Is The Time for Mass Adoption of Cryptocurrency Here? A Look At temtum Network
Necessity is the mother of invention, so goes the axiom. The world as we know it has been mostly managed by a central authority or structure, whether private or public (government). However, centralization of authority concentrates power in a single entity which most times tends to manipulate and/or control others.
A technological revolution to this tradition is the blockchain.
Blockchain technology is an emerging neo-technology that has been touted as the next-big thing in the world of technological innovations. Its benefit, such as improved transparency, security, immutability, and operational cost-reduction, have been the high points of attention to various industries in the field of finance, supply chain, health, real estate, data management, and voting. However as an evolving technology, it is plagued by certain issues inherent in its design, particularly scalability and speed. These limit the commercialization and globalization of blockchain technology.
Cryptocurrency and other classes of digital assets, are deeply-rooted offshoots of the technology. By nature, cryptocurrencies serve as electronic cash, an alternative to fiat. Despite the massive economic benefits of cryptocurrency, it is yet to attain global adoption. According to a study by Cambridge Center for Alternative Finance, there are only about 35 million validated cryptocurrency users out of more than 4 billion people with internet access.
Existing cryptocurrencies have failed to become a global payment solution due to the weaknesses in the underlying blockchain technology powering these digital currencies. More than 75 percent of existing cryptocurrencies tow the path of Bitcoin - the pioneer cryptocurrency, adopting the Proof-of-Work (PoW) mechanism to achieve consensus in transaction validation and network security. However, the disadvantages of PoW tends to surpass its advantages; it is resource intensive (requires pools of specialized hardware such as specialized GPUs and ASICS miner) and consumes a great deal of energy. Not only is this model expensive, wasteful and not sustainable, but also limits the speed and performance of the network.
It is evident therefore that a conformist approach will not bring the needed evolution of blockchain-based digital currency.
A change from the norm is required to launch blockchain as the true technology for the future, and cryptocurrency as the secure digital payment solution to the global population.
The path to that future where blockchain fulfills its ideal is here, it is locked in the capabilities of temtum.
temtum (TEM) is a cryptographically advanced high-speed, eco-friendly, highly efficient and scalable decentralized payment coin designed specifically for everyone irrespective of their location on the globe.
temtum network breaks beyond the barriers of scalability, high latency, and slow transaction throughput plaguing existing crypto payment solutions. Built on novel technologies and mechanisms, temtum is inherently designed to feature superfast transaction confirmation (up to 120,000 tps), low computing resource requirements, high scalability, and high-end security (quantum-secure).
The beauty of TEM as a payment coin is that it can be used as a standalone cryptocurrency or integrated into existing payment platforms in both private and public environments where cross-border or global transactions are pertinent.
TEM users will be able to knock down myriads of benefits including near-instant and no-fee transactions, and the ability to participate in TEM network and be economically empowered, among others.
The Underlying Drivers of temtum Network
Since any cryptocurrency is as efficient as the technology driving it, the amazing capabilities of temtum network are rooted in the power of its underlying technologies - the Temporal blockchain and temtum’s proprietary consensus algorithm.
Temporal blockchain is a neo-blockchain technology aimed at enabling low-power devices to participate in the temtum network, validate transactions, and contribute to network security. In order to achieve this purpose, Temporal technology enables local nodes to assume the status of Temporal nodes that archive blockchain data, and thus reducing storage space usage. This mechanism entrenches true decentralization as anyone can participate irrespective of the capacity of their devices, unlike existing blockchains where only devices with massive hash power are required to join the network.
temtum Consensus and Routing Algorithm
The temtum Consensus algorithm is a distinct consensus mechanism which ensures that only one leader node is chosen at any particular time, and the selected leader is expected to confirm transactions within a 60-second time frame to prevent malicious fork of the chain. This technology improves sustainability of the network.
temtum's Routing Algorithm eliminates the need for the use of gossip protocol as each node contains a full state of the network, thus enhancing the efficiency of the network.
The result of combining these unique technologies is the birth of temtum - the convenient and sustainable peer-to-peer payment coin developed for the next-billion users spread across the globe. Financial institutions, credit card and e-payment processing providers, as well as e-commerce platforms can bolster their business goals and take their businesses to the next pedestal by integrating temtum network into their payment system.
temtum is developed and backed by a team of professionals and industry heavyweights. The project is founded and led by Dragon Infosec CTO, Richard Dennis.
Many projects promised it, temtum network delivered it. It has been developed, the features have been showcased, now is the time to get it to the regular people with regular devices for day-to-day use.
temtum is the path to the much anticipated crypto revolution.
For comprehensive information on temtum project, please click on these links: