Now Borderless, instant, free and anonymous BTC payments is feasible using the Tectum Softnote platform…
Fast, instant and feeless BTC transactions now a reality!
Imagine able to make peer to peer BTC payments instantly, without fees, without compromising your privacy maintaining anonymity! Well, this is now a reality with the Softnote product built on Tectum Blockchain.
One of the reasons it is possible for instant BTC transfers using Softnote is because the product is built on the fastest Blockchain platform currently; Tectum Blockchain, which has a throughput of over 1 million transaction per second (TPS)!!
To understand the other reasons that make it possible for Softnote to scale BTC transactions, we need to understand what Softnote is.
Understanding Softnote & how it facilitates instant BTC transfers
Softnote is a digital note representing the wallet address that holds BTC, it's a proof of BTC ownership note. The liquidity in a Softnote can always be verified in any BTC Blockchain Explorer like https://blockchair.com/ .
A Softnote filled with required amount of BTC can be transferred to another by just handing over the Softnote along with a 6 digit passcode. This can be done by sending the image of the Softnote to the recipient through watsup, email or just printing the Softnote and handing it over to the recipient.
The receipt who accepts this Softnote, becomes the owner of the Softnote once the receipient types the 6 digit passcode into the Softnote interface.
Now, the recipient, receives a new 6 digit passcode which should be kept safely. This passcode is known only to the new owner and should be shared only where the owner is transferring the Softnote to another individual.
Here, the BTC in the Softnote is transferred in a "transactionless" fashion as the transfer is not recorded in Tectum Blockchain, making this transaction anonymous. The transaction is also instant because it's not settled on Bitcoin Blockchain, so those delays caused by long confirmation times is not there.
Individual to individual BTC transfers via Softnote is not just super fast, but also feeless. Infact, it's almost like a cash exchange transaction only more secure as it can be accessed only by the individual who has received passcode along with the Softnote.
Using Softnote, offshore BTC transfers are also cheap and instant.
Encrypted BTC private keys inside Softnote can only be obtained when burned
Tectum has its own Bitcoin node, which helps in filling Softnote with BTC liquidity. A Softnote is created when its minted using TET tokens which is Tectum's native token.
1 TET token mints 100 Softnote bills. Each Softnote will have a unique serial number.
These Softnotes should be filled with liquidity in order to be used.
The liquidity in form of BTC will be stored in a Tectum wallet with the private keys being encrypted. The only way the private keys of the underlying BTC wallet can be obtained is by burning the Softnote, which takes that Softnote out of circulation.
Whenever a Softnote is transferred the underlying wallet's encrypted private key is too transferred without getting revealed to anyone. As explained it will be revealed only to the owner of the Softnote, should the owner burn it!!
Once a Softnote is burned it's serial will be reassigned to a newly minted Softnote.
Softnote products for retail transactions
We have seen how Softnote can be transferred like cash between two individuals in a peer to peer fashion. However, Softnote can also be used to make retail transactions.
There are Softnote products like Softnote Ultimate that uses Tectum's proprietary Point of Sale device that enable this!
Here, QR code is scanned getting access to the balance of the user's wallet. User inputs pin into the Point of Sale device, which prints a Softnote which is transferred to the merchant.
In these cases, where Softnote is spent using POS devices, a 1% fee is charged to the retailer.
Minters and Liquidity providers receive 20% of these fees for their valuable services powering Softnote creation and functioning.
Minters have license to mint Softnote and Liquidity providers have license to equip Softnote with BTC liquidity.
Brief on the company; CrispMind, creators of the Softnote platform
Softnote built on Tectum Blockchain is developed and owned by CrispMind, a Software development company headquartered at Chicago that has created pioneering software products servicing use cases related to information security, Blockchain, user authentication, cryptocurrency & more…
Some of CrispMind's breakthrough software products are –:
Grid Messenger - a well secured payments, translation & messaging app,
PalmChain - A Sharia-compliant Blockchain trading platform built for the Government of Dubai
CrispMind has built the first ever quantum-proof 3 Factor Authentication product.
CrispMind has made several innovations for which the firm has secured over 50 patents and other forms of intellectual property rights in information security, distributed ledger protocol, online messaging, and cryptocurrency.
A brief on Tectum Blockchain on which Softnote platform is built
Tectum Blockchain on which Softnote is built is also built by CrispMind. Tectum's high throughput capacity of over 1 million TPS is possible because this 4th generation Blockchain consensus mechanism is done following Proof of Utility methology.
Here nodes use their computing power productively in ensuring Network connectivity, quick validation of transaction and Block formation, ensuring fast throughput of the Tectum Network.
Tectum Blockchain, has a 3 tier structure with the big data being stored on the lower tier and hashed. Data on other tiers of Tectum Blockchain is recorded as hashes which are mapped to the data that's stored on the lower tier.
So, the main Blockchain pipeline is free from heavy load of data, as it processes hashes and current transaction data that forms a Block.
On Tectum, one Block holds just one transaction, so there is no congestion on Network as it's on other Networks.
Read more about Tectum Blockchain here -:
https://tectum.io/tectum-blockchain/
Softnote is the ultimate Layer 2 scaling solution for Bitcoin. The Blockchain powered Bitcoin payments system that is decentralised, feeless, instant and anonymous.
Learn more about Softnote from here -:
You can read my Articles in these platforms -:
Publish0x - https://www.publish0x.com/@greenchic
Hive - https://peakd.com/@mintymile/posts
Medium - https://medium.com/@kikctikcy
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Hi! Please note that if you want to publish your content on Hive, you must do it here first and then publish the same content where you want, but it can't be the other way around.
In this case this same content was published on other sites on December, 2023.
Hey, I generally post my content first on Hive then on other platforms but this was for a writing competition about Tectum Softnote on Publish0x so I posted it there first.
Surely, if other platforms don’t have a problem with posting your content you may have posted elsewhere, there should not be a problem here right.
There is no plagiarism involved and I have mentioned that I post articles in other platforms too, how is it that there is a unwritten rule that you got to post in Hive first, then else where!!!
Please let me know… thanks
Here the community rules, accepted by all, state that if you want to publish content on Hive it must be original content; this means that in the first instance it must be created on our blockchain.
Not doing this can result in sanctions and disapproval from the community for the reason of recycling content from other sources, even if you are the author of them.
Well...can you show me where the rules are... and if made by only you @hivewatchers group.
I missed you guys as you stopped downvoting my posts, now my very first post of this year for which I worked really hard and got good votes gets downvoted!
Nice year man, when I already going through other challenges... just show me the rules... I never heard that only your original post is accepted. I really think you should have downvoted 50% because well its not plagmarism...
And you got to think about the efforts put by writter...also can't this be a warning, than downright downvote, because I always post articles first on Hive, such is my regards for the platform.
Very harsh man... you guys could have been nicer, this is rude. But let it be!
I am also part of the Hive community btw...and I don't agree with this you say that sharing content written by you from another platform is frowed upon here...that's not true atall... knowledge should be shared!
You should really not use such language as if I did some plagmarism, or copied somebody else content or some low life action and putting it here that should be frowned upon!!
I don't see that I did any action that deserves to be frowned upon for sure!!
But welcome anyway... you guys are always free to downvote as you fancy, as you guys rule. Thanks for the honours!
If I write something awesome somewhere in another platform, I don't share it here because it will be downvoted. Even newspaper share articles from another paper(quoting source) if they want readers to read the piece because it is enriching...
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The discort link is not working, the appeals link @hivewatchers , I am trying to appeal and clarify!
Hi.
Please try this link.
https://discord.gg/EKfTMB9YkE
Yeah... appealed
i've studied Tectum, quite deeply just yesterday. i came to it via a tip on Blockchain Whispers. i couldnt open a wallet when i tried. Doesnt recognise my password.
Image Source: https://t.me/blockchainwhispersbaby/10906
Thanks for the telegram link, I have never heard about Kaspa. It’s good that tectum is getting popular. I will again check the Blockchain out. I am actually amazed with the technology like file storae happens at a lower tier and that stored file is hashed and then recorded in Blockchain. Their consensus mechanism is unique too… something about a formula, I forgot… master nodes, elect notes…anyway… No idea about how Blockchain practically works, if you manage to create wallet, use it, let me know, how it goes.
Thanks for commenting so dedicately with meaning, understanding and analysis!