Products
Anyone who has been following the Developers Corner series will be familiar with the Tectum product we will discuss in this article. For those who have not, this is SoftNote Cash 101 — a detailed overview of Tectum’s crypto cash. As mentioned at the start of the year, we are on a mission to make Bitcoin and other cryptocurrencies more spendable. This initiative is one of the simple and secure measures that will help the team achieve our goal.
While Tectum develops simple and efficient ways to spend crypto, we understand that getting people to use these products is more important. People are typically apprehensive of whatever they do not understand, and this is evident in how many people are still somewhat apprehensive of cryptocurrencies. In this regard, the team is simplifying SoftNote Cash so that the average person can understand and appreciate this technology.
Before delving into the usage of SoftNote Cash, it is essential to take a trip down memory lane. The first step to appreciate this crypto cash from Tectum, is to understand the reason behind developing this product. What better way to do so than briefly reviewing how people have spent their blockchain tokens over the years? Since Bitcoin is the oldest crypto, we will use it as a case study.
When Bitcoin was launched, people could only spend it by selling it to someone who wanted to buy it. Then, they would use the money from that sale to purchase whatever they needed. This was quite challenging, as very few people were keen on cryptocurrency.
In May 2010, Laszlo Hanyecz bought 2 Papa John’s pizzas for $40 using 10,000 Bitcoins. Laszlo posted on a forum that he wanted to buy pizza using Bitcoin as a payment method. Four days after stating this, Jeremy Sturdivant delivered the two pizzas to his house. This was the first-ever recorded Bitcoin or crypto commercial purchase.
While several people may berate Laszlo for his decision, it remains a remarkable point in history. Furthermore, it also emphasizes the true importance of cryptocurrency — transactions. Away from the moral lessons, the path founded by Laszlo is still in use today.
Various companies, manufacturers, and service providers now accept Bitcoin and other cryptocurrencies as payment. Instead of selling tokens on an exchange, individuals simply transfer their holdings to the receiver.
While the blueprint initiated by Laszlo Hanyecz works, it is still very flawed. The flaws are so significant that they are the reasons why people are wary of spending cryptocurrencies. No matter how many times we mention it, the cost of transacting blockchain tokens remains a very valid issue. While this does not apply to every coin, it remains an existential problem with Bitcoin, the world’s first cryptocurrency.
Meanwhile, the price we are referring to above is the regular fee. Users will have to pay more during “peak hours” when there is significant traffic. While the “price” may not seem like a concern to crypto whales, it greatly discourages the average person. Why would someone want to pay $50 for a $200 transaction? Even the bank does not charge that much.
Gas fees aside, transactions can be very slow, and it takes quite some time for the receiver to receive the funds. Considering that most people are already skeptical of crypto, situations involving delayed transfers only make things worse. Imagine being asked to wait longer than you need to because the payment has not been reflected. Maybe because the Bitcoin network needs additional validation to authenticate your transaction.
Now that we understand the origin of blockchain transactions let’s move on to SoftNote Cash 101. SoftNote Cash is a physical wallet that enables people to hold and spend cryptocurrencies. Unlike the regular blockchain wallet that most people know of, this technology likes actual cash.
Instead of storing your entire portfolio in one wallet, SoftNote Cash helps you break it into smaller units—just like you do with fiat cash. Instead of having to transfer units of your tokens to the receiver, you simply exchange ownership of the already-split units.
Imagine buying a delicious meal from 10 Greek Plates — a SoftNote merchant. Instead of transferring the equivalent of BTC to the restaurant, you simply hand your $50 SoftNote Cash to the cashier.
Looking at how simple it is to use this crypto cash, many people are probably wondering if there are security measures in place. What if someone gets the printed notes and tries to use them? Are there any contingencies in place? Yes, no one can access your SoftNote cash without your permission.
To protect users, Tectum incorporates a multilayer security architecture on SoftNote Cash. After giving your printed note to the cashier, they have to scan it using a dedicated ePOS system. Upon scanning the QR code on the note, the system will require that they enter a unique code to claim the bill.
Only the actual owner of the SoftNote Cash has that unique code. Unless he or she provides that code, no third party can claim or access the funds stored in the note.
Thanks to the design of SoftNote Cash, it is far easier to spend cryptocurrencies than before. However, this technology goes beyond printing QR codes on pieces of paper and asking people to trade them for products or services. This crypto cash makes Bitcoin more spendable than it has ever been.
One of the barriers that SoftNote Cash removes is the issue of slow transactions. As you are well aware by now, Tectum is the fastest blockchain in the world. SoftNote Cash is built on the infrastructure of the fastest layer 1 blockchain network. Therefore, SoftNote Cash transactions are instant, and people do not have to worry about delayed transfers.
Besides transfer speed, SoftNote Cash also removes the barrier of expensive gas fees. As against costing an arm and a leg, users only need to pay a meager 0.5% for transfers. As mentioned earlier, this crypto cash combines the security of blockchain technology with the simplicity of fiat currencies.
The best part about this innovation is that its simplicity also applies to creating and managing your portfolio. Unlike the regular blockchain wallet, which is complex and too technical for the average person, the SoftNote Cash dashboard is very easy to use.
With no more than two clicks, users can import, deposit, accept, hand over, mint, fill, or burn a SoftNote. Even someone accessing the platform for the first time will have no difficulty using it.
This is arguably a question that people ask a lot, and it is easy to understand why. These products operate very similarly, so it is common for users to confuse them with each other. To ensure clarity, SoftNote Cash 101 will be differentiating them as much as possible.
First, Tectum SoftNote (with the SoftNote.com URL) is a noncustodial blockchain wallet. Think of it in the same vein as Metamask, Trust, or Coinbase wallet. This is an all-encompassing platform where people can do everything related to cryptocurrency. They can send and receive tokens, mint, fill, or burn SoftNote Bills, and join staking pools.
On the other hand, SoftNote Bills are software versions of crypto cash. After minting them, people can present copies (pictures) of the bill at the cashier with an ePOS. On the other hand, SoftNote Cash is printed out and can be carried about like regular fiat.
For a better understanding, consider the points below:
The aim of SoftNote Cash 101 is to enable people realize how much they can enjoy economic freedom with cryptocurrencies. SoftNote Cash is the perfect solution for people living in every part of the world.
The world is changing, and governments are literally playing politics with people’s lives at this point. Anyone in a position of authority can just wake up and propose very absurd laws. For example, people living in certain parts of the world are banned from sending or receiving money.
While these “economic sanctions” may seem effective, they definitely do not affect the political opponents that are being targeted. These elites are least worried about some half-cooked blanket ban because they will always figure themselves out. It is the average person who takes the fall for these harsh decisions.
Most people have reverted to cryptocurrencies as a solution, since no single authority controls or regulates them. However, certain people are still skeptical about the technicalities and other constraints of transacting with blockchain tokens. With SoftNote Cash, people can spend Bitcoin, Ethereum, USDT, BNB, etc., as they do with regular fiat currencies.
