temtum rolls out decentralized text message payments

05 December, 2019
  • Posted in Transactions

Cryptocurrency firm Temtum has announced the launch of its SMS payments system.

Temtum is a fully deployed digital currency that claims to be ultra-fast, quantum-secure, infinitely scalable and energy efficient. Developed following five years of academic research, Temtum aims to solve the fundamental limitations of blockchain networks, including speed, security, scalability and energy usage.

Temtum’s newly launched SMS payments solution, which is decentralized on Temtum’s Temporal blockchain, allows anyone to send cryptocurrency instantly via SMS, with no fees and no need for a smartphone. The goal of the solution is to allow the estimated 1.7 billion unbanked people to share funds directly, without third-party oversight.

“To sign up, a user need only access the internet once to create a free temtum web wallet, add funds, and link their phone number,” Temtum said. “Once the user confirms their phone number via SMS, they can send temtum—the network’s cryptocurrency—to anyone else with a mobile phone number. If the recipient does not have a temtum web wallet, the funds are held in a ghost account on the blockchain until they’re able to access the internet to sign up for a web wallet. Once they sign up for a web wallet, their funds instantly appear. Users can also send SMS messages to find out their account history and wallet balance.”

According to the company, the new SMS payments system has zero embedded transaction costs and extremely secure, with two-factor authentication and private passwords that are not stored by the network.

“You shouldn’t need a smartphone to use cryptocurrency,” said Richard Dennis, Founder and CEO of Temtum. “We developed Temtum as a decentralized network that requires almost zero computational resources or infrastructure. With Temtum SMS payments, anyone can send and receive cryptocurrency with no fees and nothing more than a phone number. While many others have worked to develop this type of technology, we’re proud to be the first with a fully functional, decentralized, network-based SMS payments solution ready for users to adopt worldwide.”

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