Homo sapiens have used different items as means of exchange throughout history. We started out with the trade by barter system before someone somewhere in Mesopotamia (modern Iraq) decided to attach monetary value to specific items. This was about 5,000 years ago. Such items (usually precious metals and rare minerals) were exchanged for goods and services wherever the value was recognized. Fast forward to the modern era and we’ve got currencies backed by the authority of sovereign states. So we walk around and do stuff with dollars, pounds and euros (cash or cards). We’re not interested in the intricacies of monetary policies here, just the fact that our tangible currencies serve as a veritable means of exchange. We call them money because they have the following features:
- They’re a store of value.
- Unit of account.
- Standard of payment.
- Medium of exchange.
- Store of value.
The value (exchange rates) might fluctuate north or south but what’s important is the availability of an exchange medium so the average Joe on the street can waltz into a grocery store and get whatever he needs.
ENTER THE INTERNET.
Did Nakamoto realize the extent his invention would go in shaping human history way back in 2009? Bitcoin arrived quietly but exploded in our faces over the years despite the naysayers who doubted the feasibility of a currency that’s based on a virtual identity and a concept (blockchain) that was (and is still) confusing to most Joes on the street.
The numbers spiraled and the corporate world just had to sit up and engage. Today total market cap stands at $1.7 trillion, a humongous amount lying around on different blockchains! This amount has the potential of exponentially increasing in the future making crypto currencies a strong investment option.
Like other internet birthed entities, Bitcoin (and other cryptos) has courted controversy and captivated the imaginations of everyone especially a generation who grew up in homes with a computer connected to the internet.
The internet made it possible to transfer funds instantly from point A to B in seconds without the need of paperwork; a convenient cashless economy thus emerged in many countries. Crypto currencies on the other hand have lagged behind in speed and ease of use as an exchange medium. They’re regarded as investment tools by those who hodl them.
Globally it’s estimated that over 400 million people have crypto currency accounts. These individuals have a hard time exchanging their cryptos for goods and services. For starters a holder has to pay a gas fee anytime a transfer is made. Then there’s the inevitable network delays that might occur. Crypto currencies need a protocol/system that guarantees free and prompt exchange between holders. A system that works in South Korea, Nigeria, Bolivia, USA and New Zealand.
WELCOME SOFTNOTE
All over the world people use cash for transactions without actually thinking about the mechanics of the process. I give you cash-you give me goods/service-thanks have a nice day-end of story. This straight forward procedure is the holy grail of commerce. SOFTNOTE, an innovative product from Tectum aims to take commerce to a whole new level. It’s an instant digital transactionless payment system with zero fees. What’s the meaning of transactionless? No transaction actually takes place on any network. Facilitation of fast transaction times is achieved using Tectum’s BTC node and overlay network. For a full brief on the process visit https://tectum.io/softnote/
The beauty of the whole process lies in its simplicity and straight forwardness.
Watch this revolutionary product:
https://youtu.be/jNDcmbU9tsE?si=AjRySAndw-Eke91x
Softnote has the potential of taking over the world as the numero uno digital payment system. It’s the new global legal tender. Something the average Joe on the street can utilize without being a genius in blockchain technology.
