BITCOIN SMART BANKNOTES - PART 1
BTC 0.01 and 0.05 notes launched in Singapore
We have got used to Bitcoin existing only the digital realm. We accepted that there are no BTC banknotes and actual coins. Kevin Helms writes on news.bitcoin.com about a new aspect of using crypto-currencies:
“A digital asset smart banknote manufacturer has launched Bitcoin banknotes at a store in Singapore. Designed to make owning and circulating crypto-currencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC.”
Tangem, the digital banknote manufacturer, with headquarters in Switzerland’s crypto-valley Zug and in Hong Kong, announced the launch of its smart Bitcoin banknotes at the Megafash Suntec City store in Singapore.
The announcement states:
“Available immediately in denominations of 0.01 and 0.05 BTC, Tangem Notes radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users.” The announcement also talks about distribution plans, saying that the company “is delivering the first shipment of 10,000 production notes to prospective partners and distributors around the world for commercial pilots.”
How do Tangem’s Smart Banknotes Work?
Based on Tangem’s explanation, their Bitcoin smart banknotes are “Comparable to a well-protected paper banknote” and “Cheap enough to hand over.” Talking about ease of use, the company adds there is “No special infrastructure, no complicated applications – just touch the banknote with an NFC-capable smartphone to be 100% sure it has valid assets.”
Tangem claims that transferring ownership of the smart banknotes is anonymous and instant. “Physically hand over the whole wallet together with the blockchain private key. No transaction fees, no need to await confirmation blockchain.”
Talking about security, the company says that Bitcoin smart banknotes are equipped with “high-grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets.”
If we take a closer look at the question of security, we find quite reassuring technical information because Tangem’s hardware is based on Samsung Semiconductor’s S3D350A chip. The company proudly introduces its product as “the first hardware storage solution on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards.”
Although at the time of writing this article Tangem has published only its code for its iOS and Android apps on Github, but the company is aware that in the cryptocurrency space security audits and open-source code are vital if they want to earn their users’ trust. Tangem claims that Kudelski Group, a Swiss security firm has done a complete review on the full source code of its chip firmware, including a comprehensive security audit of its product’s architecture.
The practicality of this product will be the decisive factor concerning who switches from mobile crypto payment apps to crypto cash.