AMA Recap: Is Web3 Ready for Global Standards?
In a recent episode of the Tectum podcast dated 19th September 2024, host Trav has welcomed, David Thomas, Mark and Allan from the Tectum team.
One of the hottest topics in contemporary Web3 is the exploration of the practical use of crypto.
And the transformative potential of Tectum’s flagship product SoftNote – is ready to merge technology with practicality.
While acquiring the title of the “Best Blockchain Innovation Award” at the Dubai conference, many experts have already labelled SoftNote as a groundbreaking tool designed to facilitate everyday Bitcoin transactions.
This AMA discussion emphasized SoftNote’s unique features that could pave the way for broader cryptocurrency adoption among cryptocurrency users and private businesses.
Simplifying Bitcoin Transactions
“People are going to want to be able to spend it, not sell it… and they’re going to love the idea of it.”
One of the key points of the discussion was Tectum’s aim to make SoftNote’s Bitcoin payments as seamless as traditional currency transactions. Mark highlighted the global shifting attitudes toward Bitcoin, stating that Bitcoin is no longer a long-term stock but rather a spendable entity.
How is SoftNote different from other products on the market?
To answer this question, Tectum’s representatives highlighted the following key features of SoftNote:
- User-Friendly Transactions: Designed to allow spending Bitcoin without the typical fees or delays.
- Appeal to Maximalists: A practical solution that resonates with those looking to escape fiat dependency.
- Decentralized Finance: A step toward a financial system that prioritizes user control and accessibility.
The Regulatory Landscape
The discussion took a critical turn as the hosts examined the regulatory environment surrounding cryptocurrency. While having concerns about the inconsistent regulations in various countries, particularly in the U.S. and the U.K., where clarity is still lacking. A contrasting landscape of the crypto-friendly policies in Dubai was brought upon.
“The UAE has got it down… they’ve accepted it, they understand it’s what’s going to be happening.” Allan, who has relocated to Dubai, chimed in, emphasizing the welcoming nature of the city for crypto enthusiasts: “Dubai is just… it’s widely accepted… you can spend your wealth freely.”
Benefits of Dubai’s Regulatory Approach in Contrast to the Grey-Zone of the West:
- Innovation-Friendly Policies: Encourages the growth of crypto businesses and initiatives.
- Practical Applications: [In Dubai] Bitcoin is already recognised as a legitimate payment method for everyday transactions, from cars to real estate.
Expanding Reach and Adoption
Looking ahead, the hosts hinted at Tectum’s ambitious plans to onboard retailers and expand the reach of SoftNote, particularly in developing regions where traditional banking systems may be inaccessible. Tom remarked, “There’s a lot of really important conversations still to be had,” indicating the extensive potential for SoftNote to penetrate markets that could greatly benefit from easy access to cryptocurrency, hinting towards the idea of adopting the crypto payments in countries with volatile currency.
Viral Potential of SoftNote
As the episode drew to a close, Mark articulated how SoftNote could revolutionize the way users interact with Bitcoin. By minting and circulating SoftNotes, users can earn a portion of the transaction fee every time their SoftNote is spent.
“If you can get SoftNotes out into circulation and get Bitcoin back every time it’s spent… you’ve got something that can really go viral.”