require concentrated efforts from those willing to help: in this case, TeslaCoin stakeholders.
Inspired by inventor Nikola Tesla, TeslaCoin is a decentralized digital currency that will incentivize a new generation of inventors who will hopefully disrupt the energy industry and make a difference across the world.
As the platform associated with TeslaCoin, TeslaStarter will aid in the crowdfunding efforts encouraged by the community. Inventor ideas will be presented on the platform, and investors will be able to decide what projects they would like to fund. The crowdfunding process will feature three phases.
The first phase will concentrate on inventors and their ideas. TeslaCoin is inching into new territory and thus, it expects an influx of ideas from hundreds if not thousands of inventors. Investors will be encouraged to donate to a project and reserve a place to be involved in phase two.
Following that, phase two will concentrate on entrepreneurs and VC projects. Some inventors may have no interest in developing a company and may instead want to put their efforts towards research, so TeslaCoin wants to encourage entrepreneurs and inventors to support each other.
Finally, the third phase will consist of crowdfunding for established companies who already have a proof of product. This step is essential in providing liquidity for the company while not forcing any owners to sell stake.
The TeslaCoin, TES, is a Proof-of-Stake digital currency that gathers 12% annual interest. It requires a minimum of 24 hours, but there is no maximum. 75 million TES will be created, with over 74 million already in circulation. TeslaCoin is one of the first currencies to already come this close to reaching its capped amount, and thus must find a way to continue to incentivize its economic market. This will come in the form of a wallet upgrade and a new wave of coin distribution over the next eight years.
TeslaCoin has shown that there is a demand for those who wish to contribute to solving the world’s energy problems. Hopefully, their crowdfunding technique will pave the way for energy availability and innovation across the world.