Academics from MIT, Stanford University and University of California are coming together to create a new cryptocurrency that will be both faster and more scalable than Bitcoin while retaining its decentralized fabric.
Bitcoin may be the first cryptocurrency in the world, but its low scalability has given birth to hundreds of other coins that want to better it at speed and scalability. There’s no dearth of such coins in the crypto space. However, when some of the brightest minds of United States decide to apply their brainpower in one such project you know that something awesome is around the corner. That is happening right now, as according to a Bloomberg report academics from some of the world’s best known American universities are coming together to create a new cryptocurrency that keeps the decentralized fabric of Bitcoin while being much more faster and scalable than it.
This new project is called Unit-e, and its core team members include academics from Massachusetts Institute of Technology (MIT), Stanford University, University of California and 4 other American universities. These people are all part of a Distributed Technology Research (DTR) Group that is backed by popular venture capital fund Pantera Capital. DTR claims to be a non-profit organization, and Unit-e is their first initiative. A research paper published by the group touched upon the inscalability of Bitcoin and other similar payment networks, and why there’s a need to solve this issue now. Joey Krug, the Co-Chief Investment Officer of Pantera Capital in San Francisco who is also a member of DTR team, said during an interview:
“The mainstream public is aware that these networks don’t scale. We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.’’
The goal of DTR is to develop a cryptocurrency network that is faster than the network of infamous credit and debit card payment processor Visa even. They’re targeting a launch in second half of 2019, and they want Unit-e to be able to process more than 10,000 transactions per second. Now, that is aiming for an altogether different world because while Bitcoin and Ethereum process between 3-30 transactions per second, Visa processes 1,700. So what this team is aiming to do is to destroy almost every major payments network in one shot. But still, since some really sharp minds are involved here, things can’t be taken for granted. So it will be interesting to see how successful this experiment remains now!