New Unit-E Cryptocurrency Touted as “Killer Application for Blockchain” by MIT and Stanford Researchers
A Switzerland-based non profit organization called Distributed Technologies Research (DTR) announced a cryptocurrency called Unit-e this past week.
In a press release published on January 17, DTR described Unit-e as a “globally scalable decentralized payments network” and a “killer application” for blockchain.
“Money is the world's most universal system of institutional trust, but trust in these financial institutions has been eroded. A new approach is needed, and the Foundation believes payments is the first “killer application” for blockchains. Therefore, DTR's first initiative is a globally scalable decentralized payments network: Unit-e.”
Distributed Technologies Research is funding the project. The organization is made up of researchers from seven major universities in the United States, including Massachusetts Institute of Technology (MIT), Stanford University, and the University of California, Berkeley.
DTR has reportedly received funding from blockchain investment fund Pantera Capital.
According to the latest press release, Unit-e is being actively developed by a Berlin-based team. The team consists of “open-source and distributed systems engineers” dedicated to making Unit-e the globally-scalable payments platform of the future.
Distributed Technologies Research was formed last year with the goal of pushing distributed governance systems forward. The organization’s official website claims that the group is dedicated towards encouraging funding and research in the distributed governance space. Unit-e is the first project launched by the organization.
The organization believes that an effective blockchain-based payment platform could pave the way for blockchain technology to continue going mainstream. As explained by the press release:
“Cryptocurrencies have not yet achieved widespread adoption, in part due to scalability challenges. DTR is funding research to address the entire blockchain technology stack to deliver scalable performance. These innovations are being applied in the development of Unit-e and are applicable to all general-purpose blockchains.”
Unit-e seems to have similar goals to bitcoin and other cryptocurrency projects: the goal is to create a cryptocurrency that can scale globally and provide effective payment systems to people worldwide. The official DTR website specifically mentions the 2 billion unbanked or underbanked people living worldwide as customers who could benefit from a system like Unit-e.
According to Bloomberg, the Unit-e team will launch the cryptocurrency in the second half of 2019.
One of the first goals of Unit-e is to process 10,000 transactions per second – a similar capacity to Visa and other major credit card payment networks. Today, bitcoin (BTC) processes approximately 7 transactions per second, although technologies like the Lightning Network could increase BTC’s transactional capacity moving forward.
Some believe blockchain technology will never be able to scale to process tens of thousands of transactions per second securely. Others believe it’s possible – and that projects like Unit-e have a real chance of succeeding.
Moving forward, Distributed Technologies Research will aim to continue promoting research while “decentralizing the future”. The organization was founded with the goal of expanding blockchain research worldwide while providing developmental support and funding to promising projects.
Unit-e is the first project listed on the official DTR.org website. If successful, Unit-e could become one of the world’s largest and most promising cryptocurrencies. Unit-e will continue to be actively developed throughout this year. Watch for Unit-e to be launched by the second half of 2019.