It is no news that leading universities in the United States, most of which include ivy leagues, have a knack for the underlying groundbreaking impact of cryptocurrency. This has led a good number of these universities to pour in large amounts in form of investments to cryptocurrency fundings.
Apparently, that move was only a tip of the iceberg for these academic institutions as they would later take a deeper dive into the world of digital currencies to create their own cryptocurrencies, and as if that is not enough, the involved participants are claiming that this new cryptocurrency will not only improve the way users carry out transactions through a much flexible method of scalability, but it will be embedded with the potential to knock down the big bull Bitcoin.
The Unit-e Cryptocurrency
Professors from the University of Stanford, Massachusetts Institute of Technology (MIT), University of Washington, UC-Berkeley, Carnegie Mellon University and the University of Southern California have reportedly teamed up with the Distributed Technology Research (DTR) to build a cryptocurrency dubbed “Unit-e”, with the goal of surpassing Bitcoin’s record of 10 transactions per second with the Unit-e network that will go on to process up to 10,000 transactions each second.
A spokesman from DTR can be quoted saying ;
“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.”
Unit-e which is scheduled to launch in mid-2019 will leverage the technique of creating multiple payment networks to speed up transaction process and guarantee transaction security, a technique that will enable it to deliver in terms of the promised scalability.
Another DTR council member had this to say ;
“The mainstream public is aware that [existing cryptocurrency] 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.”