Report of the Tectum AMA Held on the 20th June on Galxe Radio Show
As part of our efforts towards community engagements, Omar joined the Galxe Radio show as a representative of Tectum at an AMA session on the 20th of June. This was beyond the regular in-house session, as we reached a significant number of people in attendance.
In fact, several of those who tuned in were not members of the Tectum community. Nonetheless, there was genuine interest and many individuals asked technical and curious questions.
Following the conclusion of that AMA, Tectum is releasing a report detailing every discussion from that session. This will keep our community members up to date with the initiatives from the team.
Details of the Tectum AMA Held on the 20th of June on Galxe Radio Show
At the beginning, Omar spoke about his journey with Tectum, even before becoming a project manager. He stated that Tectum the fastest blockchain in the world that is owned by Crispmind – a cybersecurity company. Unlike other blockchain, Tectum does not use sharding as it compromises on security.
The purpose of Tectum blockchain is to enable people to build on it and this process is in the works
SoftNote is one of the flagship product of Tectum as it has the ability to enhance Bitcoin. More so, SoftNote can also be used to enhance other cryptocurrencies. Bitcoin has challenges like gas fees, slow transactions and other issues that make it difficult to use it for transactions. Esepcially for smaller transactions.
To solve this problem, most companies have created centralized solutions to enable people to spend Bitcoin. However, this goes against the principle of decentralization.
On the other hand, SoftNote solves the problem of high gas fees and slow transactions while maintaining decentralization. People still have complete authority over their assets. Furthermore, users get to maintain their privacy when using SoftNote. People do not need to own blockchain wallets to use a SoftNote
Omar explains that SoftNote exchanges ownership of the wallet rather than sending the token to a different wallet. Using Trust and MetaMask wallet as examples, he explains that SoftNote works like giving your wallet private key to the new owner. Since there is no transactions on the wallet, there is no gas fee involved.
The problem with this approach is that the previous owner still has the private key and can access the wallet to take back the Bitcoin. To solve this problem, SoftNote has a private key that only the current owner knows. Whenever there is change of ownership, the SoftNote changes the private key and only the new owner knows it.
This is possible through the hashing that creates a new set of private key. If the receiver has a wallet, the new SoftNote will become available in the wallet. At the moment, there is no other technology out there with the same features as SoftNote. While certain companies may claim to have similar products, Tectum remains a pioneer in the crypto payment solution space
Tectum Emission Token has primary function of minting new SoftNote Bills and paying gas fees on transactions. Individuals can also use TET to pay for various transactions with designated partners.
In the long term, Tectum is working towards building a public blockchain. When this happens, Tectum can incubate and support more projects, thereby making our ecosystem more extensive. This will be very beneficial to developers who want a solid foundation for building their projects.
Furthermore, Tectum wants to make Bitcoin more spendable in every capacity that people will like to use it. In this regard, we try to make SoftNote very similar to cash, whereby people can simply hand them over to others when making payment. Unlike cash, however, SoftNote has a traceable history and users have more control over their funds.
Tectum recognizes and incorporates Bitcoin into its crypto payment system, instead of building new tokens. By enabling Bitcoin payment, Tectum improves the economies of countries where its partners are situated while expanding its ecosystem.
Questions From the Audience
At the Tectum AMA end of the session on the 20th of June, the host read out some questions from the audience. For the purpose of education, this article will answer those questions in details. Tectum understands that some interested individuals may also have these concerns, and this may just be an excellent avenue to enlighten them.
Below are some questions and their respective answers.
Is Tectum trying to integrate SoftNote into existing payment systems/wallets for wider adoption?
Tectum has a merchant terminal within the SoftNote Wallet. In addition, Tectum has well over 300 merchants who accept SoftNote bills as payment.
While there are currently no conversation, Tectum still considers this integration a possibility. With the right partner (who has the right values and ethics), we will work with our developers to integrate SoftNote into their payment system.
How does Tectum address the blockchain trilemma?
The blockchain trilemma involves security, decentralization, and scalability (speed). Tectum already addresses scalability by being the fastest layer one blockchain with a speed of 3.5 million transactions per second. Its proof of utility consensus ensures security. To solve the issue of decentralization, Tectum is launching a distributed ledger for its private blockchain and a public blockchain before the end of 2024.
How does the XFA Work, and Why is it Superior to Other Authentication Methods?
Tectum XFA incorporates multiple layer of authentication, including OTPs and biometric security measures. This is unlike most authentication apps that simply provide one-time-passwords. The biometric security means that a cybercriminal must circumnavigate this measure to exploit users.
What are the Plans for the Rest of the Year?
Before the end of the year, Tectum will launch the SoftNote mobile app for Android and iOS devices. We are also launching the Light Node that will enable developers to connect their custom tokens and dApps via a dedicated API. Individuals can learn more from our updated roadmap.
Are There Any Active or Upcoming Campaigns geared Towards the Community?
We currently have a Tectum Voyage where community members on Galxe. Besides this campaign, we will launch subsequent community engagement efforts. Therefore, we encourage everyone to come on board and get very active. This is because more active members are more likely to earn rewards.
What are the Other Ways to Participate in the Tectum Ecosystem?
Join weekly AMA sessions to learn about the ecosystem and its products. Follow Tectum on all social media platforms and stay up to date with our blog. All the necessary links are available on our Linktree.
Omar concluded by thanking everyone in attendance, before asking everyone to get involved and become part of the community.
