Temtum

Temtum

Cryptocurrency company developing a quantum secure decentralised network for crypotocurrency and blockchain networks.

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Tom Osman"Job title change"
Tom Osman edited on 13 June, 2019 9:20 am
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People

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Role
Related Golden topics

Dr Doug Meakin

CEOPresident

Richard Dennis

Founder & Senior Cryptography AdvisorCEO

Edits on 1 May, 2019
Tom Osman"Added topics"
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Resources: temtum’s Consensus Algorithm, constructed around leader nodes and the 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 .

...

Proof-of-work is effective at a certain scale, but it is also extremely resource and energy-intensive, and has failed to adapt to growth, as convincingly argued in a 2019 working paper by the Bank for International Settlements (BIS). 2 This paper states that proof-of-work can only achieve payment security if mining income is high, but if that is the case, the transaction market cannot generate an adequate level of income. As a result, liquidity is set to deteriorate substantially in years to come. This is just one of the reasons why for blockchain cryptocurrencies to be truly effective, there needs to be a step-change in their evolution. And that is precisely what we believe temtum delivers.

...

We have used laboratory tests followed by a live deployment over globally distributed servers to confirm a throughput of up to 120,000 transactions per second (a multiple of the peak capacity of 56,000 TPS on the VISA system).

Tom Osman"Added team member + mention."
Tom Osman edited on 1 May, 2019 7:14 pm
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Role
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Dr Gareth Owenson

CISO

Timeline

September 1, 2014

Richard Dennis becomes the worlds youngest lecturer of cryptography.

Research begins with Dr Gareth Owenson.

Tom Osman"Adding links to categories and clusters."
Tom Osman edited on 1 May, 2019 6:55 pm
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temtum has set out to solve all inherent problems faced by not only many existing cryptocurrencies but peer-to-peer blockchain networks as a whole both now, and in the most technologically advanced of futures, where speed, scalability, security and high resource requirements are most pertinent and continue to limit adoption. The Temporal Blockchain, developed by Dragon InfosecDragon Infosec, combined with temtum’s innovative Consensus Algorithms and AIAI powered Performance Integrity Protocol, removes network competition, drastically improves network efficiency and uses a source of light for quantum effect randomness. The result is a fast, quantum secure, environmentally friendly and highly scalable payment coin that has been developed to both integrate into existing payment infrastructures and deliver as a standalone cryptocurrency, allowing even the most under resourced individuals to benefit from immediate, fee-less transactions, no matter who or where they are in the world - TEM.

...

temtum was founded by Dragon InfosecDragon Infosec CTO Richard Dennis, working with his global team of cybersecurity and cryptography experts, Dr Gareth Owenson, Ginger Saltos and Cintya Aguirre. Together they set out to resolve issues inherent in peer-to-peer networks, starting with Tor and Open Bazaar, and finally Bitcoin, before developing a new technology that can be used by and integrated with mainstream payment networks for and by ordinary people. Richard took theoretical mathematics and academic research and developed it into a blockchain technology known as Temporal, owned by Dragon Infosec and perpetually licensed to temtum. Temporal has been independently tested (BSI) and deployed into a live working network, providing the foundations for a fast, secure, highly scalable and environmentally conscious payment coin – temtum.

...

Temporal Blockchain technology transforms the way the blockchain works by reconstructing how peer-to-peer networkspeer-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 a high level of security. The temtum network can be scaled rapidly and at minimal cost. temtum eliminates the need for centralised pools of specialised 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 the vision of a truly decentraliseddecentralised, 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. The 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 digitizeddigitised, 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.

...

Security: BlockchainBlockchain based cryptocurrencies’ pseudorandom generation of keys is open to exploitation by sophisticated hackers, with quantum computing increasing the likelihood of predicting software generated values.

...

Resources: temtum’s Consensus Algorithm, constructed around leader nodes and the 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 BitcoinBitcoin 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 .

Tom Osman"Amended language."
Tom Osman edited on 1 May, 2019 6:49 pm
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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 ana unparalleledhigh degreelevel of security. The temtum network can be scaled rapidly and at minimal cost. temtum eliminates the need for centralised pools of specialised 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 the vision of a truly decentralised, 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. OurThe 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.

Tom Osman
Tom Osman approved a suggestion from Golden's AI on 1 May, 2019 6:46 pm
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Ginger Saltos, world-class cryptographer and temtum CTO, will lead the development team working closely with temtum founder and senior cryptography advisor Richard Dennis and CISO Dr Gareth Owenson. They are joined by CEO Dr Doug Meakin, Director David Shimmon and the best brains in cryptography and blockchain, alongside a senior team rich in banking infrastructure, commercial acumen and financial services experience. The team has global coverage, with team members based in the British Virgin Islands, the Cayman Islands, San FranciscoSan Francisco, London, Hong Kong, Frankfurt, Ecuador and Belarus.

Tom Osman"Fixed 'our' mentions."
Tom Osman edited on 1 May, 2019 6:46 pm
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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 minimal cost. temtum eliminates the need for centralised pools of specialised 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 ourthe vision of a truly decentralised, 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.

...

Resources: temtum’s Consensus Algorithm, constructed around leader nodes and ourthe 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 .

Tom Osman
Tom Osman approved a suggestion from Golden's AI on 1 May, 2019 6:42 pm
Edits made to:
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Article

Proof-of-work is effective at a certain scale, but it is also extremely resource and energy-intensive, and has failed to adapt to growth, as convincingly argued in a 2019 working paper by the BankBank for International Settlements (BIS). 2 This paper states that proof-of-work can only achieve payment security if mining income is high, but if that is the case, the transaction market cannot generate an adequate level of income. As a result, liquidity is set to deteriorate substantially in years to come. This is just one of the reasons why for blockchain cryptocurrencies to be truly effective, there needs to be a step-change in their evolution. And that is precisely what we believe temtum delivers.

Tom Osman
Tom Osman approved a suggestion from Golden's AI on 1 May, 2019 6:42 pm
Edits made to:
Article (+23/-23 characters)

Article

Speed: Many blockchain technologiesblockchain 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.

Tom Osman
Tom Osman approved a suggestion from Golden's AI on 1 May, 2019 6:41 pm
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Article

Ginger Saltos, world-class cryptographer and temtum CTO, will lead the development team working closely with temtum founder and senior cryptography advisor Richard Dennis and CISO Dr Gareth Owenson. They are joined by CEO Dr Doug Meakin, Director David Shimmon and the best brains in cryptography and blockchain, alongside a senior team rich in banking infrastructure, commercial acumen and financial services experience. The team has global coverage, with team members based in the British Virgin Islands, the Cayman IslandsCayman Islands, San Francisco, London, Hong Kong, Frankfurt, Ecuador and Belarus.

Tom Osman
Tom Osman edited on 1 May, 2019 4:18 pm
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Description (+130 characters)
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Topic thumbnail

Temtum

Ultra lightweight, super fast, quantum secure decentralised network, redefining the boundaries of blockchain and cryptocurrencies.

Article

Vision

temtum has set out to solve all inherent problems faced by not only many existing cryptocurrencies but peer-to-peer blockchain networks as a whole both now, and in the most technologically advanced of futures, where speed, scalability, security and high resource requirements are most pertinent and continue to limit adoption. The Temporal Blockchain, developed by Dragon Infosec, combined with temtum’s innovative Consensus Algorithms and AI powered Performance Integrity Protocol, removes network competition, drastically improves network efficiency and uses a source of light for quantum effect randomness. The result is a fast, quantum secure, environmentally friendly and highly scalable payment coin that has been developed to both integrate into existing payment infrastructures and deliver as a standalone cryptocurrency, allowing even the most under resourced individuals to benefit from immediate, fee-less transactions, no matter who or where they are in the world - TEM.

temtum's story.

temtum was founded by Dragon Infosec CTO Richard Dennis, working with his global team of cybersecurity and cryptography experts, Dr Gareth Owenson, Ginger Saltos and Cintya Aguirre. Together they set out to resolve issues inherent in peer-to-peer networks, starting with Tor and Open Bazaar, and finally Bitcoin, before developing a new technology that can be used by and integrated with mainstream payment networks for and by ordinary people. Richard took theoretical mathematics and academic research and developed it into a blockchain technology known as Temporal, owned by Dragon Infosec and perpetually licensed to temtum. Temporal has been independently tested (BSI) and deployed into a live working network, providing the foundations for a fast, secure, highly scalable and environmentally conscious payment coin – temtum.

The team

Ginger Saltos, world-class cryptographer and temtum CTO, will lead the development team working closely with temtum founder and senior cryptography advisor Richard Dennis and CISO Dr Gareth Owenson. They are joined by CEO Dr Doug Meakin, Director David Shimmon and the best brains in cryptography and blockchain, alongside a senior team rich in banking infrastructure, commercial acumen and financial services experience. The team has global coverage, with team members based in the British Virgin Islands, the Cayman Islands, San Francisco, London, Hong Kong, Frankfurt, Ecuador and Belarus.

Temporal Blockchain

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 minimal cost. temtum eliminates the need for centralised pools of specialised 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 decentralised, 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.

The problems with current blockchain technology

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:

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.

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.

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.

Scalability: Current blockchain technologies are not truly scalable. They are not able to be fully decentralised and in many cases require high entry points to participate in them e.g. massive computational power.

How temtum solves these problems

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:

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 decentralisation 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.

A step-change in the evolution of blockchain

Perhaps the key invention in the original Bitcoin white paper (2008) was the integration of the proof-of-work consensus mechanism. This allows all nodes that comprise the Bitcoin network to ensure they share the same copy of the distributed ledger so that it is impossible to double-spend. The proof-of-work mechanism is essentially a method of randomly selecting the next node that will confirm previous transactions in a way that prevents the reasonable economic prediction of the next confirming node.

Proof-of-work is effective at a certain scale, but it is also extremely resource and energy-intensive, and has failed to adapt to growth, as convincingly argued in a 2019 working paper by the Bank for International Settlements (BIS). 2 This paper states that proof-of-work can only achieve payment security if mining income is high, but if that is the case, the transaction market cannot generate an adequate level of income. As a result, liquidity is set to deteriorate substantially in years to come. This is just one of the reasons why for blockchain cryptocurrencies to be truly effective, there needs to be a step-change in their evolution. And that is precisely what we believe temtum delivers.

The temtum Consensus Algorithm, by contrast with Bitcoin, is highly secure and does not require intensive computational resources. It also eliminates block size limitations and implements improved network routing, which means that the temtum network can handle increasing loads as required, which solves the scalability problem. The only limitations governing the number of transactions per second that temtum delivers are hardware and network bandwidth.

The temtum network incorporates – and is enhanced by – the Temporal Blockchain, a new mechanism that allows local nodes to define themselves as 'Temporal nodes' to archive data in order to minimise storage space usage. This follows the same logic as Bitcoin in terms of establishing a timestamp network, but crucially it does not require proof-of-work mining. Instead, although data is archived locally, the Temporal system has been designed to ensure the integrity of the blockchain – making it possible for nodes to validate previous transactions without downloading and storing the entire blockchain.

This data storage method allows low-power devices to fully participate in the temtum network and confirm transactions without requiring the resources demanded by traditional proof-of-work blockchain networks such as Bitcoin. The combination of the temtum Consensus Algorithm and Temporal technology allows the temtum network to deliver extremely high transaction throughput and short transaction confirmation times with low resource requirements.

We have used laboratory tests followed by a live deployment over globally distributed servers to confirm a throughput of up to 120,000 transactions per second (a multiple of the peak capacity of 56,000 TPS on the VISA system).

...

The technology behind temtum is already fully developed, including mobile and web applications, which are described throughout this document. The temtum live main net will be deployed at the same time as coin distribution is carried out. temtum coin (TEM) will be delivered as a fully operational form of payment on day one of genesis block (the first block of any blockchain).

More info added soon...

People

Name
Role
Related Golden topics

Adam Grist

Marketing

Alexey Yalokiv

Android Developer

Andrey Vladyko

Android Developer

Artem Koush

Web Developer

Barrie Adams

Full Stack Web Developer

Bo Lasater

Senior Product Advisor

Campbell Law

Board Member / Director

Cyntia Aguirre

Chief Software Architect

David Hodkinson

CFO

David Shimmon

Board Member / Director

Dr Doug Meakin

CEO

Egor Veremeychik

iOS Developer

Eugene Zimnitskiy

Lead Developer

Ginger Saltos

CTO

Ilya Zabrodsky

JS Developer

Johannes Frohling

Technology Advisor

Kanika Green

Board Member Director

Richard Dennis

Founder & Senior Cryptography Advisor

Rupert Boswall

Legal Advisor

Further reading

Title
Author
Link
Type

A Temporal Blockchain: A Formal Analysis

Richard Dennis, Dr Gareth Owenson

Research Paper

Breaking open the Bazaar: identifying and exploiting key weaknesses in the OpenBazaar network

Richard Dennis, Dr Gareth Owenson

Research Paper

Rep on the Roll: A Peer to Peer Reputation System Based on a Rolling Blockchain

Richard Dennis, Dr Gareth Owenson

Research Paper

Temtum Whitepaper

Multiple

Whitepaper PDF

Infobox

Categories

Timeline

March 6, 2016

Richard Dennis & Dr Gareth Owenson publish - A Temporal Blockchain: A Formal Analysis.

This paper presents a possible solution to a fundamental limitation facing all blockchain-based systems; scalability.

https://researchportal.port.ac.uk/portal/en/publications/a-temporal-blockchain(4b60fc85-68e2-4fbe-9ff8-978a42e78e22)/export.html

March 1, 2016

Richard Dennis & Dr Gareth Owenson publish - Rep on the Roll: A Peer to Peer Reputation System Based on a Rolling Blockchain

This paper presents the first generalised reputation system that can be applied to multiple networks that is based on the blockchain. We first discuss current reputation systems, conducting a critical analysis of their current security vulnerabilities, before looking at how new blockchain-based technologies are used.

https://researchportal.port.ac.uk/portal/en/publications/rep-on-the-roll(041c83f8-5ca9-4973-8399-e49e4e0badc1)/export.html

Tom Osman"Initial topic creation"
Tom Osman created this topic on 1 May, 2019 3:24 pm
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Topic thumbnail

 Temtum

Cryptocurrency company developing a quantum secure decentralised network for crypotocurrency and blockchain networks.

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