Physical Bitcoin Smart Banknotes Launched In Signapore
Tagem, a new smart banknote platform is launching the bitcoin banknotes in Singapore, which is known for its blockchain and crypto favorable regulatory measures.
The notes comes in denominations of 0.01 and 0.05 BTC and simple to use. The process of acquiring, owning, and circulating cryptocurrencies is a lot safer now as well.
Tangem Notes are based on Samsung Semiconductor’s S3D350A chips which were recently developed to become the first hardware storage solution wherein everything was certified to the Common Criteria EAL6+ and EMVCo security standards.
The team working on this project come with great authority and includes figureheads from a number of major companies such as Visa.
The roll out in Singapore is of course the first step for Tangem, as time goes on the company plan to issue notes across the world, with the first run of production expected to produce 10,000 notes, all of which will be used within commercial pilot schemes.
Interestingly, the notes use NFC technology, much like you find in contactless payment cards and on mobile phone payment systems such as ApplePay and AndroidPay. The cash-like system allows for real life payments top be made in a safe and easy to use format.
Cryptographic links to the blockchain ensure that payments are anonymous and instant, and the transparency ensured by the blockchain means this is an open platform with real implications for cryptocurrency adoption and mass production.
The notes will be on sale at the Megafash Suntec City store. The aim is to mass produce the physical notes of bitcoin in millions by the end of 2018.
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