Cryptocurrency

MIT, Stanford Profs To Develop An Improved Cryptocurrency Than Bitcoin

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Since quite some time, educational institutes have been taking an active part in the crypto economy, mostly by including blockchain related courses in their curriculums. But this time there is a big announcement by seven renowned colleges of the United States.

Researchers and professors from seven U.S. colleges including the Massachusetts Institute of Technology, Stanford University and the University of California Berkeley are working on to design a cryptocurrency named Unit-e, that is capable to cater something that Bitcoin can not. These Researchers believes that the new cryptocurrency project will offer scalability beyond anything that bitcoin can offer.

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These researchers and professors are functioning under a banner of Distributed Technology Research (DTR). It is a non-profit foundation working with the support of Pantera Capital. It operates with an aim to develop next-generation digital currencies to achieve wide adoption. The non-profit organization is based in Switzerland, whose official launch was declared today.

The cryptocurrency Unit-e will be able to compete with its rival Visa and Mastercard regarding transactions processed per second. Unit-e is expected to introduce in the second half of 2019. The developing cryptocurrency is coming with a target to process 10,000 transactions per second. This will establish it as a network having the highest throughput, which is more than Visa’s 1,700 transactions per second and Bitcoin’s ~10 transactions per second. The core team for Unit-e includes “open-source and distributed systems engineers,” based in Berlin. The team wants Unite-e to significantly perform better than any other payment network, including bitcoin as far as concerned with speed and transaction security.

Here, Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University talked about DTR’s view for Unit-e, noting, “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.

Notably, David Chaum, a trendsetter of digital currencies is also busy creating a new platform that would enable digital money to be traded faster.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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