One of the bragging right of Cardano as a cryptocurrency is hinged on the fact that it has academicians on its team. But the news out there might just this bragging right, as some of the brightest minds in America’s educational sector have reportedly come together to birth forth a cryptocurrency and a blockchain technology that will be able to process transactions in their thousands.
Yes, you read that right. Professors from seven different colleges in the United State have teamed up in an attempt to create a crypto coin that will allegedly knock Satoshi Nakamato’s Bitcoin of the throne of the cryptocurrency market. The name of the cryptocurrency is called Unite-E and the academic homes of these professors are Massachusetts Institute of Technology, University of California, Berkeley University and Stanford University. The Unit-E is the first of its kind, an initiative of a swizz based non-profit organization (Distributed Technology Research) that was formed by academicians, with major financiers being Pantera Capital Management. The aim of this organization is to develop decentralized technologies, thereby decentralizing the future.
HOW CAN IT END BITCOIN?
Most people are wondering why this cryptocurrency is aiming at overtaking Bitcoin as the team behind it has frequently directed cryptic shades at the suppose king of cryptocurrency. Bitcoin as we all know is the first cryptocurrency, the first blockchain technology that enabled transactions between two parties without the need of a third party or a central authority. But even with the boom in cryptocurrency market and the introduction of various altcoins, and the widespread of the blockchain technology among developers, the cryptocurrency project is yet to be adopted fully.
One of the limitation of Bitcoin as a payment network is the time it takes for blocks to be created. This coupled with a whole lot of others have contributed in the drastic reduction of using Bitcoin as payment option. This is what these professors hope to tackle, a cryptocurrency project that can process transactions at a rate that is even faster than Visa.
Distributed Technology Research (DTR) announced of its plans to launch this cryptocurrency in the second half of 2019. No test records have been given yet but going by their words, the transaction per seconds is out of this world. The fastest cryptocurrency transaction per second recorded is 8. But these academicians are claiming a transaction of 10,000 per seconds. Visa, which is by the way not a decentralized network processes 1,700 transactions per seconds. How on earth are they planning on achieving this speed?
Actually, DTR in an attempt to achieve a higher speed in Unit-E had to deconstruct the blockchain technology which is known and is used by most cryptocurrencies, then they worked on improving every single element of it. They have however published their research on their study on the elements, and they are relying on innovative mechanisms they have designed to reach a consensus. They are also working on creating new ways of sharding and new payment networks in order to reach their target speed.
In my honest opinion, saying that Unit-E will end Bitcoin’s reign simply because of transaction speed has no ground. It can end Bitcoin as a payment network, but definitely not in terms of market capitalization. On a lighter note though, Bitcoin have seen altcoins coming into the market that promises a faster transaction rate and it still remains king. But if Unit-E is built properly, probably with institutional backing, it is definitely going to give Bitcoin a run for its money. 10,000 transactions per second.
Unite-E is not the first cryptocurrency innovation that has been announced to be working on transaction speed. The crypto sphere is well aware of the problem of transaction speed, this is why projects like Lighting Network and Segregated Wintness have emerged, with promises and designs to make transactions faster. But then the promise of DRT is still doubtful, and if this coin is eventually launched, the coin will still have to battle its way up in the market capitalization index. So, I believe it is way to early to say that this cryptocurrency from a group of professors will outshine Bitcoin in the nearest future.