Cryptocurrency Spotlight: MIT, Stanford Developing “Unit-e”
Some of the top minds at American institutions are jumping on the crypto-bandwagon.
Months ago, the Yale University’s $30 billion endowment invested in two venture funds that focus strictly on cryptocurrencies, including Andreessen Horowitz’s $300 million crypto fund. Yale also invested in Paradigm, a fund founded by Coinbase co-founder, Fred Ehrsam.
Now, some of those same top universities are banding together to create a cryptocurrency that could process thousands of transactions every second – something Bitcoin (BTC) can’t do.
All without compromising decentralization.
Learn How to Spot Unique and Predictable Patterns in Cryptos
“Bitcoin has shown us that distributed trust is possible but it’s just not scaling at a dimension that could make it a truly global everyday money,” said Pramod Viswanath, researcher at the University of Illinois Urbana-Champaign, as quoted by Forbes. “It was a breakthrough that has the capacity to change human lives but that won’t happen unless the technology can be scaled.”
In fact, scholars at the Massachusetts Institute of Technology, Stanford University and University of California, Berkeley have banded together to create DTR, or Distributed Technology Research. Their goal – to create what’s known as “Unit-e.”
The team expects that Unit-e will be able to process transactions even faster than Visa – and expects to launch it during the second half of 2019.
All with a goal of processing as many as 10,000 transactions each and every second – faster than the average processing speed of 3.3 and 7 transactions per second with Bitcoin.
That would also be quicker than the 1,700 transactions per second on average with Visa.
“The mainstream public is aware that [existing cryptocurrency] networks don’t scale. We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet,” says Pantera Capital co-chief investment officer and DTR member, Joey Krug, as quoted by Bloomberg.
Granted, success isn’t a guarantee.
While the technology and speed are off the charts, the risk is that the new cryptocurrency could fail to gain any traction among investors.
It’s a wait-and-see at this point with regards to its success.
However, if it can offer an option of higher processing speeds, it could very well dethrone top cryptocurrencies, like Bitcoin.
Bonus Report: There are several patterns that can pintpoint the likely price movement of cryptos. Click Here to get the full report on how to spot these patterns.