To enhance user experience, Tectum is announcing that the Ethereum Softnote™ migration will take place soon. This is an important step that will significantly improve the quality of our service.
The technical implications of this process will require users’ input to ensure a smooth transition of the selected bills.
Tectum SoftNote Migration: Essential Details to Know
Considering the impact of this migration, Tectum is issuing a detailed announcement about what all individuals need to know. This press release also contains the steps everyone who owns the Ethereum SoftNotes must take.
Tectums’ Ethereum SoftNote migration will occur before the end of August. We are migrating Ethereum Green Bills from the ERC-20 network to the T12 network.
This process will involve minting SoftNote™ Bills in mass for all users that hold Ethereum Softnotes; we will import and add liquidity to these bills ready for the migration.
The SoftNote Wallet will be updated to support this migration of Ethereum Bills to the T12 network. This starts with backing up the SoftNote™ data to protect existing details and ensure a smooth migration. Once the backup is complete, our developers will delete old and unfilled Green Bills without liquidity.
Using the backed-up data, we will create new bills in the T12 network that maintain the exact information as the ones they replaced. The new SoftNote Bills will maintain the same details, such as denominations, the ID of the minters, and the total amount of denominations.
Once we complete the migration, Tectum developers will delete the old green banknotes filled in the export pool. After which we will add new green banknotes there. Finally, our developers will transfer chips from SoftNote Wallet to SoftNote bills in X-port.
How Users Can Support This Process and Protect Their Assets
Users will play an important role in the Tectum SoftNote™ migration. Their contribution will ensure a seamless process and protect their digital assets.
Everyone with an Ethereum SoftNote should deposit their bill into the X-Port section of their SoftNote wallet. When importing into X-port, the user will receive a notification that the banknote will be imported. After importing it, individuals cannot export it back into circulation.
Tectum will provide everyone who imports their SoftNote to the X-Port section with adequate technical support for exporting the new format. Support can be found in the Tectum Telegram chat, X, or live chat assistance on the Tectum website. Once you notify us, the team will replace your old SoftNote with the new one and help you export it.
For those who do not import their SoftNote into X-Port before the time of migration, the system will block their old note and they will be unable to use it. However, the technical team can manually transfer the details and liquidity into a corresponding new bill.
We still encourage users to transfer their Ethereum SoftNote Bills into X-Port to avoid misdemeanors.
Benefits of the Tectum SoftNote Migration to Users
Users will enjoy several benefits from the Tectum SoftNote migration. To reiterate, this process involves transferring Ethereum SoftNote Bills and migrating them to the T12 network.
For those unaware, T12 is the token standard of the Tectum blockchain. It is popular for supporting cheap and instant transactions across various blockchain tokens. With the Ethereum SoftNote now available on this network, everyone can send and receive $ETH for 1% gas fees paid in $TET.
This may sound unbelievable to everyone who holds, uses, or has sent Ethereum. The token and its network are renowned for cut-throat fees, despite changing its consensus from a proof of work to a proof of stake mechanism!
Ethereum still maintains one of the highest transfer fees.
Considering these factors, Tectum thought it wise to migrate Ethereum SoftNote Bills from the ERC-20 network to the T12 network. This approach will eradicate the need for individuals to pay expensive gas fees they want to spend when they use $ETH for retail transactions.