The new cryptocurrency is developed by a group of professors from different US universities; will launch in the second half of this year
Unit-e is planned to be developed carrying an initial capacity of 10,000 tps (transactions per second). This throughput exceeds the 10 tps afforded by the Bitcoin blockchain and the 1,700 tps of the Visa payments system.
The project is participated by professors who have accomplished papers on blockchain technology. They specialize in cryptography and computer science and teach in Carnegie Mellon University, Massachusetts Institute of Technology (MIT), Stanford University, UC-Berkeley, University of Southern California, and University of Washington.
They are collaborating under the umbrella of Pantera Capital supported Distributed Technology Research.
Unit-e and the Promise of Scaling
The group hopes to surpass performances in scalability and security offered by current payments systems and that of bitcoin. Sharding will be employed and separate payment conduits will come into play to speed up transactions.
They are ‘on the cusp of something,’ says Joey Krug, Co-Chief Investment Officer of Pantera Capital. And in case it fails to achieve scale soon, the idea may be consigned as something good but does not work in application, ‘more like 3D printing than the internet.’
A Bitcoin Scalability Solution: Lightning Network
Blockchain solutions firms are looking for ways to improve bitcoin’s shortcomings in scalability and speed.
Lightning Labs developed the Lightning Network built on the Bitcoin blockchain. It generates a network of payment channels, composed of a set of smart contracts and multisignature address, between nodes. This eliminates recording every single transaction on the blockchain.