temtum, a blockchain company has created and stored its cryptocurrency, temtum (TEM) at the Royal Mint, a government-owned mint in the UK. TEM is, therefore, the world’s first crypto asset to be minted and stored at the Royal Mint’s vault and it will be launched worldwide on CoinAll exchange on July 17, 2019. TEM also aims to rival existing crypto assets and financial institutions in the area of payments, according to temtum’s press release on July 15, 2019.

Per the press release, Richard Dennis, temtum’s founder, and CEO, who worked within the Royal Mint with a private security adviser is to create TEM’s genesis block and store its private keys in the institution’s vault. TEM’s private keys and reserve will forever be stored in this vault in a bid to ensure that the currency is always secure and less susceptible to attacks.

The cryptocurrency was also developed with the help of temtum’s team who have relied on their decade’s acquired knowledge of cryptography. The team was able to create secure private keys for temtum, and also its genesis block.

According to Richard Dennis, temtum believes the Royal Mint is the only suitable place to launch a new cryptocurrency that will have significant value globally in the future. The blockchain company has also been collaborating with government-grade security advisors to ensure the temtum’s network is the most secure in the industry and TEM’s reserves are stored 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,” he said.

TEM has also been created to be a strong competitor with existing cryptocurrencies and financial institutions which temtum says are no longer fit to facilitate payments in the modern day. It, therefore, relies on Temporal, an innovative and patented blockchain technology which has been proven to verify 3,000 transactions per second (TPS).

Another notable difference is that the TEM’s blockchain has been fully developed and made ready. As such, there will be no Initial Coin Offering (ICO) or initial exchange offering (IEO) in order to raise funds. Instead, the digital asset will be launched on CoinAll crypto exchange on July 17, 2019, where it will be purchased, traded and used globally.

The Royal Mint, on the other hand, is a financial institution that has been minting coins for the United Kingdom for over 1,100 years. It has worked alongside 60 nations around the world to transport British currencies to them. As a result, aiding in the minting and storage of a crypto asset is the first by this renowned institution.

The temtum blog can be seen here and the whitepaper here.

The post temtum Unveils World’s First Cryptocurrency Created and Stored at the Royal Mint’s Vault appeared first on ZyCrypto.

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