TEM becomes first cryptocurrency created at Royal Mint – FinTech Futures
Ahead of its global launch with the CoinAll exchange on 17 July, temtum (TEM) has become the world’s first digital currency to be minted and stored in the Royal Mint vault, says Jane Connolly.
Richard Dennis, temtum CEO, has worked with a private security advisor to store TEM’s private crypto keys and create its genesis block, TEM’s first block of transaction data on temtum’s Temporal blockchain.
To ensure that the cryptocurrency is totally safe from hackers and fraudulent activity, temtum had to achieve three crucial security elements. These were: secure private keys of users, the founding team and exchanges; quantum secure cryptography to ensure private keys cannot be calculated from a public key; and a secure network that can block the possibility of a 51% attack.
“There should be no gimmicks or shortcuts when it comes to security and we see working directly from the home of UK’s creation of coins over the last 1,000 years as the only place suitable for the launch of a new currency that we believe will have a significant value globally in the years to come,” says Dennis.
He adds: “We have been working with government grade security advisors to ensure that tentum is the most secure network in the industry and that any reserves of TEM are in one of the world’s most secure facilities. Our technology goes much further than simply making our code open source, our code has been tested and approved by Crest approved agency BSI, so you don’t need to be a cryptographer to know temtum is secure.”
After being in development for five years, TEM will be available to purchase, trade and use worldwide via the CoinAll exchange.
Gloss