Tectum SoftNote advertises itself as the "high-speed transactionless payment system of the future". In today's article, I'd like to dive into the top 3 things that excite me about the Tectum SoftNote
1. It Innovates and Modernizes a Tried & True Delivery System
Cheques have long been used to exchange value. Rather than having to physically hand over a lump sum of money, one could write a cheque. The intended payee could then take the cheque to a bank, whereby that money could be released and paid directly to the payee. This did a number of things, including:
- Improved trust: The payee could rest assured that the money they were receiving was legitimate, as it came through a trusted 3rd party (in this case the banks verifying the cash was real and not counterfeit)
- Improved safety: Instead of having to carry and exchange all valuables in person (and be at risk of being robbed while en route), one could now simply write on a piece of paper, and his/her assets would only be safely disposed of when verified.
Tectum SoftNote essentially provides a digital cheque in the form of SoftNote bills and acts as the trusted 3rd party to better facilitate transactions. This ensures that the payee receives the correct amount, as the specific amount is verified upon creation through an individual serial number and minting licenses.
2. The Ability to Make Microtransactions Quickly & Cheaply
In its current iteration, one of Bitcoin's major drawbacks is the cost and speed it takes to make small transactions (I'm talking less than $20USD). S,ometimes, it costs more in fees than the amount of Bitcoin the other wallet will be receiving!
Using the scaling solution SoftNote, the Tectum SoftNote ensures much cheaper transactions. As a bonus, these transaction also are much more green for the environment, as they do not rely upon heavy computer systems.
Since the processing costs are so low, transactions always end up free for the end user - with only the merchant needing to pay a small 1% fee (equivalent to $1 on a $100 transaction).
3. The Ability To Invest In the Product
As of right now, the team behind the Tectum SoftNote estimates that within 5 years they will be making 48 million from the ATM market, 850 million from the crypto related advertising market and a whopping 8.5 billion from retail payment fees! So far, the numbers don't lie in terms of growth of adoption. As of Q4 2022, over 733,000 SoftNote bills have been minted, allowing countless amounts of Bitcoin transactions to go through cheaper and faster.
As of right now, the team's financing proposal includes multiple ways to invest in the project. Both convertible notes, as well as 2% equity stakes appear to be open, with expected fundraising rounds being a good time in which to invest. One can also purchase the Tectum (TEC) token and hold it as you would other cryptos, with the opportunity for growth over time as well.
***To find out more about Tectum SofNote, check our their official website
