American scientists have begun work on a cryptocurrency-oriented implementation of thousands of transactions per second, according to Bloomberg.
Professor Massachusetts Institute of technology, Stanford University and the University of California at Berkeley United in a non-profit organization Distributed Technology Research (DTR), financed by the Fund Pantera Capital Management LP. Their first initiative is called Unit-e is a cryptocurrency, providing the bandwidth, inaccessible bitcoin today, without sacrificing the benefits of decentralization.
As the organizers of the initiative in one of his works inherent in cryptocurrency limitations related to performance and scalability, significantly inhibited their proliferation as a means of payment. They expect that thanks to its new cryptocurrency will be able to compete with Visa.
“The public knows that these networks are not massturbate – said investdirect Pantera Capital Joey Circle. – Now the situation is such that, if they don’t start to scale in the near future, it can be attributed to a number of ideas that, despite its attractiveness, did not work, that is closer to 3D printing than the Internet.”
DTR plans to run the Unit e in the second half of this year and to achieve a throughput of 10,000 transactions per second, while the possibility of a centralized Visa system is limited to 1 700 transactions. To solve this problem the organization intends to process each element of the blockchain technology, said project member and Professor of electrical and computer engineering at the University of Illinois at Urbana-Champaign Pramod Vishwanath. Initially, the group will study the limitations of technology to develop alternative, as free from them, added Vishwanath.
The project’s organizers have published a scientific paper, which covered all aspects of blockchain technology and described new mechanisms of consensus building, and a new network of payment channels and methods of sharding process for the separation of the blockchain, which allows to save the nodes from having to handle all existing transaction history.
“Bitcoin has proved the possibility of achieving distributed trust, but it is not scales in the proportions necessary to acquire the status of a global currency used in everyday transactions. This breakthrough can transform people’s lives, but only if the technology is scaled,” added Vishwanath. Discuss current news and events on the Forum