Tectum Softnote: Shaping The Future of Crypto Transactions

By
Ravi Ojha
-

Tectum Softnote Shaping The Future of Crypto Transactions

Today, cryptocurrencies are not just a tool for “get rich quick” schemes but it has emerged as a revolutionary payment technology. According to the Block report, Bitcoin and stablecoins have surpassed PayPal and Visa in annual transaction volume.

This achievement is the proof of growing influence of Bitcoin and decentralized networks. In just 12 years into its existence, the Blockchain ecosystem processed more dollar value than traditional digital payment companies.

Impressive as it is, market experts are speculating that the blockchain ecosystem could even outperform payment processor giants like Visa and Mastercard in the number of dollar transactions by 2026.

Tectum Blockchain
Source: Blockdata

Tectum, the brainchild of the company Crispmind Ltd, is emerging as a groundbreaking blockchain project with its SoftNote technology.

Here we will deep dive into Tectum’s SoftNote system, and how it is set to transform the way we transact with cryptos.

Understanding Tectum Blockchain

Tectum is a third-generation Layer 1 blockchain that boasts an impressive transaction processing speed of 3.5 million transactions per second. This high-speed capability positions Tectum as a leading player in the cryptocurrency payment ecosystem.

With a blockchain capable of processing high amounts of transactions per second, Tectum solves all the scalability issues with Bitcoin payments, and this makes it the world’s one of the fastest blockchain.

The Tectum blockchain is not just about speed; it also incorporates a unique approach to data storage. Instead of storing data directly on the blockchain, Tectum uses hashes that map back to the original data stored at a lower level.

This method of Tectum blockchain enhances security and reduces the blockchain’s storage requirements, making it more efficient and scalable.

The Tectum SoftNote

At the heart of Tectum’s innovative approach to cryptocurrency payments is the SoftNote system. SoftNote is a transactionless payment system that enables instant payments with zero fees.

This is achieved by leveraging Tectum’s Bitcoin node and overlay network, which facilitate on-chain transfers with low fees and fast transaction times.

A SoftNote is the flagship product of Tectum and is positioned as the first “Transactionless” Payment System boasting truly instant payment capabilities and a zero-fee policy for the end user.

SoftNote’s design is aimed at reducing transfer costs to zero and providing instant finality, making Bitcoin a more scalable global cash system.

By integrating SoftNote, Tectum seeks to overcome the limitations of traditional payment systems, offering a seamless, cost-effective, and efficient way to transact using cryptocurrencies.

SoftNotes take a radically different approach to competitive Bitcoin scaling solutions such as the Lightning Network, and as a result, suffer none of their limitations but offer several novel advantages.

The SoftNote Ecosystem

The SoftNote ecosystem comprises several components:

SoftNote Bills: These are digital representations of cryptocurrency, similar to physical cash notes. They can be purchased using Bitcoin, Ethereum, or USDT through Tectum’s web wallet and mobile app.

SoftNote Cash: These are the printed versions of SoftNote Bills, designed for physical transactions.

SoftNote Wallet: This is a comprehensive blockchain wallet that supports SoftNote transactions, providing a user-friendly interface for managing digital assets.

Tectum Emission Token ($TET)

The Tectum Emission Token (TET) is a cryptocurrency associated with the Tectum blockchain platform. TET Token is designed to offer high-speed blockchain processing, and it is integral to the Tectum ecosystem.

The TET token plays an important role in facilitating transactions in the Tectum SoftNote platform, which enables instant and fee-free payments. This token is meant to provide a secure and fast way to manage and, capitalize on the blockchain’s strengths.

How SoftNote Works

The SoftNote system operates straightforwardly:

  • Minting SoftNote Bills: A user, known as a Minter (Mt), spends their TET (Tectum’s native token) to mint a SoftNote pack of 100 bills.
  • Filling SoftNote Bills: A liquidity provider (LP) transfers BTC (Bitcoin) or other cryptocurrencies to the BTC wallets of the SoftNote bills they desire to fill.
  • Retail Transactions: If used for retail purposes, the retailer is charged a capped fee of 1%. The Mt and LP license holders each receive 20% of this fee.
  • Blockchain Underpinnings: SoftNote bills carry value within themselves, and their blockchain underpinnings unlock the freedom to conduct borderless remittances in a true peer-to-peer manner.
  • Verification and Payment: Payment is deemed received as fast as the receiving party can verify and unlock the SoftNote.

The Future of Tectum SoftNote

In the future, Tectum Softnote can have many use cases, such as:

  • Retail Payments: SoftNote’s instant and feeless nature makes it ideal for everyday retail payments, where speed and low costs are paramount.
  • Remittances: For cross-border payments, SoftNote offers a compelling alternative to traditional remittance services, which often involve high fees and long processing times.
  • Micropayments: The absence of fees also makes SoftNote suitable for micropayments, which are often impractical with other cryptocurrencies due to transaction costs.

Tectum has also developed mobile wallet apps that integrate SoftNote, allowing users to store and transfer value seamlessly across devices. There are already some merchants that are using Tectum Softnote for payments.

Tectum’s SoftNote technology has the potential to revolutionize the way we transact with cryptos. Its instant, zero-fee transactions, and high scalability make it an attractive option for retail and institutional users.

Final Words

The Tectum team is working on many initiatives and soon they will launch a dedicated Softnet App.

As Tectum continues to develop and refine its technology, we expect to see further integrations and partnerships that will expand the reach and adoption of SoftNote.

With its focus on speed, efficiency, and security, Tectum is well-positioned to become a crypto payment leader in the blockchain ecosystem.

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