Tangem developers want to make cryptocurrency accessible to more users. An electronic chip built into the banknote will allow you to pay in cash with digital money.
“Our startup intends to become the first company to create a physical embodiment of digital assets,” said company co-founder Andrey Pantyukhin in an interview with Hackermoon.
According to Pantyukhin, a chip will be built into Tangem banknotes that contains information about cryptocurrency assets. By paying with such bills, the transaction process becomes instant and free, unlike payments from electronic wallets. In essence, such banknotes perform the same function as cash, only outside government jurisdiction.
In terms of security, the developers say that hacking one banknote will cost more than its face value. At the same time, all banknotes are independent of each other and hacking one does not give access to the rest. Despite this, the latest security technologies are used in creating chips for cash digital assets.
Tangem employees are confident that the popularity of cryptocurrencies in the world will grow and the ease of use of Tangem banknotes will allow millions of users to join digital currencies.
“To use virtual currencies, you must go through a real learning process. But if you have a smart note, you don't need to know anything else about digital currencies. It’s enough to know how to use cash,” said Pantyukhin.
Such technologies can find many applications. The security of special chips makes it possible to use them in gift cards, loyalty cards or other digital products.
The cost of a smart banknote today is less than $2, but if production increases to billions, the cost of the banknote will become comparable to the cost of producing traditional paper money.
The editors of forknews currently do not see the logic in Andrei Pantyukhin’s proposal and cannot imagine how such a bill will function. But we will watch the development of this startup with interest.
According to https://hightech.fm
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