E-CryptoNews reached out to Richard Dennis who is the founder and CEO of Temtum which is the world’s first Carbon-free cryptocurrency that uses SMS for transactions. Here is what he had to say.
Richard Dennis, Founder and CEO of Temtum
1. What Makes Temtum different from other cryptocurrencies?
Temtum (TEM) is an efficient, quantum-secure, ultra-fast, and environmentally friendly payment coin and alternative to traditional money. temtum can be used on a standalone basis from wallet to wallet, or integrated into payment systems worldwide. temtum’s main advantages over other cryptocurrencies are its scalability, speed, resource efficiency, and the infrastructure in place that makes it quantum secure.
2. At 120,000 Transactions per Second are we looking at Temtum going head-to-head with other legacy payment systems?
Yes. While Bitcoin set out to take on legacy payment systems, it hasn’t achieved this. Bitcoin can take up to 10-15 minutes per transaction, making it completely unequipped for mainstream payments. Other blockchain projects have attempted to solve this, but have so far come up short. At temtum we’ve developed a highly efficient Consensus Algorithm and removed block size limitations in order to confirm transactions into a block extremely quickly, with a maximum confirmation time of 12 seconds. The speed of the temtum network is limited only by the hardware and bandwidth of network participants. From a technical standpoint, we are well equipped to go head-to-head with legacy payment systems.
3. How does making payments with SMS work on the Temtum’s temporal Blockchain?
Here’s how it works: To sign up, a user only needs to access the internet once to create a free temtum web wallet, add funds, and link their phone number. Once the user confirms their phone number via SMS, they can send temtum to anyone else with a mobile phone number. If the recipient does not have a temtum web wallet, the funds are held in a ghost account on the Temporal blockchain until they’re able to access the internet to sign up for a web wallet. Once they sign up for a web wallet, their funds instantly appear. Users can also send SMS messages to find out their account history and wallet balance.
4. Will Temtum work on a global scale or is it meant for just about anybody?
Our goal is for temtum to achieve mass global adoption by ensuring that the network can fully integrate with standard, real-world payment systems. For example, we’ve developed a solution for point-of-sale (POS) mobile payments, providing a seamless process for consumer retail purchases via existing networks. The speed, security and scalability of the temtum network will easily allow users to spend their temtum in the conventional economy through existing technology infrastructure at minimal costs.
5. Are we looking at a shift for the cryptospace towards developing Countries in regions such as Africa?
A major focus for us is to bring financial access through cryptocurrency to the world’s 1.7 billion unbanked people. Our new decentralized SMS payments are part of this effort, allowing unbanked and underbanked people to share funds directly without third-party oversight. Because these payments are decentralized on the Temporal blockchain, people can own their funds without the interference of corrupt governments or banking institutions. temtum’s SMS payments have zero embedded transaction costs and are extremely secure, with two-factor authentication and private passwords that are not stored by the network. While other SMS payment systems rely on third-party payment processors, temtum’s SMS payments are network-based and decentralized on temtum’s Temporal blockchain. This protects wallet holders’ funds and transactions.
6. Will Temtum be the driving force for the adoption of cryptocurrencies that we have all been looking for?
Cryptocurrency is becoming more mainstream, but so far no crypto networks have achieved global adoption. They’re usually either too slow, don’t scale, or aren’t user-friendly. They also rely on significant amounts of energy and computational resources, making them ill equipped for the future. At temtum, we’ve built our blockchain from the ground up based on academic research to deliver the first project to truly tackle all of these issues. We’re fast, scalable, carbon-neutral, and quantum-secure, and we believe this is what it takes for a cryptocurrency to achieve mainstream, global adoption and make a change in peoples’ lives.
7. What are the scalability options available for the Temporal blockchain?
Current blockchain networks require high entry points for network participation, which equates to massive computational power. Using our innovative temporal architecture model, temtum eliminates the need to store the entire chain history, dramatically reducing resource requirements and allowing anyone with an internet-connected device to fully participate in the network. This makes the Temporal blockchain way ahead of other networks in terms of scalability. We built this from the ground up based on years of academic research and testing to ensure temtum will be both scalable and secure.
8. What are the security implications of SMS banking?
Because temtum is decentralized, there is really no banking aspect to this. Users can create a web wallet, connect their mobile phones, and start sending temtum to one another. The beauty of this is that they don’t need a bank.
9. As the youngest Ph.D. holder in cryptography in the United Kingdom, what does it feel like to have achieved this feat?
I’m in the final stages of earning my PhD, and I feel tremendously grateful that I discovered my passion for cryptography early in life.
10. If you had three wishes for the crypto space and a genie that could make them come true what will be those wishes?
As we prepare to enter a new decade, my wish for the crypto space is that all projects work to achieve 1) better resource efficiency, 2) better security and 3) an improved user experience so that everyone can reap the benefits of the economic freedom that comes with crypto.