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Professors from seven American universities have joined forces to create a faster cryptocurrency than Bitcoin (BTC) while remaining true to the concept of decentralization. The cryptocurrency will be known as Unit-e and is the first project of Distributed Technology Research (DTR): a non-profit foundation formed by the same academics and supported by Pantera Capital Management LP.
The academics are from the following major American universities:
- University of California, Berkeley
- Mbadachusetts Institute of Technology (MIT)
- University of Southern California
- The University of Carnegie Mellon
- University of Illinois Urbana-Champaign
- University of Washington
- Stanford University
The professors are opinion leaders in the following sectors:
- Electrical and Computer Engineering
- Finance
- Economy
One of the members of the team, however, is not affiliated with any academic institution. He is a specialized system engineer in wireless communication.
Unit-e to handle 10,000 tps
Joey Krug, co-head of investments at Pantera Capital in San Francisco, also a board member of DTR, said this in an interview about the new unit-e company,
The general public is aware that these networks have no scale.
We are about to achieve something where, if it does not materialize quickly enough, it can be relegated to interesting ideas that have not worked in practice: they look more like 3D printing than 'to the Internet.
The launch of Unit-e is scheduled between the middle and end of the year and aims to reach 10,000 transactions per second.
About Distributed Technologies Research (DTR)
The DTR Foundation was created on the premise that distributed trust will play a major role in our society. It is therefore necessary to launch new innovative research and development activities. DTR aims to expand collaborative efforts between industry and academia. Its goal is to harness the global community through thought leaders, developers and researchers to create better technologies. DTR is currently based in Switzerland.
Babak Dastmaltschi, chairman of the foundation board of the DTR, explained his mission to create Unity-e,
The blockchain and digital currency markets are at an interesting crossroads, recalling the inflection points reached when industries such as telecommunications and the Internet were developed.
These are times of transformation. We are approaching the point where everyone in the world is connected together. Advances in distributed technologies will allow open networking, thus avoiding the use of centralized authorities.
DTR was created to allow and support this revolution, and it is with this in mind that we unveil Unit-e.
What do you think of the professors of the best American universities who have teamed up to create a digital badet offering faster throughput than Bitcoin (BTC)? Will Unit-e be a threat to BTC? Please let us know in the comment section below.
[Image courtesy of News.MIT.edu]
Warning: This article is not meant to give financial advice. Any additional opinion in this document is purely that of the author and does not represent the opinion of Ethereum World News nor any of its other authors. Please do your own research before investing in one of the many available crypto-currencies. Thank you.
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