Cryptocurrency temtum (TEM) and its Temporal Blockchain can now handle the average 1,700 transactions per second throughput of the VISA network, across just two Samsung S10 android devices, while the entire 56,000 TPS capacity of VISA could be run on less that 50 smartphones.
Combine the entire VISA network and the transaction volume of the entire cryptocurrency industry, and temtum would use as much energy in a year as the average UK family home to power its network. The Bitcoin network is currently using the same amount as Iceland, at 0.27% of total global energy use.
VISA is not the only major global payment network, with the likes of Mastercard, Amex and even PayPal, contributing significantly to payments for businesses and individuals. The total energy consumption of these networks could run inline with that of Bitcoin, when banks, branches, ATMs and equipment are included.
With next generation cryptocurrencies like temtum, the first carbon neutral global payments network can now be a reality, such is the efficiency of a technology that could ultimately process all digital payments globally. Following the completion of its mainnet on April 12th 2019, temtum have provided powerful insight into the energy efficiency of its global payment cryptocurrency through its whitepaper, with complete solutions for the industry term ‘blockchain trillema’ – solving speed, security and scalability issues faced by leading cryptocurrencies.
This efficiency does not come with a cost in performance, quite the opposite, temtum has used several years of laboratory tests followed by a live network deployment over globally distributed servers to confirm a theoretical throughput of up to 120,000 transactions per second (a multiple of the peak capacity of 56,000 TPS on the global VISA system), prior to the launch of increased performance from its Shading and Delegation technology. A live view of TPS throughput data is available on the temtum website here.
Founder and CTO Richard Dennis MSc, said: ‘It’s simply unacceptable and unnecessary for any payments network to use so much energy, it’s having a significant impact on our environment at a time where sustainability is so prevalent.
We’ve designed our unique Temporal Blockchain and temtum Consensus Algorithm to address these environmental and energy issues, with temtum capable of running on significantly less power, where it’s now possible for the current average VISA transaction throughput to run on just two mobile devices.’
With a team boasting more than 25 years of cryptography experience, multiple Silicon Valley C-Suite executives and holding the only blockchain PhD worldwide, the ground-breaking temtum is not only environmentally friendly but is a technology that has already surpassed the industries latest next layer technology.
Founded in 2014 by Dragon Infosec CTO Richard Dennis, the world’s youngest cryptography lecturer, alongside current temtum CISO Dr Gareth Owenson – both world renowned cryptographers in their own right. Five years of research, 12 peer reviewed published papers and four years of blockchain development has led to the creation of the Temporal Blockchain, the perfect platform for the temtum network.