We had a chat with Peter Hoogslag, CEO of TravelFlex about his project some few days ago and here are highlights of the conversation;
Hello Peter, can you briefly introduce us to the TravelFlex project?
Travelflex is a new cryptocurrency that is aiming to solve the scalability issues that other coins like Bitcoin or Ethereum, are facing at the moment. By using a complete new DAG based algorithm Travelflex isn’t just a simple clone or a token. The block speed, for example, is 1 block per second, compared to 1 block per 10 min for Bitcoin.
It is a real Proof-of-Work (POW) coin that can be mined and runs on its own network unlike 90% of all the others coins. Don’t get confused by the name Travelflex since the coins can be used for almost anything payment related, not just traveling.
VISA, for example, can handle on average around 1,700 transactions per second (tps), call it a daily peak rate of 4,000 tps. PayPal, in contrast, handled around 10 million transactions per day for an average of 115 tps in late 2014. Today the Bitcoin network is restricted to a sustained rate of 7 tps due to the bitcoin protocol restricting block sizes to 1MB.
Recently with improvements, let’s imagine the blocksize doubled to 2MB, so the rate also doubled to 14 tps.
Bitcoin – 5 to 7 transactions per second for 1MB, 12 to 14 tps for 2MB (Cost= 2-10 USD+) for 1MB
Ethereum – 20 transactions per second (Cost= 0.01-0.1 USD+)
Paypal – 193 transactions per second average
Iota 500 to 800 transactions per second on average
Travelflex (TRF) – 1200 to 1400 transactions per second and this will get faster with more users. Cost of fees is zero!
Are you setting up to compete with projects that feature similar cryptocurrency based cards on the market?
Any new card will compete with older ones that are already on the market, we believe that our
card will be the number one card, within 2018.
Is TravelFlex looking to expand into other areas of the travel industry?
Certainly, at the time the traveler cheques and the TravelFlex card become available, we will have set a few partnerships with companies related to the travel business. And we are continuously discussing terms and conditions with many others. We are in negotiations with hotel and ticket booking services, banks, tour agencies, several mobile applications related to the industry, etc. We will create, as well, loyalty programs based on our partnerships. We are continuously looking for new ways to implement TravelFlex in the industry, and, of course, we are open to discuss any new business ideas or cooperation.
How soon will TRF tokens be available on exchanges and are you in talks with any exchanges?
Please, remember that the TRF are real POW coins that already can be mined. This gives a big advantage to the participants of TravelFlex. By joining our ICO, you will receive a real product that can be traded right away after the end of the ICO. Yes, we are in talks with several exchanges and we expect to be on the exchanges soon after the ICO. By the way, the mobile app (for Android) is ready and will be released right after the ICO. And iOS is almost ready.
Briefly run us through the process of participating in the TRF token sale?
It is fairly easy; you can just go to our website https://travelflex.org/ and click on the Join Our ICO button. In the next step you will sign up with your details and choose the method of payment. The TRF coin can be purchased with BTC, ETH, BCH, Dash, LTC, or Fiat money. You will receive a confirmation of purchase from our support team. You will also need to create a TRF wallet to receive your coins.
Thanks a lot Peter for making time to do this interview, we wish you and the team a successful crowdsale.
Thank you too ICOWatchlist and we look forward to your more of your responsive service as you have always rendered.
For more details, follow the TravelFlex ICO here.