Tectum is the Ultimate Bitcoin Layer-2 Scaling Solution that got instant immutable transactions. 1.3 million TPS. They just announced a launchpad from June 27th to 30th.
Source: Twitter
Altcoin Buzz General Manager Anindya (Ani) Baidya anchored the Tectum AMA session with Russell Sean, CEO of Tectum
Segment 1: Introduction
Q – Please, tell us a bit about yourself
Russel: My name is Russell, I’m the CEO of Tectum and Crispmind. I have a background in medical research which led me into the blockchain industry on the basis of combining the two. I have a passion to see how Blockchain Tech and AI can transform. So, what I refer to as the major utility industries: Finance, Medicine, Legal, and different forms of property rights.
Trevor: I’m Trevor Mccarter COO, I have been with CrispMind for 2 years now. My background is mainly in operations in the manufacturing and agriculture sector. With a passion for blockchain and AI.
Q – You have been working on Tectum since 2013. Take us through your journey. Tell us about your journey and how has Tectum evolved.
Russel: That is a very interesting question. At CrispMind, we are actually a cyber security company and started in 2013 on DLT- Distributed ledger technologies. And we were working in a completely B2B environment, selling cyber security services and products to business clients.
One of those products was a DLT however in 2015 one of our main clients wanted a very fast DLT so we started working on making our DLT as low latency as possible. One of our lead devs came up with a novel hashing algorithm. So, after he evaluated numerous blockchain and DLT technologies realized that from one event to another only 10-15% of the data changed. However, blockchains would typically transmit all of the data regardless of whether it replicated the previous event.
So, we came up with a novel hashing algorithm that would take a hash of the previous event/transaction. Then, only transmit in the encrypted form the data that had changed. This meant two things, firstly we could be 8-10 times faster than any other DLT, but secondarily it meant that without intending to we had created a blockchain. Because we were having each transaction and placing the hash in the new one, as everyone knows that creates a block.
So, we created a blockchain from our DLT by trying to make it faster. And this blockchain actually had instant immutability because every transaction had its own block. So in 2018 one of our major clients fell through so we had this very fast blockchain but it was completely centralized. So we started to look to the B2C world to see where we could use our technologies.
Source: Twitter
More About Tectum
Trevor: We evaluated the crypto space and concluded that the industry didn’t need another crypto token but rather it needed a Layer 1 that could function a lot faster than BTC and Eth but also a Layer 2 to make all other cryptocurrencies scaleable. So we had our first attempt at a BTC scaling solution in 2018 which Trevor is a bit of an expert on.
On the other hand, we have seen a grassroots Development team turn B2B into B2C. From cybersecurity to a fully developed Blockchain with a flagship product called softnote. As well as private messaging services and three-factor authentication, the team has evolved immensely throughout the years and will continue to do so now that we’ve got a full payment system and merchant terminal under our blockchain, the devil is in the detail and that is through the hashing algorithm and proof of utility.
Russel: And it was basically a modified BTC node that would self-confirm transactions and then place them into the meme pool. This got us transferring BTC at 5% of the latency and cost however it was still ultimately limited to the overall block time of the BTC native network. This solution still functions on our blockchain and helps to fill softnotes however it was not going to be our ultimate BTC scaling solution. Our second solution is the softnote which I’m sure we will come onto later.
But as Trevor stated prior to going B2C we created numerous products that are still in use such as XFA, Grigg messenger, and palm chain plus many more.
Q – How big is your team currently and where are they located?
Russel: Our team is about 40 members strong but they are not all working on the softnote. We have an AI department and a couple of other projects we are working on. Our HQs are in Chicago and the UK however at the beginning of Covid we started working predominantly remotely. This means we have employees all over the world and we have just moved our HQ to Seychelles and Dubai given the current unstable legislative landscape in the two current countries.
Segment 2: Deep Dive
Q – What is Tectum and what is the real-life problem it is trying to solve?
Russel: So Tectum is our blockchain which functions at 1.3 million transactions per second. From a blockchain perspective, it solves all the issues of the long wait times and high fees that we experience with most other blockchains
The tectum blockchain functions on three layers:
- A dynamic layer (a layer for data that changes regularly).
- A static layer.
- A DLT.
This means it can facilitate all types of applications that can utilize either layer or a combination of two or both. This is to ensure that speed and fees are not compromised. Of course, at the moment BTC has the security and decentralization but not speed. Ethereum 2.0 has more speed but has sacrificed decentralization and Solana has more speed and decentralization but has sacrificed security.
The Tectum blockchain has great speed from our hashing algorithm. Also, it has security from 7 years of proven history developed by a cybersecurity company. Then, the decentralized nature that comes from utilizing hashing allows nodes. This is useful to store all of the data and have as many nodes as desired.
So we are getting as close as possible to solving the blockchain trilemma.
Trevor: For me, there are many different problems. One is banking the bankless, areas in the world where people work for pennies cant use many banking and crypto platforms. So, with softnote being free and the instant they can start to trust to build economies with fees to bleed them dry.
Source: Twitter
More About Tectum
Russel: Absolutely, from a softnote perspective the big problem for cryptocurrency is a lack of micro-transactions possibilities. BTC holds more than 8 times the amount of the market that USDT does, but USDT circulates 5000x more than BTC. That is because people love BTC but it is just not scalable.
The softnote makes all cryptocurrencies instantly scaleable, and free in a P2P environment. It does not sacrifice decentralization. In fact, it adds a layer of anonymity that even BTC doesn’t have.
Trevor: We can break the Barrier across to the retail market regardless of how much fees can occur from native networks. Tectum Blockchain is a natural overlay network. So we can facilitate data transfer from any network or database and have a trustless system in place. And in a decentralized manner.
Russel: And the final issue the SofNote solves is this: CZ from Binance famously recently said ‘the biggest barrier to cryptocurrency mass adoption is the wallet. So, softnote has an off-wallet mode that allows BTC and any other cryptocurrency to be sent on WhatsApp messenger or Telegram messenger instantly and for free. So, you can now send cryptocurrency to your cousin in El Salvador in a split second-off wallet on Facebook Messenger without any fees and without ever having a wallet.
Q – I am very curious about Softnote! What is a Soft Node and how does it work?
Russel: So a softnote is essentially a serial number and a passcode that is assigned to an individual bitcoin (we will use bitcoin as an example however it works for all cryptocurrencies) wallet that is filled with a certain denomination of bitcoin. We have softnotes from 10 cents in Bitcoin up to 1000 BTC.
Now the passcode is a dynamic passcode, meaning that it changes every time the softnote changes ownership, so, for example, Ani if I was to send you a softnote I would send you the serial number and passcode, and you would then go to softnote.cash, or into your softnote wallet, input the dynamic passcode, the system would create a new passcode for you and that would constitute you then taking ownership of that softnote.
Now that softnote passcode gives you the opportunity to burn the softnote in the future however the idea is that the more softnote is trusted, the less likely they are to be burnt and they can just be used to exchange for other softnote or other cryptocurrencies. Here is an example of a BTC softnote off wallet:
Source: SoftNote
As you can see there is a table to accept softnote there and that’s where you can input the dynamic passcode to give you ownership. That softnote is functioning off the wallet however you can import it into your wallet to avoid having to use passcodes in the future.
More about Softnote
Russel: Now of course, as we all know the El Salvadorian government tried to make BTC their national currency in 2021 however they chose to use the lightning network which has numerous issues due to its channel routing protocol and the fact that you are only limited to on recipient if you want to stay decentralized. This caused bitcoin to fail in el salvador however if they had used the softnote system, all of these pitfalls would have been avoided.
Trevor: The beautiful thing with softnote is we can place ownership rights of any Digital property on a softnote, BTC is the prime candidate but also any crypto currency, Digital currency, property rights, and tokenized assets such as gold and softnotes replicate cash-like properties.
Q – Is this a kind of wrapping mechanism in the Tectum Blockchain, and can we do any denominations? With an example of me buying a Burger in McDonald’s, how will a Softnote work, both for the buyer and the seller?
Russel: Regarding the first question, no it is not a wrapped token as with a wrapped token you have a general liquidity treasury and a DAO functioning over it, with softnotes each softnote has its own liquidity reserve, i.e a bitcoin wallet and nobody has access to that wallet apart from the holder of the softnote at that time.
This is why it is completely trustless as there is always the exact amount of liquidity backing the face value of a Softnote. If you use the link I posted above, you can click on ‘proof of funds’ and see the actual funds for that of note on the native Bitcoin blockchain explorer. So, the softnotes have set denominations but further denominations are added as the community requests. Regarding question two, it depends on whether you are using softnotes off or on your wallet.
- On wallet: You would just scan your wallet against the Mcdonald’s softnote EPOS and the wallet would take care of all the passcodes for you. So, your balance would just instantly decrease and McDonald’s would receive their funds in a split second.
- Off wallet: you would just hand the physical softnote to, or scan the softnote webpage by the Mcdonald’s representative, and then input your passcode for that Softnote.
Trevor: Off-chain and off-wallet you order a big mac is like cash dollars you give them the correct amount of BTC softnotes. Then, you receive your change back in BTC softnotes. Exactly like cash or you pull out your softnote wallet and the system does this for you. Very simple and effective.
Source: Twitter
Q – So a SoftNote can be handed over indefinitely from one person to another? If someone wants to extract the underlying assets, how does that happen?
Russel: Great question. Yes that is completely correct they can be handed over again and again at any cost to either user, only the merchant pays a fee. Now, there are two ways to recover the underlying fee. Either you can exchange it for cryptocurrency on our exchange or a DEX that we are pairing up with. Or you can burn your softnote. You burn your softnote by inputting your passcode into softnote.cash or your softnote wallet and click burn.
So, the blockchain then sends you the private keys of the underlying cryptocurrency wallet. Then, you can do with the underlying liquidity whatever you want as you now have the private keys. But notice that none of this happened on the native BTC blockchain so there are no time delays and no BTC fees.
Trevor: Easy, enter the passcode which gives you ownership of that softnote, select the burn function on the wallet and this gives access to the private keys of that BTC and you are free to do as you wish.
Q – What is the role of the Tectum Token in all of this? Can you take us through the utilities and Tokenomics?
Russel: Yes absolutely! So the TET token is the Tectum blockchains native token and it is the only way to mint softnotes. So you may ask, why should I mint softnotes and spend my TET token which I’ve paid for? When you mint a softnote, you get the first beneficiary position attached to that softnote on the blockchain. This means your wallet details are assigned to that softnote forever.
So, every time that softnote goes through a merchant environment you get 20% of the fees that the merchant pays. For example, our merchants pay up to 1% in fees. So, every time a 1000 USD BTC softnote goes through a merchant environment, you would get 2 USD. This will be in TET automatically dropped into your wallet because you minted that sofnote forever!
The second utility of TET is what I just referred to there, it’s to pay merchant fees, merchant fees can only be paid in TET so all merchants will have to hold and spend TET.
The third utility is staking, our blockchain uses a combination of proof of stake and proof of utility. This means that when you stake your tokens you can either hold a tectum node or contribute towards one.
More about Tecntum Token Use Cases
Russel: We are launching our token on the 3rd of July and from then there will be a very lucrative staking pool of 49% APY guaranteed for the first 3-6 months.
The fourth utility of the token relates to our Layer 1. We are a huge generation 3 Layer one blockchain too. Anybody who holds that token will get access to seed preseed and private sales. This will be before anybody else for projects that launch or are incubated by us on our layer 1.
And the final utility of TET as things currently stand is with regards to our current products, TET holders get free our discounted access to our products such as XFA, Grigg messenger, palm chain, etc.
We also have an AI module that is almost ready and is in the beta stage. A move-to-earn project is coming out next month. And a huge medical data/AI product that we are launching over the next few months!
Q – This is awesome utility! Very excited about the token launch. Can you give us more details about the TET Sale? Can our community participate?
Trevor: Absolutely, we are currently on launchpads.
Russel: Your community can indeed participate. We have decided to go with GemPad to do our fair launch. And it went live yesterday and it had the fastest 1-minute start to any launch on that platform.
Trevor: Also, we are on Gempad fair launch too.
Russel: It is also cruising to break every record on the Gempad launchpad so we are very excited about that. We chose Gempad because we align with their ethics of decentralization whilst still implementing security.
Q – Just checking, so you have to buy using ETH. Also, the supply looks awesome at 10M. I see 97.9% locked tokens. What will that be?
Russel: Yes absolutely! It is a very small max supply as we wanted to keep it reasonable with regards to talking about the token’s value rather than have to say my token is worth 0.0002 USD.
All private sales and public sales work on a 10-month vesting schedule. So, staking and node tokens are locked to nodes for 4 years. And are 20% of the supply. The private sale was 15% of the supply and is vested over 10 months. The public sale is 3% of the supply and vested over 10 months with 10% at TGE.
With initial DEX and CEX liquidity at 2%. With overall liquidity at 10%. The team has 10% locked up for 3 years. The marketing and ecosystem have 15% vested over 3 years. Development has 10% vested over 3 years. Service providers have 5% vested over 2 years. And advisors have 5% locked up for 6 months and then vested over 10 months.
Q – Looking at the vesting periods, I would say it’s a great opportunity. What is the minimum participation amount?
Russel: Minimum buy is all the way down at 0.02 ETH so about 40 USD.
Segment 3: Community Questions.
Q – What are the steps and procedures to form my Tectum social account? Is there a limit to the amount I can fund at any time? Also, is there a limit to the amount of assets a user can withdraw at a time?
Russel: To form your Tectum social account you just need to sign up for a wallet at Tectum. You will then have access to our full ecosystem. To buy in our current fair launch here. And connect any of your wallets to make a payment in ETH. Regarding the amount a user can withdraw at a time, there is absolutely no limit on our wallet.
Q – Tectum’s private consensus protocols offer veto rights to nodes. Could you explain the potential impact of veto rights on the overall consensus process, particularly in terms of decision-making efficiency and the prevention of malicious activities within the network?
That is only regarding our consensus as a service. So, If a business wanted to use our CSS they could either have a trusted party to implement veto rights or they could set the rules up themselves. So If a business wanted to use our CSS they could either have a trusted party to implement veto rights or they could set the rules up themselves.
Q – Got it! So that is for the B2B one. But the Tectum chain actually does not use it.
Yes exactly, that’s an option for a business to take on but our public blockchain protocol functions on the basis of a combination of PoU and Proof of stake.
Q – In connection with the Ethereum network upgrade, do you plan to work with this blockchain in the future? Why are you minting TET on ETH and not on the Tectum chain?
We are already working with Ethereum 2.0 with regard to a softnote, our Ethereum softnotes are live. So, Ethereum can now have instant immutability and can be transferred in a split second for free.
Regarding the TET token on ERC20, this is just a wrapped token for the purpose of our presale and launch as it is much easier to do an IDO and DEX on a chain that is already integrated.
For example, we have already minted the Tectum token on our blockchain as TET on T12 however the ERC20 version is just a wrapped representation of this. However, TET on our blockchain is fully functional
Q – So these will be migrated and Staking will be on TET Chain? Lol. I am very excited and curious!
Great! So our first staking pool is on Gempad for ERC20 but anybody can migrate their erc20 over onto our platform and staking on our platform will go live shortly thereafter!
Q – Can Users have access to Softnotes in the Remotest place? In order to do so, what Plans has Tectum Made?
Yes absolutely, a softnote can be printed or sent via a serial number and password therefore it is completely boundless.
Q – I’m curious about the name Tectum. Why did you choose the name Tectum? Can you explain to everyone the meaning behind the name Tectum?
Many of our products have a play on neurology, I myself have a neurology background and the company is called ‘CrispMind’, Tectum is a cortex in the brain and therefore that was the reason for the choice.
Source: Twitter
Q – Do you have an audit certificate? Or are you working on AUDITING your project, to make it more secure and reliable?
Yes, we have a smart contract audit from Cycberscope on our website and we are currently going through two more audits.
Q – What is the process of Minting and FILLING softnotes? And What’s the speed of the Tectum speed? How it’s unique from other chains?
You can mint and fill softnote on our web wallet here.
Q – What is Tectum’s revenue model? In which ways do you generate revenue/profit? So many projects just like to speak about the “long-term vision and mission” but what are your short terms objectives? What are you focusing on right now?
Merchant fees are the main revenue model for the softnote payment, its free for all other users. And only when a softnote pass’s on a merchant terminal will a small 1% fee happen. These fees are distributed back to the MINTER, liquidity provider, and the note operator.
Q – $TET is a token on the Tectum Blockchain that can be used to print new SoftNotes. Does the $TET token also work to transfer value between Tectum wallets and doesn’t incur any ‘gas’ fees to use?
Yes, it does indeed. However, there is a tiny dust fee that will be applied as soon as we go live.
Q – Staking program is very important for every project? Can I stake your Token? Do you have any plans of starting the staking program?
You can indeed on Gempad, to begin with then on our wallet.
Q – The SoftNote system allows Bitcoin to be transferred instantly, anywhere, without fees or delays. Could you elaborate on how SoftNotes achieve such high scalability on the Tectum blockchain and how they enable Bitcoin to be used in a peer-to-peer manner with zero fees?
We place BTC wallets loaded with denomination amounts. And place them on a softnote onto the T12 network, bypassing bitcoin network fees.
Q – Does your token have any passive income potential and How do you manage to keep the value of your tokens in this volatile crypto market?
You can use the token to mint softnotes and have passive rewards for life.
Q – What is the process of Minting and FILLING softnotes? What’s the speed of the Tectum speed? How it’s unique from other chains?
Open a softnote wallet, and follow the instructions to mint softnotes. The main difference is the hashing Algorithm that separates us from other Blockchain.
Q – What are the advantages of using S5 Tectum compared to BTC on Lightning Network or Ethereum network? How does Tectum compare to these competitive solutions for security?
The Tectum softnote has higher anonymity, does not have a DAO controlling it like wrapped bitcoin, is not centralized like the watchtowers on the lightning network, and is not bound to a Web 3 environment or wallet like both of the alternatives!
Q – Can you please explain how merchants track softnote passcode when there are so many softnote bills received as payment? What are the advantages and capabilities of the NoSQL search engine built into the Tectum blockchain? How does it enable the storage, splitting, and distributed retrieval of enormous amounts of data? How does it compare to traditional relational databases in terms of speed?
Great question and I did answer your tweet. However, merchants have an app that takes care of storing in an encrypted format all of their passcodes.
Then, NoSQL means we can store data in a format that can be relied upon even if certain servers go down and it also increases the speed of finding certain files. This is used on the lowest layer of our blockchain and enables larger files to function and be called upon by hashes on the top layer of our blockchain.
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Disclaimer
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.
