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Professors from MIT, Standord, UC Berkeley and four other US colleges are joining forces to create faster cryptocurrency than Bitcoin, Ethereum and XRP.
Cryptocurrency is called "Unit-e" and is the first project of Distributed Technology Research (DTR), a new non-profit organization backed by the Crypto Hedge Fund's Pantera Capital Management fund.
Sending to Bloomberg about popular block chains and crypto-currencies in general, Pantera's co-director of computing, Joey Krug, said:
"The general public is aware that these networks are not up to par. We are about to realize something where, if it does not materialize fast enough, it could be relegated to interesting ideas but that did not work in practice: looked more like 3D printing than it used to be. Internet.
The unit-e is also designed to integrate smart contracts, placing it as a direct competitor of Ethereum, in addition to Bitcoin and XRP. Its designers claim to create new mechanisms to reach consensus and develop new sharing methods to achieve their goal of transaction speed of 10,000 transactions per second.
In comparison, Bitcoin can currently handle about 7 transactions per second. Ethereum can process 15 to 20 transactions per second and XRP feeds 1,500 transactions per second. Visa transaction speed reports vary. Bloomberg is currently recording a transaction speed of 1,700 per second.
Pramod Viswanath, researcher on the project and professor of Electrical and Computer Engineering at the University of Illinois at Urbana-Champaign, said:
"To achieve greater speed and scalability, DTR has built the blockchain technology that supports most crypto-currencies and has sought to improve almost everything. The group first sought to understand the blockchain's performance limits in order to design technologies that work as close as possible to these limitations. "
Unit-e is expected to be commercialized later this year, with July as soon as possible.
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