temtum rolls out decentralized text message payments
- Posted in Transactions
temtum, a cryptocurrency network, capable of 120,000 transactions per second, has announced the launch of its SMS payments system.
As a decentralised, network-based SMS payments solution, temtum allows anyone to send cryptocurrency instantly via SMS, with no fees and no need for a smartphone, according to the official press release. The network’s SMS payments allows the estimated 1.7 billion unbanked people to share funds directly, without third-party oversight.
To sign up, a user needs access the internet once to create a free temtum web wallet, add funds, and link their phone number. 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 are 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.
temtum’s SMS payments system has two-factor authentication and private passwords that are not stored by the network. Moreover, temtum’s SMS payments are network-based and decentralised on temtum’s Temporal blockchain.
