Stanford University and MIT will create a new cryptocurrency

Researchers from seven American universities, including the Massachusetts Institute of Technology (MIT), Stanford University and the University of California at Berkeley, have been developing digital currency, which they are notable for surpassing Bitcoin and Ethereum in transaction speed. This is reported by Bloomberg.

The new cryptocurrency will be called Unit-e and will be the first initiative of the non-profit foundation (DTR) Distributed-Technology-Research, created by scientists with the support of the hedge fund Pantera Capital. The latter finances projects in the field of decentralized technology. Unit-e launch is scheduled for the second half of 2019. Cryptocurrency developers hope to achieve up to 10,000 transactions per second with Unit-e.

Now for the most popular cryptocurrencies, this figure is extremely low: for Bitcoin, it averages from 3.3 to 7 transactions per second, for Ethereum – from 10 to 30 transactions per second. For centralized networks, the figure is higher, but even Visa handles an average of only about 1,700 transactions per second. To achieve greater speed for new cryptocurrency operations, DTR is analyzing the blockchain technology that most cryptocurrency relies on and is working to improve every element of it, says on Bloomberg Pramod Vishwanath, a project researcher and professor of electrical engineering and computing at the University of Illinois at Urbana-Champaign.

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Bitcoin is the first decentralized payment system that allows the parties to carry out operations using the same cryptocurrency directly, without relying on any central authority or intermediaries. Despite the popularity among developers and speculators, the technology has not yet been massively introduced. The limitations imposed in it significantly reduce the speed of transactions, not allowing the use of cryptocurrency for everyday operations, explains Bloomberg. According to the co-director of Pantera Capital on investment, Joey Circle, if you do not scale this technology in the near future, it will turn into a good idea that did not work in practice.

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