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 -:
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