2018-05-21 Mon

A crypto start-up named Tangem from Singapore recently launched the pilot sale of its 'Tangem notes' for the physical transaction of bitcoins. The company believes that these notes would make cryptocurrency more popular. Physical transactions are easier, quick, free, anonymous, decentralized, and has no technological limitations.

Setting up a crypto wallet and keeping it secure can be difficult for new users. People are more familiar with physical currency and they know how to keep them safe. Tangem note is made of a tamper-proof semiconductor chip that is secure and has advanced cryptography support. These chips have nine levels of physical protection and are certified to the Common Criteria EAL6+ and EMVCo security standards. It might be possible to hack into a single chip, but it would be impossible to do the same for every note in circulation as each one is unique.

Singapore has been using blockchain technology and cryptocurrencies for a long time. The Monetary Authority of Singapore has developed blockchain-based software prototypes for decentralized interbank payments and settlements for big financial and technological companies.

Tangem will deliver the first shipment of 10,000 notes to distributors for commercial pilots. Officials claim that although these banknotes have a current production cost of $2, the costs could match that of present paper banknotes if millions of such notes are produced.

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