Tectum, recognized as the fastest Tier 1 blockchain, has been awarded the prestigious “Best Blockchain Innovation” award at the Leaders in Fintech Awards 2024. This recognition highlights the platform’s cutting-edge solutions and contributions to blockchain technology, particularly in the Middle East and North Africa (MENA) region. Tectum is a subsidiary of Crispmind, an intellectual property and technology innovation company.
This award places Tectum among the most reputable fintech players, such as Paymob, Tamam and Hyperpay, all of which have been recognized by the same awarding body in previous years. This recognition highlights Tectum’s role in advancing blockchain services in an increasingly competitive and evolving fintech landscape.
Overview of the Leaders in Fintech Awards 2024
The Leaders in Fintech Awards 2024 comprise a total of 38 categories, each designed to celebrate the contributions of individuals and organisations within the fintech sector. These categories cover various aspects of financial technology, reflecting the diverse and dynamic nature of the sector. The awards are designed to encompass a wide range of service providers across the MENA region, ensuring that every impactful innovation is recognised.
Voting for the awards is open to all, with no restrictions on participation. This inclusiveness allows for broad engagement within the fintech community, giving everyone a voice in the decision-making process. The voting period was extended until September 3, 2024, when no further applications were accepted. Following the close of voting, the awards ceremony took place on September 11, 2024, at Habtoor Palace in Dubai, United Arab Emirates.
Tectum Rewarded for Blockchain Innovation
Tectum won the Best Blockchain Innovation award for its ability to process an unmatched number of transactions per second (TPS), positioning it as the fastest blockchain in the industry. With a capacity exceeding 3.5 million TPS, Tectum has demonstrated its technical superiority and operational efficiency, particularly in high-performance blockchain environments. This high transaction throughput sets it apart from other blockchain platforms, making it a clear leader in terms of speed and scalability.
Beyond its blockchain network, Tectum has developed several key fintech solutions aimed at improving the utility and accessibility of cryptocurrencies. Among these, SoftNote stands out as a significant innovation within Tectum’s ecosystem. SoftNote facilitates the scaling of Bitcoin transactions by providing users with a simple and user-friendly wallet interface. This solution allows individual crypto users and merchants to efficiently manage their digital assets on a single platform, further simplifying the crypto experience.
Expanding the ecosystem with SoftNote solutions
In addition to the SoftNote wallet, Tectum has launched other fintech products designed to simplify the use of cryptocurrencies in everyday transactions. One such product is SoftNote Bills, a system that allows users to send and spend cryptocurrencies like Bitcoin and Ethereum with a minimal gas fee of just $1. This feature makes cryptocurrency more accessible to the masses by eliminating the need for traditional blockchain wallets. By simplifying the user experience, SoftNote Bills aims to increase the adoption of digital currencies in everyday financial activities.
Tectum also launched SoftNote Pay, a crypto credit card that facilitates direct payments with digital currencies. This service allows users to make payments using cryptocurrencies without the need to convert them to fiat currency. By bridging the gap between traditional payment methods and digital assets, SoftNote Pay aims to increase the utility of cryptocurrencies in the real world.
Tectum’s technological advance
Tectum’s status as the fastest Layer 1 blockchain is further enhanced by its use of a Proof-of-Utility consensus mechanism. This mechanism ensures that transactions are processed smoothly through trusted nodes, ensuring both speed and security. Unlike many Web 3.0 networks that suffer from traffic congestion and delays, Tectum uses a layered transaction processing system. This system significantly reduces bottlenecks while ensuring transaction privacy through the use of zero-knowledge proofs (ZKP), improving both performance and privacy in a blockchain environment.
Tectum’s product line also includes X-Factor Authenticator, a quantum-proof three-factor authentication protocol that provides users with best-in-class security. This advanced authentication system is part of Tectum’s commitment to protecting digital assets and building user trust in its platform.
Innovate with Crispmind
Tectum’s achievements are supported by its parent company, Crispmind, a well-established intellectual property and software development company. Crispmind has a diversified portfolio that spans secure messaging, user authentication, blockchain technology, distributed ledgers, and cryptocurrency solutions. The company serves both private enterprises and government institutions, demonstrating its versatility and ability to meet the complex needs of different industries.
Through its innovations, Crispmind seeks to simplify the challenges of the digital age, enabling individuals and businesses to thrive in an increasingly technology-driven world. Tectum’s blockchain innovations, including its fast transaction speeds and user-friendly fintech solutions, are a testament to Crispmind’s broader mission to make cutting-edge technology accessible and effective.
Conclusion: A Leading Innovator in Blockchain Technology
Tectum’s recognition in the 2024 Leaders in Fintech Awards underscores its position as a pioneer in the blockchain industry. With its unmatched transaction speeds, innovative solutions like SoftNote, and commitment to simplifying the use of cryptocurrencies, Tectum is poised to lead the way in both blockchain technology and the broader fintech space. As the demand for faster and more efficient digital financial solutions continues to grow, Tectum’s contributions are set to play a significant role in shaping the future of blockchain and decentralized finance.