EncryptoTel, the blockchain-based telecommunications project, has reached the $1 Million USD funding milestone in its crowdfunding campaign, which will allow the team to enter the international market with ease and to “occupy a more significant fraction of the telecommunications industry”. This important milestone was reached on the first day of the Initial Coin Offering (ICO), shortly after it started. The crowdfunding campaign will last until the 31st of May with no funding limit.
During this time, EncryptoTel will sell a certain number of EncryptoTel Tokens (ETT) which will be based on the amount of funds invested during the ICO. ETT are sold at a standard 0.000047 BTC (around $0.05), although a 20% bonus is awarded to first-day investors. Users can participate in the crowdsale with Waves, Bitcoin, Ether, and Ether Classic.
The EncryptoTel team has already released a beta version of its product which can be accessed through the official website, although it should only be used testing purposes.
So how does EncryptoTel work?
EncryptoTel will focus is on delivering a wide range of privacy-focused telecommunication services to individuals and companies by bringing VoIP and a virtual PBX (private branch exchange) together with blockchain technology and cryptocurrency payments. The use of blockchain technology will allow, not only an increased level of privacy, but also improvements in terms of performance and functionality.
EncryptoTel can be easily accessible to anyone with an internet connection and a device (smartphone, tablet, laptop, desktop) and is available for multiple operative systems like Windows, Linux, iOS and Android. EncryptoTel does not require any kind of telecommunications infrastructure or office equipment like telephones, although these can be connected to the service via the VoIP gateway provided by EncryptoTel.
The main focus of EncryptoTel, however, is privacy which has become a rare commodity in today’s Orwellian society. Although the team is currently working on the development of its own secure connection network, EncryptoTel beta already offers traffic encryption based on SIP/TLS technologies.
EncryptoTel has an ambitious roadmap ahead but users can expect the final product to be released in the summer of 2018.
What’s the advantage of owning the ETT token and how does is relate to the EncryptoTel project?
The EncryptoTel Token (ETT) will be a crypto asset issued on the Waves Platform. It acts as payment method for the services provided by EncryptoTel, including call redirection, two-factor authentication, encryption and traffic protection, hidden phone numbers, video calls and many more. Although EncryptoTel will accept cryptocurrency payments, using the ETT token on purchases will award the customers with additional discounts.
The services will be provided on a pre-paid or per-minute payment models, which can be chosen by the customer.