HomeBitcoinIs the MIT-backed Unit-e better than bitcoin?

Is the MIT-backed Unit-e better than bitcoin?

Is the new MIT-backed Unit-e better than bitcoin?

A new non-profit organization comprised of professors from some of the best U.S. universities has joined up to create a crypto asset better than bitcoin. Could Unit-e dethrone the king?

According to a Bloomberg article today, Distributed Technology Research (DTR), a new non-profit backed by hedge fund powerhouse Pantera Capital, has set out to build a digital asset which improves upon bitcoin’s flaws.

DTR hosts a vigorous store of brain power on its team, touting professors from some of the most notable universities in the U.S., including the Massachusetts Institute of Technology (MIT) and Stanford University to name just two.

The team’s first endeavor is to create the Unit-e. The Unit-e, as mentioned, aims to solve bitcoin’s scalability issues while still holding true to a decentralized model. Bitcoin’s scalability for mainstream adoption has been a significant concern. At the height of the last crypto bull market, bitcoin users waited hours for their bitcoin transactions to complete.

The team hopes its new Unit-e digital asset will complete transactions comparable to Visa, or even quicker, posting up to 10,000 transactions per second (TPS). DTR looks to launch the new asset sometime in Q3 or Q4 of 2019. Visa currently averages about 1,700 TPS, while bitcoin only averages between 3.3 and 7 TPS.

Pantera co-chief investment officer and DTR council member Joey Krug mentioned the mainstream world already knows current blockchain solutions do not scale for mass use. “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,” Krug said, as reported by Bloomberg.

DTR member Pramod Viswanath expressed optimism in crypto assets and their innovation, but not their current level of capabilities. “Bitcoin has shown us that distributed trust is possible but its just not scaling at a dimension that could make it a truly global everyday money,” he explained.

The team is designing the Unit-e with parameters as close to bitcoin’s design as possible, while still making many improvements to further performance. After the Unit-e, the team likely will move on to other projects in the field, possibly including smart contract research.

In a press release from PRNewswire, DTR Foundation Council Chairman Babak Dastmaltschi commented that blockchain and crypto innovation are at a pivotal point. “The blockchain and digital currency markets are at an interesting crossroads, reminiscent of the inflection points reached when industries such as telecom and the internet were coming of age,” Dastmaltschi explained.

DTR lead researcher Giulia Fanti also noted the progress blockchain has made over the past decade, now seeing it as a viable endeavor. “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research,” Fanti said in the press release.

Bitcoin maximalists Jimmy Song and Tone Vays are very outspoken on their views against all current altcoins.

Some of their main altcoin concerns stem from arguments on bitcoin’s superior decentralization. It is unclear if Song and Vays would argue against the Unit-e, although one might infer they would express hesitancy toward it. Vays and Song did not reply for comment at the time of publication.

Update

Tone Vays and his team made a video which partly discussed the Unit-e and the article, starting at the 22-minute mark. The team was skeptical at best.

Vays said many projects have tried to create a better version of bitcoin, similar to the Unit-e’s goals, but have failed in their endeavors. Vays also posited, “what bitcoin did in its first three years is not replicatable.”

Written by

BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.

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    Can developers, individuals and ordinary mortals grab some before sharks? NO! So its a failed project.

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