In a move aimed at bringing cryptocurrencies and blockchain technologies into the mainstream, prolific institutions in America are coming together to create a new cryptocurrency unit called "Unit-e".
Professors and officials of seven US colleges such as the Massachusetts Institute of Technology, Stanford University and the University of California, Berkeley, have joined together to create a cryptocurrency to compete with the likes of Bitcoin [BTC] and XRP in terms of speed and settlement time.
University luminaries have created research on distributed technology [DTR] supported by Pantera Capital Management, a famous hedge fund management company. Joey Krug, Pantera Capital's co-chief investment officer in San Francisco, who is also a member of the DTR board, said:
"The public official is aware that these networks are not scalable, we are at the height of something where, if this does not scale relatively quickly, it could be relegated to ideas that were beautiful but that did not work in practice: more like 3D printing that the Internet. "
Unit-e is entered into to process transactions of up to 100,000 with the main objective of beating Bitcoin and Ethereum which can lead respectively 3.3-7 transactions and 10-30 transactions. Pramod Viswanath, professor of electrical engineering and computer science at the University of Illinois, Urbana Champaign, said:
"To achieve greater speed and scalability, DTR has deconstructed the blockchain technology that supports most cryptocurrencies and has tried to improve almost every element."
He also added:
"Bitcoin has shown us that distributed trust is possible, but it is not simply scalable in a dimension that could make it a real global daily money." It was a turning point that has the ability to change human lives, but this will not happen. unless the technology can be increased ".
The move has been publicly acknowledged by a lot of people in the cryptocurrency space, including Weiss Cryptocurrency Ratings, a popular encryption organization. They tweeted:
"#MIT, #Stanford, #Berkeley announce the launch of a globally scalable decentralized payments network and the development of the #cryptocurrency Unit-e. TPS will be 10K, #XPR is 1.5K and #VISA is 25K. it means to be better, to be without permission. #BTC #ETH "
The comment also drew the attention of the XRP community that enhanced the transactions and settlement time of XRP, which is currently timed to 4 seconds for any cross-border transactions. The "XRP army", as they are called, has touched how the speed proposed by the DTR does not correspond to that of XRP.
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