Post
Topic
Board Service Discussion
Re: Bitcoin Banknotes
by
TheQuin
on 05/05/2018, 08:39:36 UTC
Does that mean that the notes don't have the Bitcoin address printed on them? If not why was it done that way?

Anything printed is trivial to counterfeit. When you validate a Tangem Note over NFC, there's a cryptographic challenge–response authentication which is impossible to fake. In a few milliseconds the app gets the public key and a proof that the private key is on the chip, as well as another digital signature that attests the manufacturing authenticity of the item.

Since we already rely on NFC and the secure chip to establish value and authenticity, adding too many physical cues could decrease overall security by making people rely on them in some situations.

If we apply Tangem technology to national cryptocurrencies, governments can limit redemption of the crypto banknotes they issue to accredited agents that guarantee physical destruction at redemption — then people can rely on physical properties for those banknotes.

Thanks. I've just been having a look at your website. It looks to be a very interesting development, good luck.