On Thursday, the company Tangem announced the launch of the smart bitcoin of banknotes in the store Megafash Suntec City in Singapore. Smart banknotes are designed to make the possession and distribution of cryptocurrency as easy as using paper money.
In a statement, company representatives said:
Bitcoin banknotes are available in denominations of 0.01 and 0.05 BTC, radically improve the simplicity and safety of the purchase, ownership and distribution of cryptocurrency for both advanced users and novices alike.
Tangem said that “we sent the first batch of 10,000 bills to potential partners and distributors from all over the world to implement a pilot version”.
How to work smart banknotes from Tangem
Smart banknotes Tangem represent a hardware cold wallets with an integrated chip S3D350A from Samsung.
The developers claim that their smart bitcoin notes, “the same well-protected paper money”. Referring to the ease of use, the company explains that “there is No special infrastructure, no complex applications”, just tap the notes with compatible smartphone with NFC to ensure that the wallet contains the active assets “.
The transfer of ownership of tokens is anonymous and immediate, argues Tangem.
“Physically pass the entire wallet with the secret key lock. No transaction fees, no need to wait for confirmation in the blockchain”.
In addition, the company claims that its banknotes are equipped with” full protection EAL6 + for all cryptocurrencies. Private keys prohibit copying of the wallet and its assets.”
Security and open source are of paramount importance to the user as a guarantee that the company has access to funds stored on their product.
However, the company says it has shared the full source code with a Swiss firm involved in cyber security Kudelski Group, which completed a comprehensive review and a comprehensive security audit of the product architecture.