Some of the smartest minds in America have joined forces to create a new cryptocurrency that will be a better version of Bitcoin. The new team aims to create a crypto coin that will manage to do what Bitcoin and other top crypto coins have not managed to do, process thousands of transactions per second.
The team is made up of professors from seven different U.S. colleges including University of California, Stanford University and Massachusetts Institute of Technology. Together they hope to achieve the kind of speeds that Bitcoin users can only dream of, however, without compromising on its aspect of decentralization.
Unit-e will be a better version of Bitcoin
The digital currency will be known as Unit-e. It will mark the first project of the newly formed Distributed Technology Research team. Academics founded the platform with the support of Pantera Capital Management LP, a hedge fund. It operates as a non-profit foundation that aims to develop decentralized technologies.
Ten years after the first digital currency was invented, cryptocurrencies are yet to be embraced by the mainstream. They have however proved popular with some factions like the speculators and developers. Looking at the top crypto coin for reference, part of the problem lies in its design that has inbuilt restrictions that constrain its performance and its ability to scale.
This has proved a significant obstacle in its use as an everyday unit of payment according to DTR. So, the solution lies in developing a better version of Bitcoin that will process more transaction than Visa.
The team aims to develop a coin that can process up to 10,000 transactions per second. That is miles away from the 3-7 transactions Bitcoin can currently muster. Also, its many times the number Visa can manage at 1,500.
Speaking to Bloomberg, Joey Krug of Pantera Capital and a member of the DTR council said that;
“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.’’
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