The inventor and chief of Tangem startup Andrew Pantyukhin explained how you can carry your Bitcoins (BTC) and any other cryptocurrency with you everywhere. Literally.
You know that many people just do not understand the way cryptocurrency works. That is probably because of the lack of trust and of the chance to hold physical banknotes in the hands. It is no longer a problem.
Tangem is a 2-year-old startup supposed to make cryptocurrency available to non-tech people. If you don’t want to study a great amount of information about how to buy, store and sell digital money online, Tangem “smart banknotes” are here for you.
The notes are in two denominations of 0,01 BTC ($87) and 0,05 BTC ($434). One item costs $2.
The Way It Works
Smart Banknotes or tangible cryptocurrency look like an ordinary plastic card that is a little bit thinner than your credit card. The truth is: Tangem is a hardware microelectronics technology that is based on the enclave chips.
“These microchips simultaneously possess two very important properties. One, they are extremely secure. This is the type you’d find in every iPhone (as it’s responsible for Apple Pay, which contains very important credit card data), some recent passports, and high-end access cards,” – according to Andrew Pantyukhin.
Banknotes work as usual fiat-money, but still, they are not government-back. So if you lose a smart card, you lose your money. But there is a bright side: the banknotes are difficult to hack. It takes to much effort to hack one banknote and get such a small amount of money.
Pantyukhin stressed that his aim to make smart banknotes is as spread as ordinary money:
“The ultimate goal is to make it a truly mass market product for billions of people around the world because we know it is useful.”