A New Competitor for Bitcoin is on the Way

FinTech / January 18, 2019 / Comments: 0
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American professors have pooled their brain power to develop a cryptocurrency capable to process thousands of transactions a second. They expect their coin to gain speeds Bitcoin can only dream about. A new virtual currency, called the Unit-e, is the result of Distributed Technology Research work.

DTR plans to launch Unit-e in the second half of the year. The group hopes it will be able to process 10,000 transactions per second. The expected volume of processed per second transactions will be larger than Bitcoin’s, Ethereum’s and Visa’s. To develop greater speed and scalability academics restructured the blockchain technology underlying most cryptocurrencies and improved almost every its element.

Scientists have published their research on blockchain technology describing new mechanisms they designed and new ways of sharding. The latter is a process when each node maintains only a part of the blockchain increasing transaction speed in such a way.

Bloomberg has informed many other initiatives such as Lightning Network and SegWit are currently working on transaction speeds increasing.

Andrew Miller, one of the key DTR players, thinks that the success of Unit-e is doubtful. Still, in the long-term perspective the best technology they work on could pay off.

In his turn, Viswanath, a researcher on a project, notes that DTR group could in future cover smart contracts. As for Bitcoin, he says, “It (Bitcoin) was a breakthrough that has the capacity to change human lives but that won’t happen unless the technology can be scaled up.”

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