“The future is here, the future is digital, the future will be powered by Cash Telex”. The Cash Telex (CTLX) coin is the cryptocurrency that powers the Cash Telex Blockchain ecosystem. A blockchain is a digital record of transactions. Blockchain comes from its structure, where individual records, called blocks, are linked together in a single list, called chains. In a blockchain ecosystem, all participants can observe the whole market state at any time unlike in a proprietary platform where only the platform owner has the full overview.
Cash Telex is the first company in Africa to build a native blockchain ecosystem, the total value of the issued native Cash Telex coin (CTLX) is equal to the total value of assets the company holds. According to cashtelex.zendesk.com, this state ensures that the company has equal value to its physical assets that back their digital coins, it also ensures the stability, security, and versatility of the coin together with the blockchain it sits on. On the Cash Telex exchange, users can buy and sell different cryptocurrencies at a market rate. The system also allows users to monitor the performance of CTLX in real-time which henceforth helps the community make informed decisions on what to do with their CTLX coins and other cryptocurrencies. Through Cash Telex, users can access global trading options in different commodities like gold, diamond, silver, and real estate.
Cash Telex being the first asset-backed blockchain, opened a new dimension to solve different issues related to unscalable, volatile, and unstable cryptocurrencies trade and applications. The solutions are structured to solve complex problems by presenting across-chain solutions or by designing a new cryptocurrency on top of the existing blockchain. “Cash Telex uses two perspectives to address its issues and problems. First perspective, Cash Telex uses technologies that allow and turn these problems into features of the ecosystem by designing a blockchain while keeping in mind the components and layers that guarantee to solve issues related to latency, scalability, volatility, and instability. Second perspective, Cash Telex introduces assets backed mechanism and methodology that guarantees the CTLX coin to function as a tradable payment system while preserving the capital, this is accomplished by enforcing dynamic diversified assets to give CTLX a guaranteed demand as well as several additional services that will guarantee that CTLX can be used for various financial services” (Dr. Aboamama Atahar Ahmet, 2018).
The Cash Telex ecosystem in Uganda was first registered on 21st December 2018. It was certified to have been duly according to and following the provisions of the business names registration Act.
The table below shows Cash Telex listing in Ugandan shilling.
As of 23rd March 2021, CTLX in Uganda was listed at 400 CTLX/ UGX, the 24 hours (v) is 0.0 CTLX/ 0.0000 UGX. The CTLX coin had a high of 400.0 and a low of 400.0 as well giving a percentage change of +0.00%. While CTLX in Nigeria listed at 14025245.44 BTC/ NGN, with 24 hours (v) of 0.0 BTC/ 0.00 NGN. The CTLX coin had a high of 0.0 and a low of 0.0 hence giving a percentage change of +0.00%. In Kenya, CTLX was listed at 55.03 CTLX/ KES with 24 hours (v) of 0.0 CTLX/ 0.0000 KES. The CTLX coin had a high of 0.0 and a low of 0.0 giving a percentage change of +0.00%.
The recently closed Cash Telex ICO has been raising money and the fund’s last recorded amount was $ 23 million (2634.41 BTC), which will be used to fund the assets backing the CTLX coin. Galactic towers being on the assets backing the CTLX are built to provide both residential and office working spaces for Cash Telex and Cash Telex community. According to cashtelex.zendesk.com, the vision for CTLX is for it to be a coin that can be accessed by anyone in Africa, allows them to make financial transactions, and have financial freedom because they have total control over their money.
Cash Telex providing scalable, reliable, and fast network is essential to issues faced by African traders today. The ecosystem’s ability to allow participants to observe the market at any time allows all its participants to make informed decisions on what to do with their coins. Cash Telex also gives its participants an option to diversify global trading options. Cash Telex being a blockchain technology there is a decentralized network, transparency, trust chain, unalterable, and indestructible technology. But it is likely to have high energy dependence, difficult integration process, and high implementation costs.
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