Bitcoin Ordinals and Bitcoin ETFs. These 2 things are helping Bitcoin lead the market again. And there’s one thing we know about Bitcoin for sure. To accommodate all this growth it needs to scale.
Even Hal Finney said “Bitcoin banks” will make most of the transactions and only go to the Bitcoin layer for final settlement. Those Bitcoin banks at the moment are Layer 2 solutions. And today, the Bitcoin Layer 2 you probably don’t know, but should. Tectum.
Bitcoin ETF Hype
Bitcoin ETF hype is everywhere. At this stage, most of us think it is only a matter of time. Of when, and not IF it will happen. This list is only the ETFs that will custody their Bitcoin for their ETF with Coinbase. It includes the biggest names like BlackRock, Van Eck, and Fidelity. It also includes some crypto natives like Bitwise.
And let’s say a couple of these ETFs get approval. Then what? How does Bitcoin scale to accommodate all these new transactions? Stacks, Rootstock, and the Lightning Network are all out there to help Bitcoin scale.
But there’s one Layer 2 for Bitcoin that most of you DO NOT know about. And you should. And that is Tectum.
Tectum Scales Bitcoin
We’ve given Tectum’s Softnotes some coverage recently. We like how it scales Bitcoin payments in a decentralized way. Not only that, when set up correctly, you can also do anonymous transactions with them.
The Tectum Blockchain is the only scaleable blockchain with instant immutability.
Due to Tectums novel hashing algorithm, each transaction has its own block meaning a transaction becomes immutable as soon as it's written!
This brings unparalleled safety! pic.twitter.com/pD9qc67k2c
— Tectum (@tectumsocial) November 5, 2023
It’s more decentralized than the Lightning Network while enabling transactions of all sizes. Not just small payments. Tectum’s own blockchain, the T12 protocol, is the fastest blockchain in operation today. But the speed doesn’t come at the cost of security or decentralization.
The chain, using its $TET token for support, payments, and utility can process 1.3 MILLION transactions per second. It’s not a linear chain like Bitcoin or Ethereum but uses 3 tiers to process transactions fast. You must note that TET pumped 395% in this bear market. Impressive!
The tiers enable its unique Proof of Utility Consensus and each transaction is then its own block. You can bring your own Bitcoin to Tectum easily and use it or mint a Softnote like minting DAI or an NFT.
And in case you were curious, Bitcoin transactions on Tectum settle on the Bitcoin network too. Tectum runs a Bitcoin node to ensure settlement on the network. Have you used any Bitcoin layer 2 protocols? Let us know in the comments below.
Tectum SoftNote Bill is here to restore the default anonymity essential for making Bitcoin payments!
This innovation was built on Tectum – the fastest blockchain in the world & it utilizes the application of zero-knowledge proof.
This method allows our users to initiate &… pic.twitter.com/myASQtITqN
— Tectum (@tectumsocial) November 15, 2023
Softnote Vs Lightning
So for small payments, Softnotes competes with Lightning. But Softnotes have a couple of things that Lightning doesn’t have.
Big Payments Too
First, Lightning is built for small and micropayments only. You can process larger payments with Softnotes too. Also, you can mint a Softnote in accepted payment sizes like $5, $10, or $20 and in larger amounts too. Then you can use it to send hundreds or thousands of dollars worth of Bitcoin back and forth. In fact, you can use it anonymously like physical cash.
And not just Bitcoin, even though it’s a great solution for Bitcoin scaling. But you can send ETH or USDT too. All 3 are accepted stores of value for the purchase or minting of Softnotes.
Currently on SmarDex and with a SoftNote-based DEX coming soon, you can make a direct purchase of a Softnote without having to mint your own. While Lightning currently uses Bitcoin making that convenient, you do have to move it to a Lightning-compatible wallet like Strike or Wallet of Satoshi. You can buy a Softnote and use it with your current wallet as-is. That includes Metamask, which was integrated last week.
Introducing the SoftNote DEX!
In the final development stages!
Being able to exchange your Softnote is essential!
🔄 Swap your SoftNotes for BTC, LTC, ETH, USDT, TRX, fiat and more with ease!
Fast, secure, and fully decentralized.
— Tectum (@tectumsocial) August 1, 2023
Starting today, something Softnotes has that Lightning doesn’t is a direct listing on a centralized exchange.
Like your ability to buy DAI on the secondary market or at Binance or Coinbase, you will be able to buy Bitcoin Softnotes with the symbol $BTCsn on the XT Exchange. The trading pair is Bitcoin Softnote and USDT so you can make a direct exchange. Add all that to:
- Super fast transaction times with instant immutability
- Faster settlement times since over 1 million transactions per second can be confirmed on the network. No waiting in the Bitcoin Mempool
- Much lower fees than the Bitcoin Network
- Total compatibility
- The ability to transact anonymously
And we see Tectum’s Softnotes as a huge advance in moving Bitcoin scaling forward now and into the future.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Tectum. Copyright Altcoin Buzz Pte Ltd.