Crypto Community Weighs In on ‘Creating a Better Bitcoin’ Debate as Academia Tout Latest Findings
A few days ago, news spread regarding the possibility to create a new Bitcoin (BTC), or at least, a better virtual currency. However, Bitcoin has been working for more than ten years and it seems that it will keep operating in the future with new implementations and improvements.
Apparently, there are some University professors around the world that want to create a new digital currency which is backed by Credit Suisse and Pantera Capital. The Unit-e crypto will be launched this year and it might be able to process 10,000 transactions per second (TPS). This is more than five times faster than Visa, that processes 1,700 TPS on average. However, VISA can reach more than 45,000 TPS.
In order to process this large amount of transactions per second, the investigators tried to improve blockchain technology. However, there is no information about nodes or mining activities on the report released by the non-profit organization founded by the professors called Distributed Technologies Research. This non-profit is based in Switzerland.
Bitcoin has been growing in a competitive digital currency market during the last 10 years. It has been improved and developers behind it are trying to improve it and enhance it even further. At the same time, Bitcoin has thousands of miners and nodes distributed all over the world. Although Bitcoin continues to grow, there are several companies and projects that are trying to create a better version of Bitcoin.
In the future, Bitcoin will be improved with the Lightning Network (LN) which is going to allow the network to reach millions of transactions per second and reduce the congestion in the Bitcoin blockchain. Additionally, these transactions are going to be processed for very low fees.
Although the product can be technologically superior, this does not guarantee success for this project. Indeed, there have been several new technologies that were not adopted all over the world.
The Unit-e might not be able to succeed as they are expecting. Bitcoin has been embraced not only as a digital asset but also as a way to be against current governments and central banks. Additionally, enthusiasts use Ethereum (ETH) for smart contracts or Monero (XMR) for private transactions.
At the time of writing, Bitcoin is being traded around $3,600 and it has a market capitalization of $62.95 billion. In the last 24 hours, it lost almost 4% of its value.