Several institutions in the United States are ready to develop a new cryptocurrency called Unit-e. It seems that Bitcoin (BTC), XRP and Ethereum (ETH), the three largest digital currencies in the market, could have a new competitor trying to take their place.
Professors and officials from different U.S. colleges will be creating a cryptocurrency that will have the characteristics of Bitcoin and XRP. Some of the colleges involved are the Massachusetts Institute of Technology, Stanford University and the University of California, Berkeley.
These individuals and experts have already created the so-called Distributed Technology Research (DTR) that is backed by the hedge fund Pantera Capital Management.
Joey Krug, the co-chief investment officer at Pantera Capital in San Francisco, commented:
“The mainstream public is aware that these networks don’t scale. We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.”
The Unit-e could be processing 100,000 transactions per second and beat Bitcoin and Ethereum. At the moment, Bitcoin is able to process between three and seven transactions while Ethereum could process between 10 and 30 transactions per second.
The main critic that Bitcoin receives is due to the fact that it is not a scalable network. In order for cryptocurrencies to reach people from all over the world, they will have to be highly scalable.
Nevertheless, they did not mention anything about the Bitcoin Lightning Network (LN) which is going to allow the Bitcoin network to process hundreds of thousands of transactions per second without congesting the main network. The same is happening with Litecoin (LTC) and other virtual currencies. Ethereum is also working in order to improve its network and process more TPS.
XRP is also a very fast crypto network that is used by financial institutions around the world and by users that want to send fast payments between exchanges.