Yesterday the manufacturer of banknotes for digital assets Tangem presented their bitcoin banknote. The idea of the invention Tangem is to make the exchange of cryptocurrencies as simple as in the case with cash. Presentation of banknotes in denominations of 0.05 and 0.01 BTC held in Singapore’s Suntec City store Megafash.
In the announcement it says:
“Available now in denominations of 0.01 and 0.05 BTC banknotes Tangem Notes greatly simplify and make more secure the acquisition, possession and trafficking of cryptocurrencies like enlightened, and for novice users”.
The company’s representatives said that at present is engaged in the distribution of “10 000 banknotes between potential partners and distributors around the world for use in launching commercial projects.”
Tangem claims that their bitcoin banknotes can be compared with the “well-protected paper money” and that they “fairly inexpensive for a simple exchange.” Focusing on ease of use, Tangem also explained that the Notes do not require “no special infrastructure or complicated applications — just bring the bill to a smartphone NFC-enabled to make sure you have a valid assets.”
The transfer of ownership, expressed in banknotes, is made instantly and anonymously. Along with the bill is the transfer of the “entire wallet along with the private key. Without transfer fees and the need for verification”. According to the company, the banknote is also certified according to the standard of protection EAL6+, making “irrevocable cryptographic keys block duplicate wallet and duplicate stored on it assets.” Prior to this, this solution did competing with Tangem firm Opendime, but their product was more like a USB drive and distributed without available funds.
Hardware Tangem based on S3D350A chip made by Samsung Semiconductor. The company claims to have developed the first hard drive, “whose electronics and encryption algorithms are fully certified according to the standards of protection EAL6+ EMVCo”.
At the time of publication notes Tangem the only open source, freely available intended for company apps for iOS and Android and is the repository on GitHub. Tangem argues that shared a full final version of the code with Swiss company Kudelski Group to conduct a comprehensive audit of the architecture Notes on the subject of vulnerabilities in code.
With the advent of cryptocurrency banknotes probability of that classic cash will eventually disappear from the market, becomes higher. Other prerequisites sunset paper money you can read in our material.