Before the rise and fall of Bitcoin (BTC), digital currency opened the eyes of those that saw it as a means to do away with the central, traditional authorities and corrupt governments to give individuals more control over their funds.
However, everything did not work out as planned. The entire digital currency industry has become a dream of speculation. The crypto market has fluctuated and plunged, there are lots of scam coins in the market, and the industry has seen an influx of over 1,500 altcoins. Industry players are also frequently arguing over block sizes, security, protocols, and hard forks.
Traditional Institutions are Still Interested in Blockchain Technology
Irrespective of all the issues in the industry, the underlying technology of Bitcoin (BTC) – blockchain – has gained the interest of traditional institutions. It has successfully gotten the attention of those that see value, not in digital currency itself, but the idea of transparent ledgers.
Putting the disappointment of investors and the value of the coin aside, one of the major aims of Bitcoin was to facilitate thousands of transactions per second in order to boost accessibility, cost, and efficiency. This is yet to happen, but that doesn’t mean that the dream is dead.
Unit-e Promises Better Performance and Transaction Speed than Bitcoin (BTC)
Academics from seven colleges in the United States, including top-notch colleges such as MIT (Massachusetts Institute of Technology), University of California, and Standard University, are working on something spectacular. They are collectively trying to create a new kind of Bitcoin (BTC) that fulfills the original promises of Bitcoin.
The new digital currency is dubbed “Unit-e” and it is the first research movement launched by non-profit Distributed Technology Research. The research group is sponsored by Pantera Capital Management and it is made up of academics.
According to reports, the new digital currency is hoped to be able to process about 10,000 TSP (transactions per second). In comparison, BTC is only able to process about seven transactions per second. Unit-e is aimed at increasing the rate of transactions without eliminating decentralization – the core of blockchain and digital currency itself.
Bitcoin (BTC) Price Today – BTC / USD
The scalability of the digital currency will not necessarily become a stumbling block, says the research team in a research paper. In order to overcome the constraint of speed and scalability, the team said it has managed to tear apart the blockchain and recreate it with major improvements and new mechanisms at almost every level.
According to the publication, Sharding has received an upgrade that will enhance speed levels by boosting the efficiency of nodes. The new digital currency is scheduled to launch in the second half of this year. Since the emergence of Bitcoin (BTC) – ten years ago – blockchains have evolved from just an idea to a verse of academic research, says Giulia Fanti.
Giulia Fanti is an Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University and the lead researcher for DTR. It is an amazing concept, and it’ll be fascinating to see if the research team can finish the task in the remaining time allowed.
Nevertheless, it will also be interesting to see where the digital currency will go if it is successful. Unit-e might be used in the financial sector for financial products due to the fact that the research team is sponsored by a hedge fund.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.