Dev had a scheduled call with Tangem today, and in this call they agreed upon making Tangem Notes for both Telos and Subsidium.
Tangem Note is a card with a chip that you can use to store your Cryptocurrencies, in this case, Telos or Subsidium. Naturally, you can also transfer these funds between cards or other things by using your phone.
All in all, if you think these as gift cards upon which you can load more funds, you are somewhat close to what it is. Basically idea is to work as a form of cash for cryptocurrencies that instead of having a lot of cash in your wallet, now you will just be holding Tangem Note in your wallet, and whenever you need to pay, you give this Tangem Note to cashier and he reduces required amount of funds as he would from a gift card.
Naturally, if you know you have exactly for example 20 Euros worth of Telos in this card, you could instead of transferring the funds, simply give the card to pay your 20 Euros worth of stuff.
This also brings the good and the bad thing about the Tangem note. While it is very handy as a crypto replacement for cash, it also suffers the same problem as cash as since anyone can use it, it also means that if someone steals it, he can then use those funds as they would be his, for which reason it is not recommended to keep too much money in your tangem note at any time, just like you wouldn’t keep too much cash in your wallet either as there is always a risk someone robs you.
However, same as cash, your damage is reduced only to what you have in your Tangem Note, since each Tangem Note comes with a unique Private Key, and this private key is put there already at manufacturing process to it in such a way that no one can ever copy or change it. Therefore, for example, a risk of someone cloning your card is not possible.
In addition to being a replacement for cash, Tangem Note can be used for other things too, like you could use it for ID purposes for example in some big event by adding some info about each person. This could work as a cheap way for ID proof for personnel in some big event as an example.
It is holding blockchain stuff inside it after all, so basically anything that is possible with a blockchain is possible to add to this card. You could have even in previous rumors articlementioned Telos third coin having access to a video, then you scan the card with your phone and can play the video, making it basically possible to sell digital videos by selling these Tangem Notes.
Anyway, at this point main usage for a regular user is that it will work as a good way to introduce people to Telos by having a chance of giving Telos gift cards, or you could even sell telos by putting 10 000 Telos to each card and then sell them to people against Euros. Or you could put to one of the cards 1 Million Telos and take it to your bank for safekeeping and one day either you or people who inherit you could open the bank vault, take the note, and become Telos Millionaire without worrying anything about Passwords, etc.
Basically the only downside to this note is that unfortunately it doesn’t do staking. So whatever you put there, will stay exactly that and not become more like with piggybank they would.
This kind of Card is now coming for Telos and Subsidium, based upon announcement, still during this year.
keep following TELOSNEWS.COM and there be a news item when this happens.
13.09.2019 - 21:55