Professors from seven U.S. colleges including the Massachusetts Institute of Technology, Stanford University and University of California, Berkeley have teamed up to create a cryptocurrency, dubbed Unit-e, that can process as many as 10,000 transactions per second.
That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. It’s also multiples quicker than Visa, a centralized network, which processes around 1,700 transactions per second on average.
Unit-e is the first initiative of the non-profit foundation Distributed Technology Research (DTR), created by scientists with the support of the hedge fund Pantera Capital. DTR plans to launch Unit-e in the second half of the year.
To achieve greater speed and scalability, DTR deconstructed the blockchain technology that supports most cryptocurrencies and sought to improve almost every element of it, said Pramod Viswanath, a researcher on the project and a professor of electrical and computer engineering at the University of Illinois Urbana-Champaign.