Blockchain pioneers Stripe and Paradigm unveil their latest creation, a Layer 1 blockchain dubbed 'Tempo'
In a recent development, a joint venture between Stripe and the crypto venture capital firm Paradigm has unveiled a new blockchain platform named Tempo. The news comes from the Unchained Daily newsletter, providing context about the source of the information.
Tempo is an Ethereum Virtual Machine (EVM) compatible chain, built specifically for handling stablecoins. The network, led by Matt Huang, Paradigm's co-founder and managing partner, aims to facilitate low-cost global transactions for any business use case.
Matt Huang has suggested a roadmap towards a permissionless network for Tempo. He also mentioned plans for stablecoin neutrality and a diverse validator set in the development of the platform. Huang claims that the network is built with principles of neutrality, decentralization, and is capable of processing 100,000 transactions per second with sub-second finality for transactions.
The high-performance blockchain is currently operating in a private testnet phase. Select global partners are testing Tempo for cross-border payouts, B2B payments, remittances, and other payment use cases. Notable contributors to Tempo include OpenAI and Visa.
With these ambitious plans, Tempo promises to revolutionize the stablecoin transaction landscape, making it more efficient and accessible for businesses worldwide. As the project progresses, it will be interesting to see how this joint venture between Stripe and Paradigm shapes the future of blockchain technology.
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