- Summary:
- Minutes Network has launched its innovative telecoms termination service that uses blockchain technology for a reward-based telecoms economy.
Minutes Network, a pioneer in the paid-for- telecoms service sector, has launched its wholesale telecommunications service built on blockchain. The platform is creating a sharing economy, powered by the Minutes Token, and developed by Mintech, the innovation hub of Minutes Network. Mintech has created an innovative set of protocols and technology for telecommunications to back up this groundbreaking development in the sector.
Telecoms termination services built on blockchain
Minutes Network is confident that its blockchain-based telecom termination will help it build the largest telecommunications user base by 2030 and become the first to pay customers for making and receiving calls. Working in tandem with tier1 carriers, the network will initially concentrate on terminating international paid-for voice conversations. Along the way, it will add international and domestic SMS messaging services, as well as domestic terminations, to its scope of services.
With its secure and integrated node infrastructure, the Network can terminate massive amounts of voice traffic. Notably, Minutes Network is building a token-based sharing economy, and all of its nodes will be up for staking. Ultimately, this will result in major benefits for node holders.
Minutes Network will initially target the $13.25 billion international terminations market, which accounts for 270 billion minutes. Down the line, it will broaden its reach to include local voice traffic and global SMS, which will give it access to a market worth approximately $300 billion annually.
The Network is quickly growing its global base of interconnection partners and has already established twenty-four international points of presence. Already, Minutes Network has termination contracts with Skype, Lebara, IDT, and Vodatel through aggregating partners; news of more tier1 connectivity is expected soon.
Minutes Network’s reward mechanism uses the Minutes Network Token (MNT), a token with a maximum supply of 500 million MNTs. The reward pool will see node holders receive 60% of the incentives, while users who make and receive calls across the network will receive 25%.
In addition, Mintech will keep 15% of the tokens to fund future developments. By converting surplus value into MNT tokens through algorithmic on-market transactions, stakeholders will always be rewarded for all new efforts.