The blockchain industry is still a young one, but the competition for the fastest, most secure and cheapest transaction is a fierce battle. Among the options that users may choose from the market, the Tectum SoftNote is presented as the fastest blockchain in the world. Let’s find out the major reasons why the Tectum SoftNote is a blockchain that stands out from the crowd in this post that is my contribution to the writing contest put on by Tectum/SoftNote here on Publish0x.

An Innovative Payment System

Tectum SoftNote is presented as a payment system having instant payments and zero fees for the users. Based on Bitcoin node and overlaying a network with the aim to facilitate on-chain transfers having fast transactions and very low fees, SoftNote’s goal is to reduce to zero the transfer costs and at the same time provide instant finality. In this way this payment system intends to make Bitcoin a scalable global cash system, available for most of those users who are willing to benefit from blockchain facilities.

The bills emitted by using Tectum SoftNote will be anonymous from users’ perspective. Actually the transactions are replaced with handovers, and the bills are emitted as a store of value using Ethereum, Bitcoin and USDT. These bills may be purchased using Tectum’s web wallet or mobile app.

Transactions and payments process with Tectum SoftNote

In order to use SoftNote, there are some steps to be followed. First of all the SoftNote payment system creates an empty wallet based on the Tectum BTC note. This step is necessary to prepare for SoftNote minting and filling.

The second step in the transactions is minting SoftNote. During this step a Minter (Mt) spends the TET (Tectum token) to mint a SoftNote pack of 100 bills. Each one of these bills will have assigned a unique serial number. At the same time, a BTC amount will be transferred to a Pack dedicated address. After that, the SoftNote minting licenses will be applied to the Minter account.

The process continues with the liquidity provision. During this step a liquidity provider (LP) will transfer BTC or other crypto to those wallets of the SoftNote for the bills they want to pay or in those wallets they want to fill. These LP licenses are assigned to the Tectum account.

The next step is the one when the Minter distributes the SoftNotes. There are various methods to do this, depending on the system in place. The releases for the circulation process can be done using direct transactions, sales, exchanges or using a network of an agent or distributors. Like any other currency, the movement of the BTC/crypto between users represents the active circulation. It is the step that facilitates exchange and trade.

Finally, there is another step, namely the revenue generation. This is the step when the end user actually spends the SoftNote. For a retailer there is a fee of 1%, while the Minter and Liquidity Provision license holders are paid each 20% of this fee.

Vision and Strengths

Any project should start from a vision and for Tectum SoftNote the vision is the one speaking about trustless, decentralization and equal opportunity. Actually, this project wants to bring the concept of “equal opportunity” to the next level developing a frictionless monetary system.

In order to support this vision, the project is based on several features. First of all we talk about the fastest blockchain without sharding method in the world. Secondly, this blockchain proposes free transactions for Bitcoin and other cryptocurrencies, but also a trustless instant chain.

Going further, another feature presenting this new blockchain is the fact that any user may use and accept crypto transactions, but also to earn rewards while using the Tectum infrastructure. Finally, this project is presented as having the facilities of a bank, but without the drawbacks of the classic bank since the transactions are free. This is due to the fact that transactions fees are charged to retailers and merchants who will use the SoftNote payment system, meaning that the users will pay nothing as fees.

All these features are based on a strong foundation since the team behind the project, namely CrispMind, has an experience in the industry of the cyber security longer than 8 years. At the same time, we speak about a cutting-edge blockchain technology, meaning that it is expected to developed better projects than the ones already available in the market.

SoftNote is presented to be the first ever “transactionless” product in the market having an instant payment and zero-fee processing for the user. Moreover, what it makes the project unique is that the Bitcoin SoftNote bill for example may be printed on the paper, having no geographical boundaries like classic bills.

Anonymity – A desired feature in crypto

Lately, there were many discussions about the regulations that are about to be introduced in crypto domain. While many users are happy with that, other considers that the label of decentralization and freedom that the crypto space wore at the beginning is nowadays without any value.

But Tectum seems to bring back this anonymity for senders in crypto. Based on the Zero Knowledge Proof technology, the data transfers is not revealed when it comes to the sender, but the transfers are made. Even so, we speak about an excellent security during the transactions. This is due to the fact that filled wallets are changing ownership instead of changing tokens, in this way having an extra layer of anonymity.

While a transfer can be verified by checking the network, a handover is invisible on the chain, meaning that the anonymity is guaranteed.

The bottom line

To conclude, Tectum SoftNote seems to bring into the crypto world exactly the features that most of the users loved at the beginning and for which they decided to move into this market. Nowadays it seems that crypto market share mostly of the characteristics of the classic stock market, becoming more and more just a market where to make FIAT money.

On the other hand, Tectum SoftNote may become the option to regain the trust that at a certain moment there will be an alternative to the control of institutions over transactions among crypto users. Characteristics like absolute anonymity, instant payment processing, excellent security and zero-commission payments, Tectum SoftNote may receive our attention, even more we speak about a project that is just about to be launched into the crypto market.

For sure I will keep an eye on this project and waiting to see when the tokens of Tectum SoftNote will become available on exchanges. Speaking about the tokens, there will be TET (Tectum Emission Token) as a token for the native blockchain, ERC-20 Wrapped TET as an innovative tri-bridge for Ethereum blockchain and BEP-20 Wrapped TET for the option to exchange at 1 to 1 value on BNB Smart Chain.