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<h4>Tectum is currently the fastest blockchain around. It boasts that it can handle over 3.5 million TPS (transactions per second). But that’s not the only feature it has. Are you familiar with their flagship payment system? That’s their SoftNote and it’s transactionless. So, how does that work with Bitcoin transactions?</h4> 
So, let’s take a closer look at how SoftNotes process these Bitcoin transactions. 
<h5>What Are SoftNotes?</h5> 
The SoftNotes are <a href="https://tectum.io/" target="_blank" rel="noopener">Tectum</a>‘s flagship feature. It’s a transactionless payment system. Payments are instant and have no fees. Furthermore, transactions are fast and anonymous. They’re currently available in three cryptocurrencies. These are $BTC, $ETH, and $USDT. 
Since it also can provide instant finality, you can use $BTC as a scalable and global cash system. To clarify what instant finality is, check this. It’s the confirmation that you can’t reverse a transaction anymore. You can buy SoftNotes with the Tectum web wallet and their mobile app. To make these on-chain transfers work, it uses its Bitcoin node and overlay network. This makes it ideal for microtransactions and retail payments. 
Currently, there are 1,734,794 SoftNote bills minted. This has a potential liquidity of over $958 million in the SoftNote system. However, filled notes are currently at 2,878 Bills.&nbsp; 
SoftNote users will always have cost free transactions and transfers. Any costs are for the merchants. However, <a href="https://www.altcoinbuzz.io/?s=tectum" target="_blank" rel="noopener">Tectum</a> currently also has a merchant offer that includes no fees for 12 months. In case you’re interested in this offer, you can sign up here. 
The SoftNote platform runs on the Tectum blockchain. However, all Bitcoin withdrawals and deposits take place on the <a href="https://www.altcoinbuzz.io/?s=bitcoin" target="_blank" rel="noopener">Bitcoin</a> chain. In other words, you can use any Bitcoin explorer to see these transactions. The picture below shows the SoftNote Bill potential. 
<img decoding="async" class="aligncenter wp-image-143139 size-large" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-446-Tectum-SoftNote-Tectum-Blockchain-tectum.io_-1024x463.png" alt="SoftNotes" width="696" height="315" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-446-Tectum-SoftNote-Tectum-Blockchain-tectum.io_-1024x463.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-446-Tectum-SoftNote-Tectum-Blockchain-tectum.io_-300x136.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-446-Tectum-SoftNote-Tectum-Blockchain-tectum.io_-768x348.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-446-Tectum-SoftNote-Tectum-Blockchain-tectum.io_-1536x695.png 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-446-Tectum-SoftNote-Tectum-Blockchain-tectum.io_-928x420.png 928w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-446-Tectum-SoftNote-Tectum-Blockchain-tectum.io_-696x315.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-446-Tectum-SoftNote-Tectum-Blockchain-tectum.io_-1068x483.png 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/FireShot-Pro-Webpage-Capture-446-Tectum-SoftNote-Tectum-Blockchain-tectum.io_.png 1920w" sizes="(max-width: 696px) 100vw, 696px"> 
Source: SoftNote <a href="https://tectum.io/softnote/" target="_blank" rel="noopener">Website</a> 
<h5>How Does a SoftNote Work?</h5> 
Let’s take a look at how a SoftNote works. This involves a couple of steps, for example, 
<h6>Create a $BTC/crypto wallet</h6> 
The system creates an empty wallet for you. The native Tectum wallet works best. You need this wallet to mint and fill the SoftNotes. 
<h6>Minting SoftNotes</h6> 
You need the native $TET token to mint SoftNotes. So, as a Minter (MT) you mint a pack of 100 SoftNote bills. Each bill has its own individual serial number. The Minter receives the SoftNote minting licenses on his address. It’s like breaking a $20 for 4 $5’s that you can use how you want. 
<h6>Liquidity Provision</h6> 
The next step is for a liquidity provider or LP. This person transfers $BTC or crypto to the SoftNote bills’ wallet they want to fill. These SoftNotes also have LP licenses. They’re assigned to the Tectum account. 
<h6>Releasing for Circulation</h6> 
The Minter distributes the SoftNotes. Now you can trade and exchange them, like any other currency. 
<h6>Revenue Generation</h6> 
End users spend their SoftNotes. Merchants pay a capped fee of 1%. MT and LP license holders receive 20% of this fee.&nbsp; 
This set-up gives various advantages, for instance, 
<ul> 
 <li>Anonymous — Handing over the balance is not registered on-chain. There’s no public address for this transaction.</li> 
 <li>No fees — The merchants pay any fees.</li> 
 <li>Internet independence — Only the receiver needs to have an internet connection. The person paying can use printed paper SoftNotes.</li> 
 <li>Denominated bills — SoftNotes bills come in values of $1, $5, $10, $20, etc. It’s possible to print them in paper form.</li> 
 <li>‘Handover’ instead of&nbsp; ‘Transfer’ — A SoftNote handover is invisible on-chain. You can verify the balance of s SoftNote by checking the network. </li> 
</ul> 
<blockquote class="twitter-tweet"> 
 Softnote Metrics are here to deliver the latest staking &amp; wallet updates: 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;">727K <a href="https://twitter.com/search?q=%24TET&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TET</a> staked on T12 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;">25.5K <a href="https://twitter.com/search?q=%24TET&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TET</a> staked on UNCX 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;">$8.4M Total Value Locked (TVL) <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;">60,662+ Wallet Users 
 Let’s keep building &amp; growing numbers with the fastest blockchain! <a href="https://t.co/7lsBfesKyC">pic.twitter.com/7lsBfesKyC</a> 
 — Tectum (@tectumsocial) <a href="https://twitter.com/tectumsocial/status/1802040032263573781?ref_src=twsrc%5Etfw">June 15, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h5>How Do SoftNotes Process Bitcoin Transactions?</h5> 
SoftNotes processes Bitcoin transactions in four steps. Here’s a description of how this works. 
<h6>Create a SoftNote</h6> 
We already saw how you can create a SoftNote bill. At the end of the day, it’s like a Bitcoin wallet with a specific amount of $BTC on it. The wallet’s private keys are encrypted. They’re stored on the Tectum blockchain. 
<h6>Transfer of Ownership</h6> 
Once SoftNotes transfer between persons, this happens on the Tectum chain. To be specific, on the T12 native network. There are no fees for paying with a SoftNote. The transfer is also immediate and private. 
<h6>Securing Ownership</h6> 
The receiver of a SoftNote uses a pin code. This code gives access to the funds. Now, the system creates a new code, exclusive to the new owner. This secures the $BTC funds for the new owner. 
<h6>Burning the SoftNote</h6> 
At some stage, the new owner wants to transfer the SoftNote funds to his private wallet. The new owner needs to start a burn request. This is a smart contract that protects your private keys. Among others, it uses the new <a href="https://tectum.io/blog/tectum-launches-zkdecrypt-the-innovative-bitcoin-scaling-solution/" target="_blank" rel="noopener">zkDecrypt</a> technology for this. 
<blockquote class="twitter-tweet"> 
 How do Bitcoin transactions process using SoftNote payment solution? 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;">Create SoftNote is essentially a Bitcoin wallet carrying a predetermined amount of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>. The private keys are encrypted &amp; stored on the fastest blockchain. 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;">Transfer of ownership The P2P SoftNote transfer… <a href="https://t.co/EG6pfYlhf2">pic.twitter.com/EG6pfYlhf2</a> 
 — Tectum (@tectumsocial) <a href="https://twitter.com/tectumsocial/status/1800596560293617970?ref_src=twsrc%5Etfw">June 11, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h5>Conclusion</h5> 
SoftNotes are the flagship feature of the Tectum blockchain. Tectum is currently the fastest blockchain in crypto. SoftNotes allow for fast and low-cost $BTC transactions. They’re also secure and private. This article explains what SoftNotes are and how they work. We also describe how they process Bitcoin transactions. 
The current <a href="https://www.coingecko.com/en/coins/tectum" target="_blank" rel="noopener">$TET price</a> is $9.66 with a $71 million market cap. The total and max supply are 10 million $TET. Out of these, 7.3 million $TET already circulate.&nbsp; 
<a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone wp-image-123700 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" alt="" width="1197" height="148"></a> 
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Disclaimer 
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours. 
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Tectum. 
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The post <a href="https://www.altcoinbuzz.io/reviews/crypto-education/how-do-softnotes-process-bitcoin-transactions/">How Do SoftNotes Process Bitcoin Transactions?</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.

How Do SoftNotes Process Bitcoin Transactions?

Altcoin Buzz

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