What is Tesla Coin (TES) and should you invest in it?

Nikola Tesla was one of the greatest inventors the world has ever had. TeslaCoin which goes by ticker symbol TES was launched in an effort to achieve what Tesla envisioned many decades ago. The plan was to launch a fully solar powered and free mining pool. By doing this, the company would reduce carbon emissions by a huge margin. TES is a cryptocurrency which pushes for the decentralization and sustainable world which supports free energy. It is also aimed to help decentralize renewable energy projects. Founded in 2014, this peer-to-peer altcoin is based on blockchain technology just like major cryptos such as Bitcoin Cash.

How does TeslaCoin work?

This cryptocurrency is a hybrid of between proof-of-stake (POS) and proof-of-work (POW). The coin is based on Scrypt and comes with a 30 seconds block time. In total, there are 300 million minable coins. Every block initially has 172 coins but after every 30 days, it reduces by 18.56%. TES set aside 3% premine coins for bounties, development fees and standard bug. The crypto has a dynamic difficulty retarget after every block. The PoS wallet gives a return of 12% annually which is quite high.

How is the Teslacoin team?

The developers of the coin put plans in place to help the less privileged children in the society. The scholarships will be biased towards science subjects. The team has developed Windows wallet and all 32 and 64-bit versions of Windows will be compatible with it. On the official website, it is stated that Linux, Android and MacOS wallets are also available.

Almost every other crypto team that wishes to market itself and be understood by crypto enthusiasts has to make an appearance on Bitcointalk pages. While TES team does this, it seems it is yet to reach a point where everyone is satisfied. In 2017, communication was not very good but in 2018, the team has improved on giving answers and updates on TeslaCoin. The team even released a roadmap for 2018. The firm plans to launch TeslaCoin whitepaper in February, a new website in March, and the TeslaStarter crowdfunding platform in April 2018.

The performance of the coin

The Tesla coin like Bitconnect is tradable on several exchanges. However, according to the development team of the coin, traders should not trade it on YoBit.com. Apparently, YoBit does not want to fix the TES wallet.

TeslaCoin started 2018 at a high price of $0.38. The traded volumes stood at just $4,500. The price has been rising steadily for the past few weeks. On 30th January, the price rose to reach an all-time high of $0.168 before losing some points to trade for $0.111 on February 1st. The market cap for TES was $2.5 million at the start of January 2018. It has since risen to touch a high of $7.9 million as of 1st of February.

Should you invest in it?

The idea behind the formation of the coin is certainly brilliant. There are several questions which the developers of the coin should answer or ought to have answered by now among them why they are not aggressively engaging with the public especially on Bitcointalk platform. With a little bit more openness from the TES team, this coin is certainly going to grow big and fast just like Dogecoin or IOTA.