Tangem, maker of digital asset notes, announced last week the launch of Bitcoin smart tickets in the Megafash Suntec City store in Singapore.
Tangem has designed and manufactured the first smart ticket for the digital asset, consisting of a card with an NFC chip, without the need for physical connection and communicating through ‘smart notes’. Co-founder Andrew Pantyukhin said to Hackernoon:
“We are the first real physical bitcoin, the first tangible bitcoin, these bank notes will allow physical transactions, that is, for our daily expenses, similar to fiat money. Fiat currencies are backed by governments, which would be the only remaining difference between Tangem and the fiduciary money”
How do they work
Tangem explains that his Bitcoin smart notes are “Comparable to a well-protected paper bill” and “Cheap enough to transfer.” Citing its ease of use, the company says there is no “special infrastructure, no complicated applications, just touch the ticket with a smartphone, with NFC capability, to be 100% sure you have valid assets.”
The transfer of ownership of the tickets is anonymous and instantaneous, says Tangem. “Physically hand over the entire wallet, along with the private keychain blockchain. Without transaction fees, there is no need to wait for confirmation of the blockchain.”
Embedded chips with high-grade EAL6 + protection for all cryptocurrencies: The Tangem card is composed of one that is super secure, designed to be “impossible to decipher”, the so-called “Secure Element”, and the other that is sufficiently powerful and versatile to handle elliptic curve cryptography and complex calculations. Last year, certain types of secure elements gained support for advanced cryptography, built-in flash memory, while achieving even higher levels of security certifications, lower power consumption and an incredible ability to pay. Even the 65-nanometer variants are extremely thin, small and physically resistant.
The cost of hacking a single ticket makes it uneconomical and not worth doing. In addition, hacking a single digital asset note does not give you access to other tickets.
The hardware of Tangem is based on the S3D350A chip of Samsung Semiconductors. The company claims to offer “the first hardware storage solution on the market, with all its electronics and cryptography certified according to Common Criteria EAL6 + and EMVCo security standards”.
As with any integrated product, based on firmware, in the cryptocurrency space, security audits and open source code are essential to gain the trust of users and ensure that the company does not have access to the funds stored in their accounts products.
Where can it be obtained?
The company says it is “delivering the first shipment of 10,000 tickets to potential partners and distributors around the world for commercial pilot programs.”
You can get them all over the world, from corner stores, retail chains, special ATMs or people who already have them. It uses them exactly as cash, but it is not fiduciary money backed by a government, it is crypto!
The difficult thing is not to learn, the difficult thing is to know how to teach.
Editor and coordinator of the free book “La era de las BLOCK punto COM”
CEO of bitcoiner.today