Tectum Bags Best Blockchain Innovation Award at Leaders in Fintech Awards 2024

• Tectum blockchain has gained recognition for its technology.
• The protocol offers a low-cost, high-speed network with growing recognition of payment solutions.

Tectum, a layer-1 blockchain developed by Crispmind Ltd, won Best Blockchain Innovation at the Leaders in Fintech Awards 2024. This award acknowledges Tectum as one of the MENA region’s most innovative blockchain projects.

Tectum Recognized for its Blockchain Efforts

The Leaders in Fintech Awards 2024 comprises 38 different categories. Each category acknowledges the influence of individuals and corporations in the financial technology industry. To achieve complete recognition, the awarding body includes all service providers in the MENA region.

This year’s event was held on September 11 at the Habtoor Palace in Dubai, UAE. Voting was open to everyone in the Fintech sector, and there were no restrictions on who participated. Receiving the Best Blockchain Innovation award is considered a huge milestone for Tectum.

Tectum joins notable fintech firms like Paymob, Tamam, and Hyperpay that have previously received recognition from the Leaders in Fintech Awards. The award has helped present the platform in a good light, encouraging more users seeking faster blockchain transactions to use Tectum.

The start-up is well-known for its speed and high Transactions Per Second (TPS). Tectum is the fastest blockchain in a clinical setting, with a TPS of over 3.5 million.

Tectum utilizes a proof-of-utility consensus approach to ensure smooth transaction processing via 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.

Notably, scalability has been the core challenge of Bitcoin (BTC) and other cryptocurrencies. Bitcoin needs an average of 10 minutes to create a block, thus exhibiting slow performance. Likewise, Ethereum (ETH), developed for higher scalability performance, has a mere 20 TPS.

Furthermore, 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 Scaling Bitcoin Transactions

Amid all these, Tectum has been working silently behind the scenes to bring Satoshi Nakamoto’s vision to reality. Tectum resolves all scalability concerns with Bitcoin payments, resulting in one of the fastest blockchains.

The Tectum Blockchain is mainly built on the principle of hashing, which enables faster data item processing due to three levels of nodes in the blockchain. This includes the master node, designed to transport heavy data, and the upper level, which communicates using hashes. Recently, the team introduced their Light Node that will play a major role in Tectum Public Blockchain.

Tectum extends beyond the blockchain ecosystem to create a fintech solution called SoftNote, which scales Bitcoin transactions. SoftNote is a transactionless payment system that provides zero costs and fast payments. It enables low-cost on-chain transfers via the Bitcoin node and overlay network. The payment system utilizes SoftNote Wallets, SoftNote Bills, and SoftNote Pay.

SoftNote Wallet allows individual crypto users and merchants to manage their digital assets in one location. With SoftNote Bills, users can send and spend cryptocurrencies such as Bitcoin and Ethereum for a less than $1 gas fee. This technique allows anyone to use cryptocurrency without requiring blockchain wallets.