Bitcoin Smart Banknotes Introduced in Singapore


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Singapore Bitcoin Banknotes Debut

Tangem, which is a digital asset manufacturer organization made an announcement of the smart Bitcoin Banknotes launch in Megafash Suntec City Store based in Singapore on Thursday.

The announcement

Available immediately in denominations of 0.01 and 0.05 BTC, Tangem Notes radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users.

With its headquarters being in Switzerland’s crypto valley Zug and also Hong Kong, Tangem has the other offices based in China, Moscow, and Singapore. This is according to the website. The organization says it “is delivering the first shipment of 10,000 production notes to prospective partners and distributors around the world for commercial pilots.”

Working on the Tangem Smart Banknotes

Tangem makes explanations and says that the Bitcoin smart notes are “Comparable to a well-protected paper banknote” and “Cheap enough to hand over.” While citing how easy it I to use the coins, the organization claims that there is “No special infrastructure, no complicated applications – just touch the banknote with an NFC-capable smartphone to be 100% sure it has valid assets.”

Additionally, Tangem says that the notes transfer of ownership is instant and anonymous. “Physically hand over the whole wallet together with the Blockchain private key. No transaction fees, no need to await confirmation Blockchain.” The banknotes have “high-grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets.”

Opendime which is a competitor of Tangem offered this product with something shaped like a USB thumb drive but did not have an amount printed on it.

Security Questions

The hardware of Tangem uses the Semiconductor S3D350A made by Samsung. The organization claims to be offering “the first hardware storage solution on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards.”

Therefore, as for the embedded firmware based product in open source codes, the audits and also the crypto space is vital to users earnings which ensure the organization does not access their funds in the product. The organization has however made claims to have shared the source code of the chip firmware with the Kudelski group.

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