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Launch of physical Bitcoin banknotes in Singapore to promote adoption

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A Singaporean startup developing "smart notes" & # 39; for cryptocurrencies launched sales of physical Bitcoin bank notes with a pilot in a major Singaporean company. mall.

Describing itself as an "intelligent ticket platform" that makes physical notes with cryptocurrency values ​​called bitcoin, Singaporean firm Tangem debuted "Tangem Note (s)" at a pilot launch in the center. Suntech City commercial in the city. State today.

The & # 39; bank notes & # 39; will carry their bitcoin value on a chip inside each ticket and are available in denominations of 0.01 BTC ($ 98) and 0.05 BTC ($ 485) at launch.

The hardware inside each ticket – it is not made of paper – is a chip Samsung Semiconductor S3D350A which, according to Andrew Pantyukhin, co-founder of Tangem, "its attack to all known attack vectors on a "post" medium. According to Mr. Tangem, the cold wallet that accompanies him is "unenforceable", while his co-founder insists that the piracy of a single ticket would be "uneconomic" and would be limited only to one ticket, even in case of hacking.

Image Credit: Medium / Hackermoon

Each ticket costs the company $ 2 to manufacture. The co-founder says the company "makes millions of units now" to facilitate "immediate, free and anonymous" cryptographic transactions.

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Pertinently, the transfer of ownership of the notes and their value in bitcoin is instantaneous when the banknote swaps hands. "Physically hand over the entire wallet with the private key blockchain." No transaction fees, no need to wait for blockchain confirmation, "says Tangem on his site, adding that each note will be NFC-enabled, allowing a user to instantly check the validity of the assets contained on a smartphone.

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With operations bases spread throughout many parts of the world – its global headquarters is located in the Swiss city of Zug, commonly known as "Crypto Valley". – Tangem intends to distribute its tickets after its launch in Singapore. ]

"As Singapore takes the lead, Tangem delivers the first shipment of 10,000 production tickets to potential partners and distributors around the world for commercial pilots," the company said in a press release.

Picture of Tangem.

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