Sunday, 28 July 2019

Temtum, a Next-Gen Payments Network

temtum, is soon to launch its purpose-built, next-generation payments network designed to solve some of the inherent problems with existing cryptocurrencies.

We caught up with Founder and CEO Richard Dennis to find out what these inherent issues are and how temtum plans to take on the established players and release a payments platform to achieve critical mass adoption.

Why are you launching temtum? How is it different from other cryptocurrencies?

Since I first got involved with Bitcoin off the back of working on the Tor network, it became clear that BTC was never going to be a suitable network that could grow to be a large scale peer-to-peer payment network – it was just so slow and even got me flagged at the University for using too much energy mining from my office. This was around 2014 while lecturing Cryptography at Portsmouth Uni, and so for my PhD I decided to create a network that would scale and be suitable for mobile devices, while being highly secure.

Over the past four years, temtum has been developed on the foundations of the Temporal Blockchain that myself and Dr. Gareth Owenson created. We took a very different route to 99% of this industry in that we bootstrapped, wrote peer-reviewed papers on our research and went ahead to create, what we now believe is the most efficient Blockchain technology that exists and will solve the inherent problems with cryptocurrencies, that intend to be used for instant, feeless payments.

Great Features Under the Temtum

Blockchain networks all claim they’re the Bitcoin killer or next big thing, with very few actually going on to prove it. However, Temtum breaks the mold with its incredible range of features and live user platform. Currently, on the live Temtum network there are 1,000 global nodes processing 2,000 transactions per second during the 2-week live test. Confirmation time is a breezy 12 seconds and uses a temporal blockchain architecture – something that has never been done before.

If that wasn’t enough, Temtum has proven quantum computing resistance, a patented low-energy consensus algorithm with horizontal and vertical scaling out of the box. Finally, for miners and nodes there is no minimum hardware requirements to join the network. You can get up and running with any device you wish, meaning the power is in your hands rather than that of big mining firms.

Unlike other blockchain networks, the more people that join Temtum will actually make it faster and faster. In lab testing, Temtum saw 120,000 transactions per second achieved, but the maximum is theoretically unlimited. As more network participants arrive, more possible transaction paths are created, meaning there are no bottlenecks in the payment process. Think of it as 2 arterial roads versus 1,000 – there will be less traffic jams with 1,000 arterial roads compared to 2.

Temtum Set to Launch in Partnership with CoinAll

After completion and successful launch of its mainnet, the first chance to purchase the currency TEM will arrive on the 17th of July 2019 via the CoinAll exchange. This significant milestone in the network’s development demonstrates the maturity of the technology, in development for 5 years, and corresponding appetite for the coin in the cryptocurrency industry.

temtum has been created to challenge existing cryptocurrencies and financial institutions, which it sees as no longer fit for purpose for modern day uses of payments. Operating on its own innovative and patented blockchain technology called Temporal, the temtum network surpasses market-leading finance products, including the likes of VISA, Bitcoin and Nano. It’s quantum secure, currently delivering proven and 3rd party verified 3000 tps, with the capacity for theoretically unlimited tps and could run the globes entire payment networks on just 50 smartphones.

Behind the Temtum Team

The team has spent the past five years researching and developing a fully functioning and independently tested cryptocurrency network before market launch. This has enabled temtum to test, optimise and give it’s network a genuine purpose. temtum is truly innovative and will be totally decentralised, unlike Facebook’s Libra and Bitcoin.

temtum was founded in 2014 by Dragon Infosec CTO Richard Dennis, the world’s youngest cryptography lecturer, and current CISO Dr Gareth Owenson – both world renowned cryptographers in their own right. With a team boasting more than 25 years of cryptography experience, multiple Silicon Valley C-Suite executives and holding the only blockchain PhD worldwide.

More information can be found on the temtum website, the Introducing temtum blog & in the temtum white paper



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