Blockchain pioneers Stripe and Paradigm unveil their latest development, a Layer 1 blockchain named 'Tempo'
In a recent development, payments firm Stripe and crypto venture firm Paradigm have jointly introduced a new layer 1 blockchain named Tempo. This blockchain is specifically designed for stablecoin payments and aims to facilitate low-cost global transactions for any business use case.
According to Matt Huang, founder of Paradigm, Tempo is an Ethereum Virtual Machine (EVM) compatible chain, capable of processing 100,000 transactions per second. The network is built with principles of neutrality, decentralization, and diversity, as stated by Huang.
One of the key features of Tempo is its sub-second finality, as mentioned by Huang. However, he did not provide further details about the exact nature of this sub-second finality. The network also aims for a diverse validator set, ensuring a distributed and secure ecosystem.
In the private testnet phase, select global partners are testing Tempo for cross-border payouts, B2B payments, remittances, and other payment use cases. These partners include traditional financial institutions like Deutsche Bank and Standard Chartered, neobanks such as Nubank and Revolut, e-commerce platforms like Shopify, and AI companies like OpenAI.
Matt Huang also noted that the network's plans include stablecoin neutrality and revealed a roadmap towards a permissionless Tempo network. However, no further details were provided about the timeline for achieving this permissionless network.
Tempo's partners in the private testnet phase, acting as validators, include Anthropic, Coupang, DoorDash, Lead Bank, Mercury, and Visa. These partners represent a mix of various industries participating in the early testing and validation of the network.
This information is an excerpt from the Unchained Daily newsletter, providing additional updates on the development of Tempo. As the testnet phase continues, more details about the network's capabilities and future plans are expected to be revealed.
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