Tectum team has announced the the SoftNote, a fintech product that brings blockchain technology to traditional ‘cash money’. This product is one that transcends the issues currently plaguing mainstream adoption of cryptocurrencies, especially when it comes to retail. With SoftNote, Tectum plans to merge cryptocurrency and paper money in a way that allows for transactionless payments, while still retaining the physical ‘cash’ medium under the trust layer of blockchain.
This fintech product is one that reduces transaction costs to zero. Using the superconductive digital environment technology, SoftNote is able to eliminate fees, delays and power near-zero transaction costs for infinite terminal performance.
Why Use SoftNote
One thing to note about SoftNote is that this is not a blockchain play, but rather a fintech play. The product serves as a frictionless transport of value and is in no way money or a currency itself. Rather, it helps to transport value, or in this case, ‘money’.
It still resembles paper money in the fact it is still basically a value that is printed on a piece of paper. It also does not require confirmation on the blockchain, nor does it carry any value or have any geographical boundaries. But the way that SoftNote interacts with money can be compared to that of having a Letter of Credit and a bag of money.
In place of carrying a bag full of cash, one can simply carry a Letter of Credit for settlements. However, one important distinction between the two is that SoftNote does not require the holder to claim the cash of the issuer. The value is already contained within SoftNote itself and it can be used directly for bill settlements.
How SoftNote Works
What SoftNote provides is the ease of making payments with ‘cash money’ combined with the safety of the blockchain by replacing a “transaction” with the “handover” procedure. The SoftNote bills are backed with Bitcoin and USDT acting as a store of value, with serial numbers and denominations specified on the notes; e.g. $1, $2, $10, etc.
This handover procedure sees the SoftNote transferred from one party to another and the receiving party is able to verify a Store of Value balance by checking the network (Bitcoin) explorer.
SoftNote also provides more anonymity to users compared to the likes of Bitcoin. BTC transactions are easily traced by a public address. However, since SoftNote “handovers” are not registered in the native network ledger, it offers another layer of anonymity as origins cannot be traced.
Benefits Of SoftNote
SoftNote is a new technology that aims to make life easier for blockchain users. It does not require both parties to be connected to the blockchain, just the receiver. This will allow the receiver to verify that SoftNote is indeed a store of value and as such is making a valid transfer of value.
It also offers instant payment processing, something that has proven elusive for cryptocurrencies. Payments are deemed as fast as the receiving party is able to verify and unlock the SoftNote. So if they verify the note at the point of receipt, then the payment is instant.
SoftNote is also free of issues such as network independence and isolation. Since it doesn’t operate in traditional banking and cryptosystems, it is not hindered by the issues that continue to plague both industries. Payments can be made in device-to-device mode or using any device that can transfer picture format files.
Users are also able to earn on the Tectum ecosystem. It recently reached its soft cap of 2.5 million TET tokens which were sold at $1 apiece. It is now launching the second phase where 500,000 TET tokens will be sold at $2, offering a unique opportunity for investors to get in early and make a profit.
“The community’s support has been incredible, and we’ll be announcing more project updates soon,” said Alex Guseff, CEO of Tectum. “This is great news not only for us, but also for our community and everyone involved.”
About Tectum
Tectum is a Chicago-based software development firm that leverages its decades of combined experience to produce software platforms with a focus on quality, cost-effectiveness, and customer-centric products. It has delivered platforms across various spheres such as blockchain and distributed ledgers, cryptocurrency, secure messaging, user authentication, etc. It serves a wide range of customers from government organizations down to individual clients. Tectum is committed to producing unique solutions to the most complex problems.
Source: https://bitcoinist.com/how-tectum-is-using-softnote-to-replace-paper-money-and-rewarding-users-in-our-ecostream/