The co-chief investment officer at the Pantera Capital blockchain investment fund is outlining the technology behind a new cryptocurrency designed to outperform Bitcoin, XRP and Ethereum.
In a recent interview with Bloomberg, Joey Krug states that Unit-e, created by a group of researchers from seven US universities including MIT and Stanford, aims to process 10,000 transactions per second. He says that the new cryptography will remain decentralized as Bitcoin, but will process the transactions in a new way to get significantly higher transaction speeds.
"If you look at Bitcoin, the problem is that every computer on the Bitcoin network has to process every transaction, it's like you have a calculator, and when you did 2 times 2, every other calculator in the world did 2 times 2. And so what these guys are working on is essentially the separation and doing so that you can do more calculations in parallel instead of having to do them all in sequence ".
According to Krug, the challenge of climbing cryptocurrencies is a life or death problem for the market, but it is sure that developers of all aspects will drastically increase the technology.
"Considering the challenges the Internet had to face, it was much more difficult, people had to put the copper wire in physical locations, where they have to solve technical problems that are difficult, but they can be solved primarily with software. "
As for the encrypted market in general, Krug believes that "the choppy waters" will continue to show up in 2019 and expects a turnaround in the coming years.
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