Tectum is the Juggernaut of Blockchains & Monetary Systems
There is always stiff competition in the Business World, and the best will forever take the lead. If it were in the Jungles, we would say you "Prey on the predators and eliminate competition", but in the Crypto and Finance business, it's all about analyzing the top competitor's business model and perfecting your craft and outshining them. Let us take a deep dive and see the History of Tectum and what distinguishes it from its competitors.
Overview
Crispmind LTd is a cybersecurity company behind the Tectum Blockchain and some intellectual property in distributed ledger protocol, online messaging, etc. In 2015 They created systems for Banks and they also created cryptocurrencies for government and it's going to be used in Smart Cities. They created a high-security messaging application, which can be used as a payment app and translations. They also created blockchains for the governments.
Tectum History
Back in the 1980s one of the Tectum Core developers team worked with submarine software. Since the Computer infrastructure in the submarines is supposed to be always functional, it had to be sufficiently redundant, and this had some elements of the distributed ledger. In 2009 Blockchains came into existence and the Co-founder of CrispMind Alex Guseff with the help of Dimity Stakheev created Tectum, they used the Delhi language for coding.
The Reign of Crispmind
Tectum is owned by Crispmind a cyber-security company and we can safely say that Tectum has come to take its rightful position and lead as the best alternative fasted blockchain and payment system because it is well-structured and equipped. We cannot just claim that Tectum is the giant without showing facts. We have to unveil and see what makes it so unique from other Blockchains and other monetary systems. It can also be used when recording the Geo Position of drones and vehicle system status each second. So let us take a look at some projects they did and see what makes them so unique from other Blockchains.
Tectum XFA - This is a 3 Factor Authentication also known as the Quantum-Proof Authentication which is best when it comes to security and cannot be compromised. We were all used to 2FA authentication, but these were vulnerable because despite using the old 2FA, sim cards were duplicated accounts were hacked and funds were stolen. So eradicating all these problems, they gave birth to a 3FA which is scalable and secure.
SquareShare - They developed the SquareShare Cryptocurrency which is supposed to be used in the upcoming SmartCity Kobuleti Tech-Park for the Georgian government in the Russian Federation.
Grig Messenger- This is a payment application that has high security messaging and it was developed using the APSaaS platform model.
PalmChain - They developed a Trading Platform for the government of Dubai called PalmChain and it is a Sharia-compliant blockchain.
X-Factor Authentication - In 2015 they developed XFA for the Regional Bank in RF and they used Dual-tone Dial Authentication which it's now a quantum-proof protocol
Patents - they hold over 50 patents and some intellectual property for emerging technologies which are mainly focused on distributed ledger protocol, online messaging cryptocurrencies, and information security.
Tectum Ecosystem
Tectum has so many projects under its armpit and they are still going strong. The picture below shows how the Tectum Blockchain is structured, e.g. on top we have Tectum Wallet and Tectum Token in light blue, then below we have Softnote and Tectum Coin. So We are going to take a look at the following:
Tectum Blockchain
Tectum Token and Tectum Coin
SoftNote
Tectum Blockchain - It is a hybrid layer 1 Tectum blockchain, and it is the only one that uses Proof-of-Utility (PoU), it has a Superfast network Protocol than any other blockchain and can handle more than 1.38 million transactions per second. It is a fourth-generation blockchain with amazing speed. Since it uses the Proof of Utility algorithm, therefore, it does not require expensive and heavy machines to operate.
Solana was currently the best which processed transactions at the rate of 29,000 TPS, and there are other blockchains such as Fantom which has 300k TPS, and Cardano which has a processing rate of 1066 TPS. Then there is Ethereum which has 25 Transaction Per Second lastly Bitcoin has a slow TPS of 7. So considering the data we have on other Blockchain there is no doubt that Tectum Blockchain is by far the best.
The Tectum Blockchain is made up of 3 tiers and they all perform different tasks. The top Tier receives transactions from the Pool of Master Nodes forms a stack of transactions then does end-numbering sequencing of the hashes. Then the second Tier distributes stacks of transactions throughout the network, forming blocks. Lastly, the lower Tier is responsible for storing volumes of data such as public files, files related to intellectual property, client files, and system files.
TEC Token and TET Token
TEC Token - It is the Native Token of the Tectum Blockchain and it is minted when Tectum nodes perform a Bitcoin transaction on the Tectum Blockchain. When BTC is transferred into the treasury wallet TEC is then minted and acts as a store of value and you can redeem it and get real BTC from the treasury wallet and is also used to reward node operators. Tectum charges only 20% of the on-chain fee to perform the minting process and TEC will start to be used for paying gas fees when it transitions to full mode.
TET Token - Tectum Emission Token is a T12 protocol token and is used when minting new SoftNotes on the Tectum Blockchain and it can also be migrated to ERC20 etc. TET is feeless when it is used to transfer value between Tectum Wallets. TET will be used in the staking model after it transitions from private to public mode.
It is designed to perpetually circulate and when it is migrated to another protocol, the supply will remain the same. When a customer purchases TET tokens and mints SoftNote bills, the TET is returned to the minting and the bounty account in proportion 90/10 and the Tectum team will use the bounty account for marketing and development of the Blockchain protocols-related expenses.
Utility of TET Token
Minting SoftNotes
Paying Merchant Fees
Paying Layer 1 Gas Fees
Paying T12 Token Fees
Access to Incubated Projects
Accessing Tectum Project by Holding TET
SoftNote - It is part of Tectum’s service and it is the first transaction-less payment system with zero fees for end users. With SoftNote You can enjoy, instant transactions when you Send Bitcoin and Other currencies. SoftNote can make Bitcoin a scalable global cash system by reducing transfer fees to zero and fast transaction times. Fast and anonymous transactions are enabled by being replaced with handovers. Emitted SofteNote bills can be purchased via the Tectum web wallet and mobile application.
SoftNote uses 3 Chain of Block namely:
Genesis chain - which is large and slow
Payment Chain which is Light and Fast
Dynamic Chain - which is for Clusters
Advantages of SoftNote:
Anonymity - SoftNote is more anonymous than Bitcoin wallet.
Excellent Security - Softnote Pin-Codes cryptographically secure your Softnote ownership.
Zero-Commission Payments - Retailers pay the commission if they receive soft notes in point of point of sale.
Instant Payment Processing - Transactions are handled and processed at lightning speed.
Internet Independence - The paying party can use physical format, paper printed SoftNote bill, and conduct payment without using an electronic device or the internet.
Handover instead of Transfer - The handover process is not visible on the chain
Reverses the Transaction Fee Paradigm - Senders are not charged fees and retailers are charged less than 1% of all incoming transactions.
Network Independence and Isolation - Payment Handover allows full protection of participants from native networks’ performance issues, where payments can be handed over personally in device-to-device mode or sent through any network capable of transferring picture format files.
Cash Money Property - SoftNote can be handed over in a paper form and received by another party as long as they are connected to the internet
Robust and Maturity Technical Framework - Built on our proprietary and copyrighted intellectual property.
Dominated Bills - SoftNote bills are denominated according to globally accepted standards: $1, $5, $10, and $20.
Micro Transaction Friendly - micro-transactions are possible because of finality and zero fee policy.
SoftNote Revenue Streams: Revenue is generated from the Minting of SoftNotes, Terminal Merchant fees, SoftNote marketplace, Advertisements, Tectum Products, NFT marketplace, Ecosystem Fees, T12-20 Token Standard and IA module fees
Let us take a look at the process of minting SoftNote bills:
1. Crypto Wallet Creation - The first preparation for Softnote minting and filing, is creating an empty Crypto Wallet using Tectum BTC
2. Minting SoftNote - TET is spent by the minter to mint a SoftNote pack of 100 bills. Each bill is assigned a different serial number and the BTC amount is sent to the dedicated address and then the SoftNote minting licenses are applied to the Minter’s account.
3. Liquidity Provision - The liquidity provider transfers BTC to the SoftNote crypto wallets of the bills they want to fill. Then Liquidity Provider licenses of these SoftNotes are assigned to the Tectum account.
4. Releasing For Circulation - These SoftNotes are distributed by the Minter and these can be distributed in different ways. This can be done through Sales, Exchanges, direct transactions, or a network of agents or distributors.
5. Revenue Generation - The retailer is charged a capped fee of 1% if the SoftNote is spent for retail purposes and the LP license and the Mt are paid 20% each.
Advantages of Tectum Wallet:
Minimum Fees - You are charged less than 2% off on chain blockchain fees and Bitcoin which you move from your Tectum Wallet to SoftNote is transferred for free.
Bitcoin Mempool - Tectum's Bitcoin node interacts with the Bitcoin standard Mempool.
Optimised for Efficiency - Tectum’s Overlay Network functionality and built in nodes for other blockchains such as Bitcoin and Tron mean that transfers of these assets from within the Tectum wallet are optimised for efficiency and low fees.
Gateway to the SoftNote Ecosystem - Your Tectum Wallet is the gateway to the SoftNote platform.
Tokenomics
A maximum of only 10,000,000 Tokens were created, and they did their initial Coin Offering from 1 February and 30 June 1 TET was being sold at $3 but currently 1 TET is being sold at $11 per coin. Their target was to offer 6,500,000 and 1,000,000 Tokens for Marketing and another 1,000,000 for development expenses on the Tectum Project.
Then 500,000 is for the advisors and the other 1,000,000 is for the team. 2,500,000 for Private and public sales are vested for 10 months. After the ICO was closed on 30 June, they managed to raise $4,200,000. Currently, 4,981,934 TETs are circulating in the market with a market Capitalization of $57,200,000.
Competitors of Tectum
The market is already dominated by other giants and Tectum is coming as the underdog but intending to conquer the current crypto and monetary system. Of course, it's going to take a long time for Tectum to be fully recognized because the current systems are fully recognized and used by the whole world. Which Systems are these?
SWIFT
Ripple
The Lightning Network
SWIFT - The Society for Worldwide Interbank Financial Telecommunications is a messaging network that was developed in the 1970s. It connects banking and securities organizations in more than 200 countries. Its headquarters are located in Belgium and central banks from the G10 countries are the ones in control. With the SWIFT system cross-border money transfers are possible and people can now send money anywhere. The only problem with SWIFT is it's so slow and it is expensive to use. Since it's centralized and controlled there is a monopoly at play and this is a loophole if we are to consider Tectum.
Ripple - Ripple Labs is another centralized organization that came in as a competitor to SWIFT using cryptocurrencies and it was the best option considering that SWIFT is so expensive and slow to transact with. It has products such as its native Token called XRP and they have xRapid which settles cross-border transactions faster than the SWIFT system. Then they also have xCurrent which speeds up fiat swaps when used in isolation from xRapid. The main problem with XRP is it has little use case and the Ripple labs have control of the XRP ledger.
The Lightning Network - The cost of transacting in Bitcoin, slow speeds, and scalability led to the creation of the Layer 2 Lightning Network on top of Bitcoin. It sets up a payment channel between two parties and puts the first and last transactions on the Bitcoin blockchain and the rest of the transactions are handled off the chain. After a payment channel is initiated, both parties commit an amount of Bitcoin, and that Bitcoin is held as long as the payment channel is opened. This Lightning network is vulnerable to cyber attacks which include: Griefing attacks, Flood, loot, and Time-dilation pinning attacks.
Drawbacks Faced by Current Monetary Systems
As we know in Business, you have to find the problem being faced in the market and then bring a solution to the table. Other monetary Systems are already doing well in the industry, but obviously, they have some drawbacks that Tectum has to improve. So for us to get a better understanding of Tectum I decided to take a look at challenges being faced by existing money systems then we see what makes Tectum Unique.
Fiat Systems
Also known as Bills of Exchange, these started dominating in the 20th Century after they replaced physical commodities such as Gold, Silver, etc. These Fiat bills are legal and are recommended by the government and the majority trust them but they have disadvantages. Since they are legal, the government can print more bills and this will lead to hyperinflation. There is easy manipulation since the government determines the monetary policies and there is too much debt in these.
Cryptocurrency-Bitcoin
Bitcoin came as a game changer in 2009 and people were hesitant to embrace the change, but for those who were brave enough to embrace change. The advantages of Bitcoin were, decentralization, fast, and it had limited supply which meant inflation was going to be tamed here. With time people started embracing Bitcoin and this was putting the blockchain to the test. The blockchain was now experiencing overload as transactions were increasing it became slower and the fees went up and it was now expensive just like the current Fiat systems.
Alternative Solutions to Fiat and Bitcoin
In 2012 Ripple Labs came into play and they created Ripple also known as XRP and this came as a bridge to other cryptocurrencies. Ripple was the real deal because it was cheap and fast and more than 100 banks use XRP.
Then late in 2015 came Ethereum, and it was now an alternative to Bitcoin and its ecosystem grew as businesses started building their systems on the Ethereum Blockchain. As the masses embraced the blockchain, it also became slow and very expensive. At one point the fees went to more than $100 when transacting with Ethereum.
What Makes SoftNotes Unique?
SoftNotes does not have the issues of Payment channels if we are to compare it with Lightning Network and its BTC Commitment requirements. Lightning Network is vulnerable to attacks which makes it less secure. SoftNote has Off-chain channel transactions that are not written to the BTC blockchain. Tectum is unique and far too much ahead because it is decentralized and unlike Ripple and the TET has a better use case as compared to the XRP. The Tectum network is ahead of the current SWIFT system and can perform cross-border transactions much faster.
SoftNote is unique because:
SWIFT has a limited TPS of 29000 and it is not compatible with other systems international transactions become so expensive and slow which makes SoftNote a winner here.
Ripple Micro-payments are incompatible with this monetary system because its TPS is limited to 1500. Unlike SWIFT, through the IOU's ripple is compatible with other systems but it is reliant on B2B trust.
Lightning Network's Lack of scalability led to its failure in El Salvador and its extra 3 layers make it less trustworthy. It limited the speed and throughput of Lightning since it moves Bitcoin through the BTC Blockchain. It is still reliant and owned watchtower systems and channels and this gives The Tectum and SoftNote an edge.
SoftNote Ordinals and How They Will Improve Traditional Ordinals.
This feature is still a work in progress but when launched it will allow you to mesmerize images, inscribe data, and give unique identifiers by using 1 Satoshi. SoftNote will deal with traditional ordinals-related issues like re-inscribing, file size limited by BTC fees and block size, and immutability. Unlike traditional ordinals which clog the BTC mem pool, SoftNote uses the Tectum blockchain. SoftNote ordinals use a passcode and serial numbers to transact and they can be sent over WhatsApp, email, and any other platforms, whereas Traditional ordinals will need a Bitcoin wallet to be stored and sent. If you hold 200TET and above, you will be eligible for the first-ever SoftNote ordinal mints.
Move your current ordinals to SoftNote ordinals to make them immutable, low-fee, and wallet-less.
SoftNote Accomplishments and Plans
The Blockchain Testnet has been completed and the Blockchain Mainnet is up and running. The Tectum web wallet is completed and is fully running and SoftNote minting has begun. It's now listed on DEXs and CEXs and they have strategic partnerships. They are looking forward to having NFT Marketplace, Cross-chain integration, Solana SoftNotes, Dogecoin SoftNotes, XRP SoftNotes, etc.
Summary
CrispMind Technologies is a game changer and they are a threat to the current blockchains which are slow and very expensive when transacting. They created the Tectum blockchain which has a TPS of 1.38 million and it is anonymous and has zero fees. SoftNote Ordinals will sort the current problems being faced by Traditional Ordinals and there are higher chances that Tectum will be on top of the game and will reign.
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Unveiling Tectum as the true juggernaut of blockchains and monetary systems, this blog provides a compelling insight into the robust capabilities and innovations that set Tectum apart.