The issue of scalability has long haunted the prospects of cryptocurrency and blockchain technology. In the latest development, leading academic institutions have come together to address this scalability matter and launched a new decentralized payment system christened Unit-e. The model is globally scalable and developed taking into consideration the scalability challenges related to the currently available blockchain technology.
Academic Institutions at the Helm
The eminent team of professors from seven renowned U.S. institutions including Stanford University, University of California, and Massachusetts Institute of Technology (MIT), has developed this new prestigious project. The team has developed a new digital currency which can process thousands of transactions per second without compromising on the basic tenant of crypto transactions, i.e., decentralization. According to the developers, the processing speed of new digital currency is something that users of Bitcoin can only dream about.
The development of Unit-e has been carried out under the aegis of Distributed Technology Research (DTR), a non-profit organization founded by academics with the help of Pantera Capital Management LP. The Unit-e is the very first initiative of DTR, and the organization is looking forward to expanding its footprints in the crypto space. Moreover, DTR is funding various projects related to blockchain technology to deliver tangible results on the scalability issue faced by the industry.
Commenting on the development of new digital currency, Babak Dastmaltschi, Chairman DTR said that the digital currency and blockchain technology are at crossroads today and the situation is reminiscent to the time when the telecom and internet industries were witnessing the same kind of revolutionary changes. He further added that these times are transformative in nature and with the enhanced connectivity and new-age solutions in the distributed technologies, there is need to build more open networks which will subsequently eliminate the use of centralized control. DTR, according to Dastmaltschi, has been constituted to enable more open networks and the launch of Unit-e is an important step in this regard.
DTR is established with the objective of linking the industry and the academia for enhancing the distributed trust and innovate new technologies in the areas like distributed storage, networking, game theory, incentive design, communication theory, etc. Guilia Fanti, lead researcher at DTR and Assistant Professor, Electrical and Computer Engineering, Carnegie Mellon University noted that the blockchain technology has evolved over time from being just a novel idea to an important domain of academic research. The approach adopted by DTR, according to the professor, is first to study the factors limiting the performance of blockchain technology, suggesting the solutions to maximize the performance, and then anchoring the results on the strong foundations of the conceptual framework. Being the non-profit foundation, DTR is committed to growing its collaboration globally, and all the funds will be directed to support the various initiatives of research and development related to cryptocurrency and blockchain technology. The foundation is also willing to expand the community of Unit-e developers with the help of the current funding and support.
Team Members at DTR
The top team behind the development of Unit-e is based in Berlin. The team consists of members from eight different nationalities with an average experience of ten years in the field of APIs, developing tools, building protocols, etc. The team is responsible for maintaining the highest safety standards for security, code quality, and protocol design. The aim of DTR is to launch the Unit-e in the second half of this calendar year, and it expects the system to process as high as 10,000 transactions per second. Just for your reference, the Bitcoin can process transactions in the range of 3.3 to 7 in a second while Ethereum can handle 10 to 30 transactions per second.