Most economic activities these days needs a trustworthy payment third party, such as Visa, PayPal, for most online transactions, or to stand as escrows for loans. These third parties has the tendencies of lowering uncertainties which regards to the likelihood of any contractual agreements existing between them which is likely to be non-performing, and they exists as cornerstones to today’s economic and transaction flows. Buy as it stands, this increase in trust has its bottlenecks. First and foremost, most of these parties usually have a monopolistic concept , and therefore charge at an exorbitant high fees for their making use of their services. Secondly, as users make use of these third parties, they easily become targets options for hackers as their database is hugely centralised with a single authority which contains all the users’ data – leading to data breach and insecurity issues. uncertainty issues still flows arround as some contracts are not executed appropriately.
REASON WHY TEMTUM WAS BUILT
seeing the above issue that id accompanied by most economic and financial activities, it is clear that blockchain as a decentralized tool is the tool that will completely eliminate the need for intermediaries and third parties and improve on their drawbacks which has now become a limitation to them while at the same time ensuring a transparent system where transactions can be carried not on the baisis of trust but on smart contract and leverage.
The big problem is that the usefulness of blockchain technology and its changes it brings to the economic sector in disrupting centralised systems, is still stands that current blockchain networks cannot fully support largee scale commercial activities without lagging. Blockchain major issues that has prevented it from being used as tool that will support large scale commercial and economi activities ranges from speed, interoperability, latency and scalability.
To this effect temtum was built to,
Solve the major issues of blockchain and make it fit to be used for large scale commercial and economic activities by solving the scalability, security and speed issues of the.
In terms of scalability, Temtum understands That Scalability is one of the major issues that blockchain technology is currently suffering from, as a result of network congestion which leads to transactions taking hours to be executed and performed, and transaction fees becomes abnormally high. this in turn reduces the High-Performance- operations of Blockchain which is the key to large-scale commercial applications. For large scale commercial activities to be carried out on blockchain it needs to have a network that has high transaction throughput, at thesame time maintaining low latency, which is exactly what Temtum offers. Temtum uses ѕhоrt term data storage and dіrесt transfer оf trаnѕасtіоn mеthоd to ensure that their network is highly scalable, capable of handling transactions even in large volume and at a low latency period. The algorithm that necessitate this is designed to send transactions only to the leader node, thereby boycotting other single nodes.
CONCLUSION
For blockchain technology to become successfully mainstream and constantly used for large-scale commercial implementation, the current limitation blockchain platforms suffer from first need to be addressed. Temtum provides solutions to scalability issues which are very crucial for IoT solutions as it could require millions of transactions to be performed in a twinkling of an eye, and the confirmation time will also be minimal. Temtum already boast of performing 120,000 transactions per second. With temtum blockchain becoming mainstream is closer than ever before.
For more information visit:
WEBSITE: https://temtum.com/
TELEGRAM: http://t.me/temtum_official
WHITEPAPER ON ENGLISH: https://temtum.com/downloads/temtum-whitepaper.pdf
FACEBOOK: https://www.facebook.com/wearetemtum
TWITTER: https://twitter.com/wearetemtum
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