Do you know that Tectum SoftNote can scale digital transactions and make them even faster than they already are? Yes! The fintech solution applies beyond Bitcoin, Ethereum, and other cryptocurrency transfers. In fact, we demonstrated this feat during the speed test to show that Tectum is the fastest blockchain in the world with the highest number of transactions per second.
This means developers can build the next PayPal, Payonner, Skrill, or the like with blockchain technology as the foundation. However, this service will exceed the offerings of all current digital payment options, as it will be built on the fastest and most secure network.
Then, again, how can developers build a traditional payment solution on blockchain technology? Are these diverse forms of tech compatible in any way? How can entrepreneurs integrate these innovations to create functional products?
For a very long time, there has been a serious misconception about Tectum SoftNote, with people thinking of it as a crypto payment solution alone. This is only half-true, as SoftNote is a fintech solution that extends beyond SoftNote Wallet. The best way to understand this service is to see it as an ecosystem, rather than a product.
As an ecosystem, SoftNote comprises Tectum Blockchain, SoftNote Wallet, SoftNote Bills, and SoftNote Pay.
The illustration below shows how these products interact within the blockchain:
Looking at the SoftNote ecosystem, it is clear how financial institutions can replicate this fintech solution in digital transactions.
SoftNote processes Bitcoin transactions via a sidechain connected to the BTC network. Instead of proving transactions on the Bitcoin network, the T12 protocol authorizes the transaction and relays it to the mainnet via the sidechain.
In simpler terms, the Tectum Blockchain and T12 protocol do all the work, then tell the BTC network “Job’s all done. Here you go”.
Fintech firms can Tap into the Tectum blockchain and scale the speed of all their transactions using a similar model. Instead of using SWIFT or other traditional mediums for transfer, they can create SoftNote Bills to hold the respective amounts of fiat currencies. This means there will be $1, $2, $3, $4, $5, $10, $20, $50, $100, etc. SoftNote Bills for people to send and spend.
While this may seem complex, it is actually seamless to create. In fact, Tectum has created a similar model in a test environment and the results were astounding. For those wondering, the fastest blockchain TPS test is the first example to fully showcase the capability of using SoftNote for payment.
While planning for the fastest blockchain regarding transaction power second, we were blessed with several options. The first and obvious choice involves running a plethora of transactions through the Tectum blockchain to see how many it can process within the given time.
While this is the obvious choice, it restricts the test to only blockchain or crypto-related transactions. Furthermore, it only emphasizes the power of our blockchain as a standalone product.
Instead of the usual direct blockchain transactions, our developers sent multiple transactions through SoftNote. We always claimed that SoftNote harnesses the power of Tectum – the fastest blockchain. If our claims are true, then, SoftNote should process up to 1.5 million transactions as our native network.
At the end of the day, the results were astounding. Not only did SoftNote meet the expectations of 1.5 million transactions, it broke the record and set a new one of 3.5 million transactions per second. The TPS test proves that SoftNote, as well as other products built on the Tectum blockchain, has full potential like speed and security.
As shown above, traditional financial institutions will enjoy speed when they use Tectum SoftNote for both local and international digital transactions. Imagine a world where you send your friend or family member abroad money, and they receive it instantly. With instant transactions now possible, fintech institutions can wave goodbye to downtime and improved customer service.
While speed is important, there is more to Tectum and SoftNote than just the fastest transactions. Thanks to fast processing time, SoftNote makes fintechs immune to failed transactions. Furthermore, financial technology outfits can quickly detect and stop fraudulent funds transfers when operating an efficient system.
In addition to efficiency, Tectum SoftNote will also offer security and privacy to digital transactions. Blockchain data is decentralized, making hacking near impossible, as there is no single point of authority. Furthermore, information stored in a decentralized network is immutable, meaning hackers cannot alter details.
Besides general blockchain security, Tectum has specific safety measures like proof of utility, to further enhance the integrity of our network. This means that validators that take up nodes and process transactions continually have to prove their “worth” and contribution to the network. This mechanism ensures that only trusted validators approve transactions, thereby reducing vulnerability risks.
Tectum SoftNote will ensure maximum privacy for digital transactions, thanks to the zero-knowledge proof of our blockchain. In this regard, no third party can access the individual’s private information by looking at the transaction receipt.
Finally, SoftNote can enable fintech solutions to offer truly global payment methods. Despite claiming to be better alternatives to banks, there is hardly any digital payment option that is available in every part of the world. Tectum SoftNote offers online payment methods the opportunity to become truly global and offer transactions even in restricted regions.
Without a doubt, Tectum SoftNote is the future of digital transactions. Looking to integrate this innovative fintech solution into your organization? Get in touch with Tectum today.
