Tectum group has introduced the the SoftNote, a fintech product that brings blockchain expertise to conventional ‘money cash’. This product is one which transcends the problems at the moment plaguing mainstream adoption of cryptocurrencies, particularly with regards to retail. With SoftNote, Tectum plans to merge cryptocurrency and paper cash in a manner that enables for transactionless funds, whereas nonetheless retaining the bodily ‘money’ medium beneath the belief layer of blockchain.
This fintech product is one which reduces transaction prices to zero. Utilizing the superconductive digital atmosphere expertise, SoftNote is ready to remove charges, delays and energy near-zero transaction prices for infinite terminal efficiency.
Why Use SoftNote
One factor to notice about SoftNote is that this isn’t a blockchain play, however moderately a fintech play. The product serves as a frictionless transport of worth and is by no means cash or a forex itself. Relatively, it helps to move worth, or on this case, ‘cash’.
It nonetheless resembles paper cash within the reality it’s nonetheless principally a price that’s printed on a bit of paper. It additionally doesn’t require affirmation on the blockchain, nor does it carry any worth or have any geographical boundaries. However the way in which that SoftNote interacts with cash may be in comparison with that of getting a Letter of Credit score and a bag of cash.
Instead of carrying a bag full of money, one can merely carry a Letter of Credit score for settlements. Nevertheless, one essential distinction between the 2 is that SoftNote doesn’t require the holder to assert the money of the issuer. The worth is already contained inside SoftNote itself and it may be used instantly for invoice settlements.
How SoftNote Works
What SoftNote supplies is the benefit of creating funds with ‘money cash’ mixed with the security of the blockchain by changing a “transaction” with the “handover” process. The SoftNote payments are backed with Bitcoin and USDT performing as a retailer of worth, with serial numbers and denominations specified on the notes; e.g. $1, $2, $10, and so forth.
This handover process sees the SoftNote transferred from one social gathering to a different and the receiving social gathering is ready to confirm a Retailer of Worth stability by checking the community (Bitcoin) explorer.
SoftNote additionally supplies extra anonymity to customers in comparison with the likes of Bitcoin. BTC transactions are simply traced by a public handle. Nevertheless, since SoftNote “handovers” aren’t registered within the native community ledger, it provides one other layer of anonymity as origins can’t be traced.
Advantages Of SoftNote
SoftNote is a brand new expertise that goals to make life simpler for blockchain customers. It doesn’t require each events to be linked to the blockchain, simply the receiver. This may permit the receiver to confirm that SoftNote is certainly a retailer of worth and as such is making a sound switch of worth.
It additionally provides on the spot cost processing, one thing that has confirmed elusive for cryptocurrencies. Funds are deemed as quick because the receiving social gathering is ready to confirm and unlock the SoftNote. So in the event that they confirm the be aware on the level of receipt, then the cost is on the spot.
SoftNote can be freed from points equivalent to community independence and isolation. Because it doesn’t function in conventional banking and cryptosystems, it isn’t hindered by the problems that proceed to plague each industries. Funds may be made in device-to-device mode or utilizing any system that may switch image format information.
Customers are additionally in a position to earn on the Tectum ecosystem. It not too long ago reached its mushy cap of two.5 million TET tokens which had been offered at $1 apiece. It’s now launching the second part the place 500,000 TET tokens shall be offered at $2, providing a singular alternative for traders to get in early and make a revenue.
“The neighborhood’s assist has been unimaginable, and we’ll be saying extra venture updates quickly,” mentioned Alex Guseff, CEO of Tectum. “That is nice information not just for us, but additionally for our neighborhood and everybody concerned.”
About Tectum
Tectum is a Chicago-based software program improvement agency that leverages its a long time of mixed expertise to provide software program platforms with a give attention to high quality, cost-effectiveness, and customer-centric merchandise. It has delivered platforms throughout numerous spheres equivalent to blockchain and distributed ledgers, cryptocurrency, safe messaging, person authentication, and so forth. It serves a variety of shoppers from authorities organizations all the way down to particular person purchasers. Tectum is dedicated to producing distinctive options to essentially the most complicated issues.
