Professors 7 US colleges to create 'better version of Bitcoin' in 2019: Unit-e

17 Jan, 2019 | Updated: 17 Jan, 2019
by Jelmer van der Dussen
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Professors 7 US colleges to create 'better version of Bitcoin' in 2019: Unit-e

Professors from seven US colleges, including MIT, Stanford University and Berkeley, are working on creating a cryptocurrency that should become better than Bitcoin, Bloomberg reports.

They plan to design a cryptocurrency that does what Bitcoin 'proved is incapable of': processing thousands of transactions a second. The professors form a non-profit foundation called Distributed Technology Research, a group funded by hedge fund Pantera Capital. The currency will carry the name 'Unit-e' and the group aims to make it process transactions faster than Visa, with 10,000 transactions per second.

According to the professors, Bitcoin will not be able to process thousands of transactions per second: its performance and scalability are 'constrained' because of inbuilt restrictions.

Read more: Is Bitcoin dead? 8 reasons why it is NOT

Unit-e will be launched in Q3 or Q4 of 2019. In the future the group could also cover smart contracts, according to researcher Pramod Viswanath. "Bitcoin has shown us that distributed trust is possible but its just not scaling at a dimension that could make it a truly global everyday money", Viswanath says to Bloomberg. "It was a breakthrough that has the capacity to change human lives but that won’t happen unless the technology can be scaled up."

Joey Krug, co-chief investment officer at Pantera Capital, says to Bloomberg on Bitcoin: "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."

Read more: Will Bitcoin recover in 2019?

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