Tangem Introduces Bitcoin As Physical Notes
The biggest hurdle for mass adoption of Bitcoin is the complexity in handling wallets and transaction processes.
Ordinary people, who are not adept with technology and computers, find it difficult to understand and use Bitcoins.
Despite higher risks, people tend to carry cash and transact with fiat currencies because it is easy to handle.
This issue is resolved by Switzerland-based Tangem, which has launched pilot sales of Bitcoin in the form of physical notes at the Megafash Suntec City store in Singapore.
To begin with, Tangem is issuing Bitcoin notes in denominations of 0.01 and 0.05 BTC. The notes simplifies the process of acquiring, holding, and spending cryptocurrencies. The note is embedded with the latest Near Field Communication (NFC) chip (S3D350A) manufactured by Samsung Semiconductor. It is the first hardware storage solution with entire cryptography and electronics certified to the Common Criteria EAL6+ and EMVCo security standards.
Advantages of Tangem cryptocurrency notes
- Brick and mortar transactions – Tangem crypto notes can be handled similar to cash. Just hand over the crypto note.
- Connected to blockchain – load cryptocurrencies from blockchain to tangem and vice versa.
- Uncopiable cold wallet – Hardware storage with high grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets.
- Secure and reliable – 20+ years storage of digital assets and guaranteed protection against cloning, counterfeiting, and double-spending.
- Anonymous and instant – Physically hand over the whole wallet together with the blockchain private key. No transaction fees, no need to await confirmation blockchain.
- Easy to use – No special infrastructure, no complicated applications – just touch the banknote with an NFC-capable smartphone to be 100% sure it has valid assets.
- Affordable – Comparable to a well-protected paper banknote. Cheap enough to hand over.
- Open platform – Tangem embedded virtual machine enables third-party developers to make new products and invent new use cases.
- No supply issues – The first million entering circulation in early 2018, this is the only mass produced hardware carrier for digital assets.
Tangem has also appointed Vijay Sondhi as Senior Strategic Advisor to popularize the platform in new markets and verticals. Sondhi has five years of experience as Senior Vice President and Head of Innovation at VISA.
An in-depth review of Tangem security architecture was completed by Kudelski Group, led by Jean-Philippe Aumasson. Furthermore, Kudelski will perform a comprehensive security audit of Tangem’s source code. As Singapore leads blockchain adoption, Tangem is delivering the first tranche of 10,000 crypto notes to prospective distributors and partners for commercial pilots.
Tangem manufactures the crypto notes in South Korea and Southern China. It also has a R&D facility in Taiwan, Israel, and Russia. Tangem is working on a hardware-software platform to encourage mass adoption of blockchain technology.