SoftNote.Cash: Tectum’s Answer to Seamless Financial Transactions in the Crypto Age
Tectum constantly develops efficient applications that improve the quality of people’s everyday lives. A good example is SoftNote.Cash — a blockchain-powered solution that ensures seamless financial transactions. Individuals who attended the Blockchain Life and Dubai FinTech Summit must have seen this product.
This article will help users understand how SoftNote.Cash enables seamless financial transactions. Before going into the details, it’s important to understand why Tectum developed this application. What better way than understanding the need for payments and settlements?
Payments and Funds Transfers: The Spine of Commerce
Commerce is the primary reason for exchanging money. In the article on Cross-Border Payments, we explained the importance of being able to send money to and from people globally. However, problems like governmental restrictions, cost, and speed of transactions make trading even more difficult.
Surprisingly, governments of various countries are unbothered about the state of the global exchange of funds. This is even more shocking, considering that funds transfer is the backbone of commerce. Without financial settlements, people cannot exchange products and services.
In the digital age where the world is supposed to become a global age, nations seem to be drifting apart. Several years ago, people braved the dangers of the sea to exchange products and services. They relied on gold, silver, and a trade-by-barter system for transactions.
People were able to trade because there was a standard of exchange. Without this system, all the dangerous voyages would have gone to waste. People wouldn’t exchange products or services, as there would be nothing to give in return. In turn, the world would not have developed this much, as scientists and manufacturers would’ve been unable to get materials for research and production.
Institutional Control: A Major Challenge Inhibiting Seamless Financial Transactions
So far, it seems no one understands the importance of financial transactions. However, this is untrue, and all stakeholders understand the importance of monetary systems. The challenge is that those involved are unwilling to create true global payment gateways.
As shown over the years, national institutions are more focused on control. A good example is the actions of the United Kingdom over the past years. The nation began by leaving the European Union facilitating trade between various countries. What was their reason? They wanted to stem the influx of other European nationals into the UK.
The UK government failed to understand that these EU nationals contribute to the country’s economy. It seems elected and appointed leaders purposely sabotage developmental opportunities in their quest for control.
Another example is Nigeria, where most citizens live abroad and send money to their families back home. Instead of the Nigerian government to facilitate these transfers to boost its GDP, it blocks every possible option for receiving international payments.
The laws being made reflect the government’s quest for control. In 2023, the IMF managing director said, “Increased adoption of cryptocurrency assets will undermine micro-financial stability. Therefore, governments need to put infrastructures in place to protect investors.”
They would rather ban a disruptive technology instead of trying to understand it. It almost seems like the government is scared of anything that they cannot control. This explains why they just impose half-cooked blanket legislations to guide using and owning blockchain assets.
Crypto as a Solution For Solving Challenges Facing Finds Transfer
So far, cryptocurrencies have proven to be the wholesome solution for solving funds transfer challenges. The major reason is that no central authority controls or regulates blockchain tokens. Instead, there are self-regulatory measures in place to protect all stakeholders.
Using Bitcoin as an example, it uses the proof of work consensus mechanism. This means that anyone who wants to be part of the network must work for it. This work implies solving the complex equation and finding the smallest possible number that will serve as the hash. Upon solving the equation, they must prove to everyone else on the network that their result is the correct one.
This complex and seemingly long process is essential, as data transfers cannot be reversed on a blockchain. Therefore, it is vital that the first attempt is “perfect”.
With no controlling authority regulating Bitcoin, anyone can buy, own, and store it. In addition, no central bank can introduce manipulative monetary policies or overprint Bitcoin to increase its circulation. This makes BTC unsusceptible to inflation and loss of value.
While people may argue about the volatility of Bitcoin, there are alternative and viable options like stablecoins. These tokens are pegged to regular fiat currencies and maintain their value regardless of the market.
SoftNote.Cash: Ensuring Seamless Financial Transactions in the Crypto Age
Earlier on, we mentioned that SoftNote.Cash supports seamless financial transactions through cryptocurrency. It may seem stressful to many people, considering the great divide between traditional finance and DeFi. This crypto cash developed by Tectum is bridging the divide by making crypto more spendable.
SoftNote.Cash splits cryptocurrencies into smaller units like regular fiat currencies. This makes it easier to spend, as against sending from one wallet to another. It is just like withdrawing cash from the ATM and purchasing goods from the market.
The best part about using SoftNote.Cash is that people will enjoy the cheapest gas fee. They only have to pay 0.5% of the value they send or spend on transfer fees. It costs more to buy a cup of coffee than to send more than $10,000 worth of crypto via SoftNote.
More importantly, Tectum is rolling out the SoftNote ePOS machine that will enable businesses to accept crypto like cash or cards. When this technology becomes available, merchants can accept SoftNote Bills within the three steps:
- Input payment amount
- Scan QR code
- Enter passcode
Do you want a more efficient medium of spending and using cryptocurrencies? Begin your journey of crypto ease now. Mint a SoftNote today.
