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Stanford and MIT academics to design cryptocurrency

Stanford and MIT academics to design cryptocurrency

The brightest minds of America have grouped together for creating a cryptocurrency which is getting designed to processing thousands of transactions per second. Professors from seven colleges have teamed up to create the virtual currencies with an aim of creating Bitcoins that can process transactions at great speed.

The professors from Massachusetts, University of California and Stanford University are headed in this direction to work on the loopholes needs to be fixed for making the transactions using Bitcoins easy and fast. The Unit-e is the first initiative of the Distributed Technology Research (DTR), a non-profit organization that has been created by the academics with a backing from hedge fund Pantera Capital Management LP for developing decentralized technologies. DTR aims to launch Unit-e in the second half of 2019 and it is being designed to process around 10,000 transactions per second. The current average of Bitcoins and Ethreum lies between 3.3 and 7 transactions per second for Bitcoin and from 10 to 30 for Ethreum.

To achieve greater speed and scalability, DTR deconstructed the blockchain technology. The academics has already published their research on all aspects of blockchain technology and are relying on new mechanism. Unit-e is the group’s first initiative and future work could cover so-called smart contracts, said Viswanath.

Bitcoin has shown us that distributed trust is possible but it is just not scaling at a dimension that could make it a truly global everyday money,” said Viswanath. “It was a breakthrough that has the capacity to change human lives but that won’t happen unless the technology can be scaled up," he added.