A new cryptocurrency called
What Is Temtum?
Developed mainly by Dragon Infosec Limited of London, temtum aims to be faster and more secure than any other cryptocurrency. The name is a combination of “temporal” and “quantum”, shorthand for innovations in the cryptocurrency. Developers worked closely with the British Standards Institution during testing and development.
“Temporal blockchain”, as described in the whitepaper, allows local nodes to temporarily store data. The goal is to minimise transaction confirmation times and allow lower power devices to participate in adding to the blockchain. Both of these are problems for cryptocurrencies like Bitcoin, which has a confirmation time of around an hour and relies on high energy use.
“Quantum” refers to the random number generation that makes temtum secure. A “randomness beacon” generates a new random number every minute. This random number becomes part of the hash of each block and is also used to select the node that confirms the block. This makes it easy to find a particular block but hard to find the node that confirmed it. It also means that any hackers would only have one minute to determine the hash sequence on a block before the next block – and the next random number – is released. The randomness beacon will also create keys for users. And, in a way, for posterity.
Where Does the Royal Mint Come In?
The Royal Mint has been minting and storing money for the last 1,133 years. They tried to launch their own gold-backed crypto. Supposedly the first crypto pegged to a commodity, the coin never took off.
According to early reports by FinTech Futures and Cointelegraph, the Royal Mint was going to store the original keys to
The precise origin of the rumour remains unclear.
What It All Means
It would have been cool for a cryptocurrency that prides itself on security to have keys at the Royal Mint. It also would have been cool for the Royal Mint to try its hand at crypto again. While it’s unfortunate that the Royal Mint is not involved,
Jon Jaehnig is an American freelance writer specializing in Technology and Health. Jon has degrees in Scientific and Technical Communication and Journalism from Michigan Technological University and lives in Michigan’s Upper Peninsula with his wife and cat. For more from Jon, you can follow him on LinkedIn and Twitter.