In addition to blockchain API calls, Tatum introduces the concept of virtual accounts. Virtual accounts allow you to emulate blockchains and fiat currencies using virtual currencies.
Virtual accounts can work on top of any blockchain or even without any blockchain at all. Since they emulate blockchain functionalities, they are ideal for developers and companies who are not yet ready to go live with a blockchain app. They can play around and test their solution offline until it is ready, at which point it's only a matter of configuration to swap between the virtual accounts and blockchain implementation.
Each abstract virtual account has its own balance. It is possible to freeze or unfreeze them, block amounts on the accounts, and set up notifications for incoming transactions, prepared reports, and many other relevant events.
With virtual accounts, it is possible to create private virtual currencies alongside the blockchain ones. Virtual accounts can be in Bitcoin or Ethereum, Euro or U.S. dollar. Using virtual currencies, developers can use fiat and cryptocurrencies in the same way with the same API calls.
Transactions between virtual accounts are nearly instant and feeless. It is possible to send funds from one virtual account to another in a matter of milliseconds. Sending crypto assets using virtual accounts does not invoke slow and expensive blockchain operations, as everything is settled separately from the blockchain. Synchronizing virtual accounts with the blockchain is an on-demand feature, and it requires only 1 simple API call.
Blockchain and virtual account API calls do not interfere with each other at all. To connect blockchain and virtual account features, an off-chain layer is used.