Somewhere, Sometime in the not-too-distant future...
It was a joyous, festive Christmas Eve and everyone had gathered around the Christmas tree to open up their presents early. Jingle Bells was playing in the background along with the familiar tearing sounds of wrapping paper as everyone opened their gifts. Excitement filled the air. Finally after all the presents were opened, Gramma said, 'Oh, I almost forgot. Here's your present, Billy" as she reached behind her chair and surprised her grandson with a stocking. "You have to reach deep inside the sock to get your present", she said.
Little Billy, excited and nervous at the same time, reached deep into the sock and felt something, like a piece of paper. A puzzled look overcame Billy. He slowly pulled his little arm out and there, glistening in his hand, a SoftNote with a Bitcoin value of 40,000 Satoshis. Everyone gasped, especially Billy.
"What do you say to Gramma, Billy"? His Mom said. "Thanks for the Bitcoin, Gramma. I can't wait to spend my SoftNote"!.
Such gifts of Bitcoin in the form of SoftNotes may become common place in the near future. In fact, it's already available. To make a long story short, Tectum's SoftNotes is digital cash with unlimited scale for any blockchain that everyone can accept and use. By using the Tectum blockchain, transactions are, well, transactionless as well as having no fees, except if you're a retailer selling goods or services and accept SoftNotes as payment.
While Bitcoin is revolutionary, the truth is, it was the first blockchain. It's biggest setback is the speed of its transactions. According to Cool Wallet, there are 8 main reasons for this: Stuck in the Mempool queue, transaction fee set too low, network congestion, lack of miners, see the rest here.
Since the introduction of Bitcoin, new blockchains have come online that are much faster. The Tectum blockchain boasts up to 1.3 million transactions per second. Even Visa and Mastercard cannot compete with such speeds which, according to Tectum, equates to 5,000% more power! SoftNotes change hands by transferring wallet ownership and keys while the actual Bitcoin is not transferred. By not tying up the Layer 1 blockchain Bitcoin sits on, transactions on the Tectum blockchain can now be conducted at lightning speed and in a sense, become transactionless on Layer 1.
While Bitcoin offers a certain level of anonymity, SoftNotes go one step further. Maybe, it should be more correctly referred as a giant leap forward. SoftNotes are filled wallets and keys that change ownership rather than actual coins, adding an extra layer of protection for those who value their privacy.
Anyone can mint a SoftNote. At present, SoftNotes can be filled with Bitcoin, Ethereum and USDT and as a minter, you can earn rewards every time your SoftNote is used going forward. Softnotes can be set to any denomination you desire, even down to a single Satoshi for which you are rewarded for providing liquidity to the pool when your SoftNotes circulate.
So far, more than 1.7 million SoftNote bills have been minted while at time of writing, there are 2, 369 bills filled with liquidity with a potential pool of over $600M. SoftNote has the potential to upend the banking system by bypassing it altogether. Then again, the main opponent going up against crypto in general is the banking system or more appropriately, the debt based banking system. Every time we make a transaction with them, there's got to be a small fee attached... always!
Not so with SoftNotes. SoftNotes are meant to be spent and so, there are no hidden fees attached when they are freely traded. A fee only appears at the retailer end (where SoftNotes are accepted as payment) when a holder spends their 'cash'. Even then, it amounts to just 1% of the total transaction, compared to 3% or more charged by credit card companies.
SoftNotes has the potential to create a whole new marketplace. Just imagine all the fed up business owners, tired of seeing so much of their profits skimmed by banks and credit card companies, their reaction when they learn of Tectum's SoftNote approach and their ultra low 1% transaction fee. This model of doing business is much more appealing, wouldn't you agree? Tectum uses its Bitcoin Node and overlay network, facilitating on-chain transfers with low to no fees while providing near instant transacting finality, making Bitcoin a scalable and global cash solution.
Cryptos face a monumental opponent in the form of our modern day central banking system. It is shocking for anyone to learn that trillions upon trillions of dollars are actually created out of thin air, in the form of loans to debters (with interest attached), hence the grotesque debt-based system we've all been corralled into over the last century or so. Currencies around the world are collapsing and there's no better gauge to measure that than by comparing them to gold which just recently hit two new all-time highs, just days apart. Whenever you see a new all-time high in gold, it means the USD is suffering, along with every other currency in the world.
The USD has lost some 99% of its purchasing power since its inception in 1913. It has lost more than 70% of its purchasing power just since 1980, guaranteeing some form of financial crisis in the not-too-distant future. Maybe, the reckoning is just around the corner. Hints are everywhere, most notably the unprecedented central bank gold buying spree, ongoing for a couple of years now, hinting that a gold revaluation is coming.
A gold revaluation guarantees currency debasement. Their tomfoolery is only going to encourage the masses even further to adopt a system outside of their control. Bitcoin was a shot across the bow. Tectum's SoftNotes could be the shot that sinks their ship or at the very least, one of the first shots to pierce through the hull. Who knows, Tectum might take co-credit one day for helping to finally bring down this debt based system and free us from what is essentially, captivity!
SoftNotes can be minted, traded / exchanged and used as a medium of payment using the SoftNote app. A SoftNote can be e-mailed to a recipient as a digital copy and of course, can be printed out with a dedicated QR code and wallet address. Transacting doesn't get any easier with a SoftNote bill and their no-fee approach has a nice ring to it.
This brings to mind the warehouse behemoth, Costco. I recall years ago when they exclusively only accepted AMEX for credit card payments here in the Province of Ontario where I reside. After feuding with American Express over their excessive processing fees (A.K.A. skimming profits), Costco dropped them in favor of Capitol One Mastercard. Only a couple of years after that, Costco dropped them also. Now they use C.I.B.C.'s 'Costco Mastercard'., C.I.B.C. being one of the Big 5 banks in Canada.
With the advent of Tectum's SoftNotes, are we soon to see a day when Costco does the unthinkable and begins accepting crypto payments in the form of SoftNotes? It's entirely plausible and it would certainly pave the way for other merchants to follow suit. SoftNotes can come in any denomination so would act pretty much the same as notes in your billfold, such as $5, $10 and $20 bills, making it ultra easy to come up with exact payment with SoftNote bills.
There's so much more to this story and the potential is definitely there. It might take a few years to implement on a mass scale but what's a few years in the grand scheme of things. Patience is virtue for success.
While Bitcoin may be slower to transact, it is still transactable, no doubt. Yet it makes sense to 'piggyback' on the blockchain the way Tectum has, to allow for speedy transactions done in milliseconds. Merchants too can accept super fast payment in the form of crypto. SoftNotes can be passed around the same as any currency.
I like that idea!
As a final sendoff, wouldn't it be nice to get a stocking this Christmas that looks something like this?
Happy Holidays...
Peace and love to everyone!
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