- The Tectum blockchain is recognized for its technology.
- The protocol offers a high-speed, low-cost network with growing recognition for payment solutions.
Tectum, a layer 1 blockchain developed by Crispmind Ltd, won the Best Blockchain Innovation award at the Leaders in Fintech Awards 2024. The award recognizes Tectum as one of the most innovative blockchain projects in the MENA region.
Tectum recognized for its blockchain efforts
The Leaders in Fintech Awards 2024 include 38 different categories. Each category recognizes the influence of individuals and companies in the fintech sector. To achieve full recognition, the awarding body includes all service providers in the MENA region.
This year’s event took place on September 11 at Habtoor Palace in Dubai, United Arab Emirates. Voting was open to all players in the Fintech sector and there were no restrictions on participants. Receiving the Best Blockchain Innovation Award is considered a milestone for Tectum.
Tectum joins notable fintech companies like Paymob, Tamam and Hyperpay who have already received recognition from the Leaders in Fintech Awards. The award helped showcase the platform in a good light, encouraging more users looking for faster blockchain transactions to use Tectum.
The startup is known for its speed and high transactions per second (TPS). Tectum is the fastest blockchain in clinical settings, with a TPS of over 3.5 million.
Tectum uses a consensus proof-of-utility approach to ensure smooth transaction processing through trusted nodes. Unlike many Web3 networks, the protocol uses layered transaction processing, eliminating traffic jams and delays while maintaining transaction privacy using zero-knowledge proofs.
Notably, scalability is the main challenge for Bitcoin (BTC) and other cryptocurrencies. Bitcoin needs an average of 10 minutes to create a block, thus exhibiting slow performance. Similarly, Ethereum (ETH), developed for higher scalability performance, only has 20 TPS.
Additionally, at 1,500 TPS, Ripple’s XRP cannot compete with established institutions such as Mastercard and Visa. Mastercard can process up to 5,000 TPS, while Visa can handle 24,000 TPS.
Tectum scales Bitcoin transactions
Amidst all of this, Tectum worked quietly behind the scenes to bring Satoshi Nakamoto’s vision to life. Tectum solves all scalability issues with Bitcoin payments, creating one of the fastest blockchains.
The Tectum blockchain is primarily built on the hashing principle, which allows for faster data processing thanks to three levels of nodes in the blockchain. This includes the master node, designed to carry large data, and the top tier, which communicates using hashes. Recently, the team presented its Light Node which will play a major role in the Tectum public blockchain.
Tectum is expanding beyond the blockchain ecosystem to create a fintech solution called SoftNote, which scales Bitcoin transactions. SoftNote is a transaction-free payment system that offers zero costs and fast payments. It enables low-cost on-chain transfers via the Bitcoin node and overlay network. The payment system uses SoftNote Wallets, SoftNote Bills and SoftNote Pay.
SoftNote Wallet allows individual crypto users and traders to manage their digital assets in one place. With SoftNote Bills, users can send and spend cryptocurrencies like Bitcoin and Ethereum for gas fees of less than $1. This technique allows anyone to use cryptocurrency without the need for blockchain wallets.
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