7 US Colleges Teamed Up to Create a Cryptocurrency
Main page News, US, Cryptocurrency
Hot topic
Jan. 18, 2019

Researchers from 7 US colleges teamed up to create a cryptocurrency able to provide the scalability Bitcoin has failed to offer — processing thousands of transactions in a second. We are talking about academics from the MIT, Stanford and Berkeley, among others.

This is the first project of the non-profit Distributed Technology Research (DTR), created by these scholars and backed by Pantera Capital Management. DTR has in mind the development of decentralized technologies, namely next-generation digital currencies.

The initiative is called Unit-e — and its launching is planned to the second half of this year.

It is expected to be able to process around 10,000 transactions per second — while Bitcoin’s current average lies between 3.3 and 7 transactions per second and Visa’s current average lies around 1,700 transactions per second.

“[Bitcoin] was a breakthrough that has the capacity to change human lives but that won’t happen unless the technology can be scaled up." — Said Pramod Viswanath, one of the researchers involved in the project.

This initiative is the most recent in the crypto ecosystem to face the scalability hurdle.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news

Read also:
Please describe the error
Close