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How temtum Solves Today's Blockchain Problems

Temporal Blockchain technology transforms the way the blockchain works by reconstructing how peer-to-peer networks scale. It operates with less power, energy and storage, and processes transactions on very low-resourced devices at extremely high speeds, with an unparalleled degree of security. The temtum network can be scaled rapidly and at a minimal cost. temtum eliminates the need for centralized pools of specialized hardware, delivering a blockchain network that’s environmentally conscious and can be run on any device connected to the web – even a smartphone. This means that our vision of a truly decentralized, fully scalable network that can be placed in the hands of the many rather than the few is fully achievable. Yet with previous blockchain technology – which theoretically supported a similar vision – that simply wasn’t the case. Our technology innovations have supported the necessary evolution of blockchain, which in turn means that the temtum cryptocurrency represents a compelling mass-market proposition at a global level. 

Blockchain is still an emerging technology. It has already started to transform a wide range of industries around the world by providing a digitized, immutable and secure network for transacting, sharing and distributing data without a central authority. This provides a number of significant theoretical benefits when compared with existing technologies and methods, such as improved transparency, traceability, and security, as well as increased efficiency and speed of transactions. Most importantly, financial transactions are no longer reliant on trust – they are cryptographically proven. And yet blockchain networks that have already been deployed have suffered from a number of downsides and concerns that have meant that they have failed to deliver on their promise and are yet to see significant adoption. Chief among these downsides are:
  1. Scalability: Current blockchain technologies are not truly scalable. They are not able to be fully decentralized and in many cases require high entry points to participate in them e.g. massive computational power.
  2. Speed: Many blockchain technologies, including Bitcoin, are enormously slow. Bitcoin can take 10–15 minutes per transaction which makes it thoroughly unsuitable as a mainstream form of payment. The majority of alternative high transaction technologies are not blockchains.
  3. Resource intensity: Many leading cryptocurrencies use highly wasteful and restrictive consensus mechanisms such as proof-of-work, which require enormous energy use and have a significant environmental impact. 
  4. Security: Blockchain-based cryptocurrencies’ pseudorandom generation of keys is open to exploitation by sophisticated hackers, with quantum computing increasing the likelihood of predicting software-generated values. 

The fact that current blockchain networks have limitations at their core, means that they cannot satisfy the key transaction demands for many of the industries and applications which should have the highest need for blockchain networks, such as large global payment networks and credit card companies. This is how temtum addresses each of these flaws in current blockchain networks

How temtum Solves Today's Blockchain Problems

Scalability: The Temporal Blockchain eliminates the need to store the entire chain history on all nodes by locally archiving data, while preventing competition in node selection. This significantly reduces resource requirements and allows anyone with a basic form of technology – such as a smartphone user – to fully participate in the network, delivering true decentralization and infinite scalability.

Speed: The speed of the temtum network is limited only by the hardware and bandwidth of network participants. We have created 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. Once included in a block, a transaction is confirmed – there is no need to wait for additional blocks to be added subsequent to the initial block, as is the case with Bitcoin, due to the impossibility of a malicious fork.

Resources: temtum’s Consensus Algorithm, constructed around leader nodes and our innovative Node Participation Document removes the need for mining and wasteful, inefficient and restrictive Consensus mechanisms such as proof-of-work. temtum uses substantially less energy and has less environmental impact compared to POW networks. We estimate that the Bitcoin network is 16,573,693 times more expensive than the temtum network based on energy costs alone, assuming both networks are operating at the same size. The Bitcoin network is currently limited to a maximum transaction throughput of seven transactions per second. The average fee for a Bitcoin transaction from 2017-2018 was $57.35 – and the total cost of a Bitcoin transaction in the same time period, including miner and energy fees, was $104.701 .

Security: Temporal is a quantum-secure blockchain network that uses a photon source for genuine random number generation alongside next-generation hashing algorithms. These prevent the network from being vulnerable to theoretical attacks – even in the case that quantum attacks become commonplace in the near future.

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