The #Tectum blockchain (the fastest blockchain in the world) is an aggregator of application blockchains and utilises separate chains of blocks for all its internal workings such as TET(Tectum), TEC (it is a code that indicate that the transaction failed, but it was applied to a ledger to deduct the transaction cost), and SoftNote transactions. The Elect Node takes turns promoting a transaction for validation from each chain. The SoftNote application has its own chain of blocks. SoftNote is a blockchain supported application but does not require a blockchain to function, however the blockchain architecture supplies SoftNotes with a decentralised and trustless underpinning. SoftNote system is supported by three chains of blocks. The first chain of blocks is known as the ‘genesis chain’. The genesis chain is a slow blockchain, with relatively large block size which is designed to trace the life of every individual SoftNote, from a minting point to a burning point and all steps in between. Its purpose is to maintain the entire lifecycle of every SoftNote bill. The NFTs are what we call in cryptoccurency Non-Fungible Tokens. Here is our problematic : « Does SoftNote bill, products of Tectum’s service are NFTs ? » to solve this question, we will firstly define the Softnote as the Tectum component, secondly we will speak about the SotfNote bill, thirtly we will speak about the Non-Fuingible Tokens (NFTs) and lastly we are going to give the differences between a Softnote bill and the NFTs. Consequently we are clearly going to give and answer for the question : « Does SoftNote bill, products of Tectum’s service are NFTs ? ».
1) # SoftNote as a Tectum components
SoftNotes as a Tectum component, is a system designed to ameliorate the scalability issues of Bitcoin whilst preserving its pristine positive qualities. In 2020 SoftNote were invented, SoftNotes are digital banknotes that represent ownership of Bitcoin wallets and carry access to Bitcoin inside, fully visible on any Bitcoin explorer. The SoftNote system possesses the decentralization, security and transparency of Bitcoin but also offers high scalability from the lighting-fast tectum blockchain. As a result, Bitcoin can now be transferred instantly, anywhere, without fees or delays. SoftNotes holding Bitcoin are truly the ultimate monetary system. SoftNotes, are designed to ameliorate the scalability issues of Bitcoin whilst preserving its pristine positive qualities and are digital banknotes that represent ownership of Bitcoin wallets. SoftNotes are transported on the fastest blockchain in the world (Tectum). The SoftNote system possesses the decentralization, security and transparency of Bitcoin but also offers high scalability from the lighting-fast tectum blockchain. As a result, Bitcoin can now be transferred instantly, anywhere, without fees or delays. SoftNotes holding Bitcoin are truly the ultimate monetary system.
2) What are NFTs (Non-Fungible Tokens) ?
NFTs are assets that have been tokenized on a blockchain to be unique and secure, such that they cannot be imitated. This is the technical definition of what non-fungible tokens are all about. But not everyone is a techie and will understand that definition. In this regard, this article will simplify this term. When most people hear of NFTs (Non-Fuingible Tokens), they only think of funny-looking pictures being bought and sold for ridiculous prices. Well, this is very far from the truth. In fact, artworks are just a tiny part of non-fungible tokens(NFTs). Let’s examine the meaning of the term as stated in the previous paragraph. So, we highlighted that NFTs are assets that have been tokenized on a blockchain. What this means is that anything can become an NFT, from songs and videos to land ownership documents and even wills. For a better understanding, see them as a safe lock of sorts. Instead of keeping paper copies of important files, you can simply mint them as NFTs.
Should you decide to sell your house, you can transfer the non-fungible tokens to the person buying it from you. Unlike regular PDF or standard digital copies, nobody can replicate an NFT. The reason is that each NFT has a unique identification number that holds the ownership details and history of previous holders. It is such that a simple block explorer scan will help to separate the real document from the fake one.
To better understand NFTs, you have to be familiar with the world of artworks. Just as people spend millions of dollars on a painting, the same principles apply to NFTs. That said, the bottom line is that an NFT is a digital representation of an actual item.
3) What are SoftNote Bills ?
The SoftNote bill is the Flagship product of Tectum’s service and product offerings. SoftNote Bills are crypto certificates that you can use for a Bitcoin payment or send and receive other types of cryptocurrencies. What makes SoftNote Bills special is that they are very secure and completely protect user data on the blockchain. This means that the person receiving the Bitcoin or Ethereum you are sending cannot ascertain your name or how much is left in your account.
Instead of storing and transferring your Bitcoin using the regular BTC network, SoftNote allows people to send and receive crypto for free on the T12 protocol. Think of it like a bag for carrying your Bitcoin anywhere you go. Despite migrating the tokens to the Tectum blockchain, users still maintain ownership of their tokens. They can spend their cryptocurrency as they want and at their personal discretion.
Another exciting feature of SoftNote Bills is that they can be sent to anyone in any part of the world. More so, users can send them to people who do not have a blockchain wallet. This innovative solution allows individuals to send Bitcoin, Ethereum, USDT, or other cryptocurrency using a QR code. Compared to the standard process of sending cryptocurrencies, this is far more straightforward.
4) Differences Between SoftNote Bills and NFTs
Going by the explanations and descriptions of both solutions, it is quite evident how they are similar and how they differ. For a better explanation, below is a comparison of these diverse technologies :
- NFTs are digital representations of real assets, while SoftNote Bills are cryptocurrencies certificates.
- SoftNote is focused on cryptocurrencies, while NFTs are focused on digital items.
- Transactions done through SoftNote Bills are free of charge when done on the T12 protocol. While NFT transactions are done on the ERC-20 network and they are usually very expensive.
- Both the sender and receiver need to own a blockchain wallet for a successful NFT transfer to occur. On the other hand, people can send and receive cryptocurrencies using SoftNote Bills without having cryptocurrencies wallet.
Finally, Over and over again, many people keep asking if SoftNote Bills are NFTs (Non-Fungible Tokens). This is unsurprising, considering that Tectum (the fastest blockchain) is compatible with smart contracts. Well, the short answer is NO. Therefore, in conclusion we can clearly answer for the problematic « Does #SoftNote bill, products of #Tectum’s service are NFTs ? » by saying that a SoftNote Bill is not an NFT (Non-Fungible Token). While they may share some characteristics, they are not exactly the same.
References
www.tectum.io
Cybersecurity Company CrispMind (www.crispmind.io)
https://xrpl.or/tec code
www.publish0x.com/igort/publish0x contests/04 December 2023
