- The Tectum blockchain is recognized for its technology.
- The protocol offers a high-speed, low-cost network, with increasing recognition for payment solutions.
The roof a layer 1 blockchain developed by Crispmind Ltd, won the Best Blockchain Innovation award at the Leaders in Fintech Awards 2024. This 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 industry. To achieve full recognition, the awarding body includes all service providers in the MENA region.
This year’s event was held 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 such as Paymob, Tamam and Hyperpay who have already been recognized by the Leaders in Fintech Awards. This award helped showcase the platform in a favorable light, which further encouraged users looking for faster blockchain transactions to use Tectum.
The startup is known for its speed and high number of transactions per second (TPS). Tectum is the fastest blockchain in a clinical setting, with a TPS of over 3.5 million.
Tectum uses a proof-of-utility consensus approach to ensure smooth transaction processing through trusted nodes. Unlike many Web3 networks, the protocol uses layered transaction processing, eliminating traffic congestion and delays while maintaining transaction privacy using zero-knowledge proofs.
Scalability has been the main challenge for bitcoin ( BTC ) and other cryptocurrencies. Bitcoin needs an average of 10 minutes to create a block, which results in slow performance. Likewise, Ethereum ( ETH ), developed for better scalability, has only 20 TPS.
Furthermore, with 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
In the midst of it all, Tectum is quietly working behind the scenes to bring Satoshi Nakamoto’s vision to life. Tectum solves all the scalability issues of bitcoin payments, making it one of the fastest blockchains.
The Tectum blockchain is mainly based on the principle of hashing, which allows faster data processing thanks to three levels of nodes in the blockchain. This is the main node, designed to carry heavy data, and the top level, which communicates using hashes.
Tectum is moving beyond the blockchain ecosystem to create a fintech solution called SoftNote, which helps scale Bitcoin transactions. SoftNote is a transaction-free payment system that offers zero costs and fast payments. It allows low-cost on-chain transfers via the Bitcoin node and overlay network. The payment system uses SoftNote Wallets, SoftNote Invoices and SoftNote Pay.
SoftNote Wallet allows cryptocurrency users and traders to manage their digital assets in one place. With SoftNote Bills, users can send and spend cryptocurrencies such as Bitcoin and Ethereum can offer gas fees of a dollar. This technique allows anyone to use cryptocurrencies without the need for blockchain wallets.
Finally, SoftNote Pay is a crypto credit card that promotes direct cryptocurrency payments without conversion.
