What is Travelflex (TRF) Crypto Beginner’s Guide
Travelflex is a decentralized social travel network and payment platform. It is also a cryptocurrency. It’s the latest cryptocurrency to tackle the scalability issue. The team behind Travelflex decided to use a brand new DAG-based algorithm to separate itself from the other cryptocurrencies. This digital currency can be used to pay for lots of things, not just travel-related items. The EU approved a license for Travelflex that allows customer deposit and withdrawal in fiat currency.
The statistics of this cryptocurrency are impressive. The block generation rate is 1 block per second. The block reward is 30 tokens per minute. 100 million tokens were issued in the ICO. 0.5 TRF tokens are mined per second. This amount will halve every two years. In 20 years, 163 million tokens will be mined. Travelflex relies on a Proof-of-Work mechanism. TRF tokens aren’t ERC-20 tokens; they don’t run on the Ethereum network.
Features of Travelflex
There are mobile nodes that keep the network decentralized. Mobile nodes also make the network faster. Travelflex is compatible with social media websites. Users can add people to their friend’s list. This platform is resistant to ASIC mining. As the platform processes transactions, a portion of the revenue goes to charities. Users don’t have to rely on digital currencies entirely with this platform; Travelflex offers printable travel checks, and they also offer a card. The Travelflex card can be used as an ATM card or credit card.
Wallet and Transaction Rates
Travelflex offers a dedicated wallet for users. The wallet allows peer-to-peer communication via decentralized chat. The wallet features Near Field Communications. This can be used to find other Travelflex users.
The transaction rate in the Travelflex network is very fast. It is rated at 1,200 to 1,400 transactions per second. The transaction speed increases if there are more users on the network. There is zero fees for transactions.
Travelflex offers escrow service to users. They also offer 24/7 support. Currently, the total supply of TRF tokens is 120 million. Masternodes have a token requirement of 7,500 TRF. Mining can be done with a mobile phone. There is a mobile app for mining Travelflex tokens. The app also has a built-in wallet. The chat function in the wallet is encrypted.
Token Distribution and ICO Funds Allocation
Here’s the token distribution (newly created TRF tokens) for founders/miners:
- 90% – Miners
- 2% – Charities
- 8% – Founders
The funds from the Initial Coin Offering will be used to improve the mobile application, develop the Travelflex ATM system, and issue Travelflex cards. The funds are also used for marketing, sales, and legal expenses. Other expenses that are covered by the funds including team development and team salaries.
There’s a block explorer that reveals the latest transactions. Several bits of information are provided in the block explorer including block height, the number of recipients, the amount of TRF mined, and the time of the transaction. The network performance, mining difficulty rating, and hash address is listed.