Developed on Tectum’s blockchain, Softnote emerges as a new solution to Bitcoin’s scaling problem, capable of increasing BTC transactions per second (or TPS) by making them instantaneous and at zero fees.
Softnote: Bitcoin scaling solution built on Tectum’s blockchain
Softnote is a new tool built on Tectum‘s Blockchain that aims to solve the problem of scaling Bitcoin (BTC) transactions.
Indeed, in the “blockchain trilemma” first coined by Vitalik Buterin, the three basic principles of decentralization, scalability, and security need an inherent trade-off to occur simultaneously.
At present, the Bitcoin blockchain, while it meets the concept of decentralization and security, lacks scalability. To date, it can only process transactions at about 7 TPS, an inadequate number to be the financial foundation of a global financial system.
That is why Softnote is presented as a revolutionary way of thinking about cryptocurrencies, capable of processing more than 1 million TPS of BTC by addressing the network scaling problem, while also making transactions instantaneous, with zero fees and total privacy.
Developed on Tectum’s Blockchain, Softnotes are minted using Tectum’s native token (TET) – which is running a presale open to the community that was launched this October.
🚨 Announcement! 📣:
⚡️$TET Presale is live now!
✅Join the presale here
(https://t.co/lWwZYN6Y6h)✅Already own a wallet? Join here
— Tectum (@tectumsocial) October 8, 2022
“Announcement!: TET Presale is live now!”
Softnote: what the innovative solution is and how it works
Softnote is defined as a bearer instrument that represents ownership of a Bitcoin wallet. It is a bit like combining cryptocurrencies and paper money in a way that allows for transactionless payments while maintaining the physical support of “cash” under the trusted layer of the blockchain.
In practice, ownership of the wallet is tied to the Softnote and can be transferred from user to user via the QR code or the Softnote number paired with a six-digit pin. In this way, the Softnote can literally be printed on paper and given to another user with the associated pin.
The user-to-user transfer can be done physically or electronically via email, chat, social media and is not recorded on Bitcoin’s blockchain. Thus, a zero-fee, instantaneous transaction with total privacy.
The Tectum smart contract and TET presale
Softnote allows users to own their Bitcoin, as it is liquid and it is possible to redeem it and transfer it to one’s BTC wallet.
Not only that, the platform provides security, immutability and decentralization as it is a smart contract built on Tectum’s Blockchain.
This Blockchain presents itself as a revolutionary new architecture with the team promising performance of over 1 million TPS of Bitcoin, functioning as an “overlay network” to that of the queen of crypto and with its own embedded Bitcoin node.
Essentially, Tectum’s Blockchain stores the private BTC keys associated with each Softnote, allowing ownership of that wallet to move at an impressive rate.
Currently, TET is in public presale priced at $3, with a maximum supply of 10 million tokens and, thus, a total market cap of $30 million.
The limitations of the various BTC scaling solutions in the market
Softnote and Tectum aim to overcome the limitations of the various BTC scaling solutions in the market.
Among the former are the Forks of Bitcoin Cash (BCH) and Bitcoin SV (BSV), or Litecoin‘s crypto, which in order to scale Bitcoin’s Blockchain have increased the block size so that more transactions per block and thus more transactions per second can be entered. Unfortunately, however, the network’s trust in these entities has been waning over time.
Another real contender for a Bitcoin scaling solution is the Lightning Network, although it too suffers from many limitations, such as not fully resolving high BTC transaction fees.
Not only that, compared to Softnote, the Lightning Network protects less privacy and is also in danger of attack by malicious actors. That is why, at the moment, LN also seems not to have taken off as BTC visionary followers hoped.
*This article was paid for. The Cryptonomist did not write the article or test the platform.