Tangem, a maker of "smart banknotes" has launched Bitcoin banknotes at a store in Singapore. Designed to facilitate the adoption of crypto-currencies starting with Bitcoin, these physical currencies are currently available in denominations of 0.01 and 0.05 BTC.
Bitcoin banknotes circulating in Singapore
Tangem aims to establish physical transactions using the most popular cryptocurrency. The company plans to mass-produce millions of banknotes by the end of the year.
In Singapore, a country whose regulations are very favorable to both crypto-currencies and Blockchain technology, the notes are available for purchase from the Suntec City subsidiary of the Megaflash design chain.
The company claims that these tickets are cheap enough to be used as real money.
"Tangem tickets significantly improve the simplicity and security of the acquisition, possession and circulation of crypto-currencies for sophisticated users and new entrants," the company said in a press release.
Security issues
Tickets, which will be available in denominations of 0.01 and 0.05 BTC , are actually wallets materials such banknote, based on a newly developed chip S3D350A Semiconductor Samsung.
"Based on an S3D350A chip recently developed by Samsung Semiconductor, Tangem Note is the first on the market with all of its cryptography certified to Common Criteria EAL6 + and EMVCo security standards. "As with any firmware-based product embedded in crypto-currencies, security audits and open-source code are critical to gaining users' trust. This ensures that the company does not have access to funds stored on their product. For now, Tangem's only publicly available code is for its iOS and Android apps on Github.
Nevertheless, the company claims to have shared the full source code of its proprietary chip firmware with Kudelski Group, a Swiss security company. An in-depth review and a complete security audit of the architecture of his product were conducted.
The purse maker has already delivered its first batch of 10,000 tickets to future "partners and distributors," whichthey will use in pilot commercial locations.
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