Cryptocurrency adoption is increasing with each passing day, and more people are embracing blockchain tokens for payments. The reasons range from control over their funds to freedom of usage and global availability. Tectum SoftNote is here to encourage more people to use crypto by enabling faster and cheaper Bitcoin transfer.
Before going into how Tectum SoftNote does this, it is essential to look at the root cause of this problem. Perhaps this will highlight the need for cheaper and faster cryptocurrency transactions.
The creators of the Bitcoin network significantly focused on security and democratization, they totally ignored scalability. For those who do not know, scalability is the capacity of a network to process multiple transactions.
Satoshi Nakamoto was very intent on creating a truly decentralized network with no central authority and proper inclusiveness. Bitcoin utilized the proof of work consensus to ensure the factors were present. This mechanism meant anyone joining the network independently verified and authenticated transactions.
While this system ensured decentralization and security, it weighed down scalability. The Bitcoin network cannot process up to 10 transactions per second. Initially, these issues were not significant challenges and for several reasons.
First, very few people were using Bitcoin and the traffic was not much. Picture a dual-lane two-way traffic route with very few cars passing through it. There are low chances of traffic congestion happening on such a road because it has the capacity to handle a few cards. Furthermore, the price of Bitcoin was also very low and this reflects in the gas fees. People did not mind, as it was considerably affordable.
However, momentous cryptocurrency adoption has changed everything. More people are now sending and receiving BTC, nowadays. This spike in traffic means that more people have to wait longer for transactions to take effect or pay extra for faster processing time.
The value of Bitcoin is more than times a hundred what it was 10 years ago, which has affected the gas fees. Therefore, the same value of Bitcoin that cost $10 about 5 years ago now costs well over $100 today.
To solve this problem, Tectum connects SoftNote, a FinTech solution built on the fastest blockchain, to the BTC network via a sidechain. This sidechain enables SoftNote to do some outsourcing for the Bitcoin network. Here is a simple example to enable you to understand better.
On the Bitcoin network, a sender initiates a transfer request. Miners compete to authenticate the transaction and get the lowest hash. The first miner that gets the lowest hash publishes their result on the network for others to verify. Others verify and the request is processed.
Mind you, this is a very brief rundown of how typical BTC transfers take place. It takes quite some time to get the lowest harsh and another miner can dispute your claim.
To ensure faster and cheaper transaction, we process the transfer request on Tectum, the fastest blockchain and our smart contract. Then we relay the message to the Bitcoin network via our side chain. All the network needs to do is record the transaction and add it to a block.
A good example is diverting traffic from a congestion lane into a faster lane that is wider and can handle a larger capacity. After getting past the congested area, the faster lane reconnects back to the initial road and people continue on their journey.
Why use the expensive and slow traditional BTC transaction method when you can get faster and cheaper Bitcoin transfer with Tectum SoftNote. Create a new SoftNote Wallet account, mint, and fill SoftNote Bills to start enjoying affordable and instant payment options.
Even better, Tectum is set to launch the SoftNote Wallet app beta in September. Interested users can test this application by registering to join the waitlist before the opportunity closes. Successful applicants will be the first to test the best crypto wallet.
This SoftNote Wallet App will be available on both Android and iOS devices. What are you waiting for? Register and join the waitlist to become the first to access this application.
