The British Royal Mint has been trying to produce its own cryptocurrency for some time now. Back in October 2018, the Royal Mint announced plans to produce a gold-backed cryptocurrency, but the British government said no and shut down the project. Seemingly unperturbed by multiple setbacks, the Royal Mint has designed, built and launched its ultra-powerful cryptocurrency – Temtum.
Huge Features Under the Hood
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.
Ever Increasing Speed
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.
Moving Faster Than the Aussies
Australia’s national science agency (CSIRO) teamed up with Sydney University to create a superior payment network using blockchain technology and managed to achieve 30,000 transactions per second in its lab environment. While this is still a huge number of transactions, it’s still significantly slower than Visa which boasts around 40,000 transactions per second. If Temtum can achieve 120,000 transactions per second on its live public network, then Visa could have a battle on its hands.
The genesis block was mined earlier this week, meaning you can now buy and sell Temtum. It certainly looks like a cryptocurrency with a promising future in the payments world. For now, it’s only available on Coinall, but Temtum will be listed on other top exchanges in the coming months.