The rapid growth in popularity of crypto currency makes even initially far from the topic people pay attention to them. But to understand the diversity of the “coins” and technologies associated with them, an ordinary person is quite difficult. Therefore, the startup Tangem decided to make the technology mass and accessible, releasing smart crypto-banknotes.
Andrey Pantyukhin, one of the founders of the company, explained that the goal of the startup is to release the physical embodiment of the Bitcoins, which can be touched. Each banknote will contain a special chip containing crypto-currencies and other digital assets. The idea is that having such “banknotes” on hand, people will be able to make crypto-currency transactions by simply transferring notes to each other while maintaining anonymity. And, unlike online transactions, the process will take place instantly.
Pantyukhin told Hackermoon that, according to the idea of the startup, it would be possible to get banknotes in special ATMs, shops and trade networks – all the same as with conventional money.
Work on banknotes began in 2014, when the company, with the support of chip manufacturers, gained access to the latest technologies.
Crypto banknotes are easy to use. All you need to do before using it is to get a purse and read the basics of its use, but otherwise the use of such banknotes will not be different from simple cash. Hacking a banknote will be quite difficult, and if it can be done, the cost of the effort expended will significantly exceed the original value of the banknote, moreover, the attacker will not gain access to the other assets of the owner through it.
Now the cost of production of one banknote fluctuates around two dollars, but with the increase in the turnover of cryptogenesis, developers plan to reduce the cost of production to the cost of ordinary paper money. Now it’s a bit of a problem to make crypto banknotes public, and to do this, it will require the support of distributors and establish commercial links with the right people, which will allow millions of people to access Bitcoin’s physical embodiment.
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