If you have been following the Developers Corner series, you will know that the Tectum ecosystem is growing significantly. The developers are creating new products while improving existing ones. Meanwhile, we are not just expanding and building new use cases for the sake of it. Tectum is on a mission to make Bitcoin and other cryptocurrencies spendable without needing crypto off-ramps.
For example, we are introducing new denominations for Blue BTC SoftNote Bills. This will enable individuals to spend from as little as 0.00001 BTC to as much as 1 BTC directly from their crypto wallet. This reduces the cost of conversion fees they would have to pay when converting crypto to fiat. This article will cover the ever-growing Tectum ecosystem and keep community members updated on recent developments.
Tectum constantly reviews existing use cases and identifies novel ways to improve them. This ranges from bug fixes and security patches to complete overhauls of specific features. In addition, the team also develops new products that will supplement existing ones and contribute towards our mission of making Bitcoin spendable.
Thanks to these constant changes, these products have undergone significant changes. Therefore, it is essential to outlay these use cases in their updated forms. Without further ado, here is an overview of the applications from Tectum that are making crypto adoption feasible:
SoftNote Bills are the favorite child of the Tectum ecosystem. This application is popular, and for good reason. After Tectum Blockchain and Tectum Emission Tokens, Tectum SoftNote Bills is the first product we developed. SoftNote Bills is a transactionless payment system with instant payments and zero fees. This application utilizes the Tectum sidechain and Bitcoin node for fast and cost-effective on-chain transfers.
Individuals can either mint new bills or add liquidity to existing ones. This product helps people to spend BTC, TRX, and USDT directly from their crypto wallet without incurring extra conversion fees. Since its launch, there have been several improvements to SoftNote Bills. This ranges from adding new bills and denominations to the change of the minting layout.
At the time of writing this article, people can now mint USDT bills worth from as low as $1,000 to as high as $1,000,000. A recent update also means that individuals can add as little as 0.00001 fraction of Bitcoin to 1 whole Bitcoin. The team has also simplified the layout to enable first timers to navigate through the platform without needing a tutorial.
This is a relatively new application and is somewhat an extension of SoftNote Bills. Anyone who has attended previous events where there was a Tectum representative must have seen printed copies of dummy SoftNote Bills. Tectum SoftNote cash draws inspiration from those dummy bills.
Tectum SoftNote Cash are physically printed copies of actual SoftNote Bills. People can spend this crypto cash like regular fiat notes. It works similarly to SoftNote Bills, with the receiver scanning the barcode on the node and inputting the secret code to claim ownership.
You probably wonder how the merchant can scan SoftNote Bills to receive payment. Do they use their phone or just any device or is there a dedicated gadget for this purpose? In response to this question, Tectum provides merchants with an electronic point-of-sale machine for this function. This ePOS is part of the SoftNote pay package that enables business owners to receive Bitcoin as payment.
The SoftNote Pay package also includes a plugin that online stores can integrate into their websites to get paid in BTC. Merchants can connect all these tools to their SoftNote Wallet for easy management. There are also analytical tools that provide detailed insights and enable entrepreneurs to make informed decisions.
Despite offering top-notch products and services to users, the team constantly gathers feedback from our customers to understand areas for improvement. At the time of writing this article, the major complaint from merchants has been about converting crypto to fiat after receiving payment.
To put things into perspective, merchants receive SoftNote Bills as payment, not direct cryptocurrencies. Meanwhile, this does not imply that there are no existing ways to get the fiat equivalent of what they receive. Merchants can easily burn SoftNote Bills to get the tokens stored within them. However, this process seems too long and complicated for the average person.
In this regard, the team has created another avenue for merchants to quickly convert their crypto to fiat. Even better, the average person who has a SoftNote can equally use it. The process involves trading your SoftNote on BingX Exchange and withdrawing the tokens via P2P or directly to your bank account.
BingX has a spot trading option for BTCsn that people can use to trade in their bills. The prices are very similar to those of the actual token. Therefore, individuals are getting full value for their money. It also works inversely, as people can easily purchase BTC SoftNote from this crypto trading platform.
While it may not seem like much is happening, there is ongoing significant background work. As shown in the Developers Corner series, Tectum is constantly identifying new ways to improve its ecosystem. At the moment, the focus is on creating systems that will enable individuals to spend their crypto directly through fiat systems.
Despite making Bitcoin more spendable, the team noticed we currently operate in a somewhat closed system. People mint and fill SoftNote, then purchase items with these bills and the merchants convert the crypto they receive as payment through an exchange. While this method is effective, it can become even more efficient.
Tectum is currently developing a framework that will almost completely remove all barriers that prevent Bitcoin from being more spendable. We are making significant progress and will unveil this new initiative within the coming months. The team will issue a separate announcement once everything is in place and the product is ready.
