7 US Colleges Teamed Up to Create a Cryptocurrency
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18 January
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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.

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