All you need to do is just put an NFC-compatible smartphone to your banknote and all the necessary information appears on the screen of your device.
As stated in the press release of Tangem, for purchase are now available banknotes with the value of 0.01 and 0.05 BTC – about $ 96 and $ 480 at the time of publication. The presentation of banknotes with the value of 0.05 and 0.01 BTC took place in the Singapore store Megafash Suntec City.
In Singapore, users were presented “smart banknotes” Tangem, which are hardware cold crypto wallets with an integrated S3D350A chip, manufactured by Samsung Semiconductor.
According to the website, Tangem’s offices are in Switzerland, Hong Kong, Singapore, the capital of the Russian Federation and the PRC.
Although these fintech-novelties has something in common with paper bills.
Tangem explained that their smart banknotes have common features with paper money. It is quite easy to touch a banknote of a phone with NFC support to make sure that the wallet contains the current assets.
The transfer of ownership of banknotes is anonymous and lightning fast, Tangem states. Together with the banknote, the transfer of “the whole wallet together with the private key” is carried out. No transaction fees and waiting for transaction confirmation on the block.
In addition, the company informed that the banknotes are equipped with a full-fledged EAL6 + protection for all digital currencies. It is noted that there is no possibility of replicating the wallet and assets. According to Tangem’s post on Medium, the chip technology is protected from “all known attacks at the hardware and software level”, and the cost of hacking one banknote is “economically unprofitable.” But they do not have enough in common with traditional paper bills – in fact, the novelty is hardware cold wallets with integrated chip S3D350A from Samsung, describes Finance Magnates. The product is certified in accordance with the Common Criteria EAL6 + and EMVCo safety standards. It completed a comprehensive audit and comprehensive review of the security architecture of the product.