What if I told you that you can spend cryptocurrencies without using blockchain wallets? Yes, SoftNote.Cash makes it possible to send and receive tokens without needing to own a wallet. The best part is that this process is seamless and anyone can use it.
This article will outline how people can receive, send and spend digital tokens without using wallets. Continue reading to find out.
Before explaining how Tectum enables people to spend cryptocurrencies without using blockchain wallets, we need to outline the standard crypto transfer procedure. This will make explaining our approach much easier.
You see, every blockchain wallet has a private key (that only the owner knows). This private key is vital for the function of this wallet, and also enables the creation of public keys that people use in receiving cryptocurrencies. With this established, let’s get back to the process of token transfer.
Whenever someone sends crypto to you via the public key, it communicates with your private key and notifies you that you have received some funds. Your private key communicates with the blockchain network to verify and authenticate the transaction. In simpler terms, public keys are like the frontend and private keys are like the backend.
People can read the review of Custodial vs Non-Custodial Wallet to understand the technical details.
Every blockchain wallet and token (typically called dApps) are built or minted on blockchain networks. As mentioned earlier, it is the private keys that communicate with the network to authenticate the transaction.
Taking a hint from this process, Tectum changes the private keys of cryptocurrencies sent via SoftNote. As against the usual long and complex list of characters, the private key becomes a unique PIN. On the other hand, the public key becomes a QR code.
To properly scale crypto transactions, Tectum develops a product – SoftNote Cash. This is a mini wallet where people can store tokens in fragmented units. Since the tokens are now in smaller units, people can easily exchange them for products and services.
To make payment, people can give out the SoftNote Bill with a QR code on it for scanning. After, scanning the QR code, the sender gives the receiver his/her pin to confirm the transaction. Once the process is complete, the system changes the unique pin to maintain security.
So, how does this solution help people to spend cryptocurrencies without owning blockchain wallets. For a better understanding, think of SoftNote.Cash as a credit card that is not linked to a bank account. Individuals only need to fill (top up) a bill to begin using it.
Here are the simple steps to filling a SoftNote Bill:
There are several benefits to using Tectum’s crypto cash for payments. The obvious one is being able to spend cryptocurrencies without blockchain wallets. This feature removes the complexities and risks associated with the orthodox transfer process.
More importantly, SoftNote.Cash simplifies Bitcoin payments. Anyone who has used a debit or credit card can easily utilize our crypto cash without fuss. The seamless nature of our finTech solution makes it a truly global payment system.
Finally, the simplicity of Tectum crypto cash does not make it less secure for use. The system changes the unique PIN after every transaction to ensure that a previous owner does not illegally reclaim a spend token. Furthermore, this personal identification number also ensures that unwanted third parties cannot access the funds stored on a SoftNote Bill.
