Bitcoin may have been massively adopted around the world, but it seems there are people out there who have something better up their sleeves. This is the case of some professors from 7 reputable colleges in the U.S. who have decided to launch a cryptocurrency better than Bitcoin, according to Bloomberg on January 17.
A Better Version of Bitcoin to be Created
Reportedly, professors from the University of California, Massachusetts Institute of Technology, Stanford University, among several others want to create an improved version of Bitcoin. The proposed competitor to this digital asset has been called, Unit-e and its aim is to enable thousands of transactions within a second.
Bloomberg also reveals that these professors have outlined Bitcoin’s scalability issues and the inability to carry out thousands of transactions within a second as its limitations. They also note that if Bitcoin can achieve this, then it will have to compromise its decentralized nature which is one of its selling points.
Unit-e to be Launched by the Third or Fourth Quarter of 2019
Therefore, Distributed Technology Research, the team behind the proposed virtual currency is partnering with Pantera Capital Management LP. The latter will see to the funding of Unit-e, which will reportedly be launched around the third or fourth quarter of 2019. Upon its launch, spectators will be on the lookout to see if its set milestone of 10,000 transactions per second can be reached.
Asides from launching an improved digital asset, the group intends to focus on areas relating to smart contracts. According to Pramod Viswanath, a researcher who spoke with the media outlet, Bitcoin has set the pace in showing that distributed trust is possible. However, it is not “scaling at a dimension that could make it a truly global everyday money”.
Joey Krug, co-chief investment officer at Pantera Capital also made comments. In his opinion, we are at the point of, if it does not scale as soon as expected, then focus will be lost to ideas that were nice but impractical. An example he pointed out, is the case of 3D printing over the Internet.
The Opinion of Cryptocurrency Experts May Vary
While advancements in technology have made room for high-level competition, experts in the crypto industry may not be quick to agree with a virtual currency whose performance is better than Bitcoin. This can be attributed to the Lightning Network which creates a payment channel between participants of a network. This channel brings about faster transactions and low-cost fees.
BTCNN also reported on January 7 of Weiss ratings, a financial rating agency which made its predictions. According to the agency, Bitcoin will still be a store of value and more promising projects will arise. In the case of altcoins, some of those topping the charts will disappear whereas those which were unheard of in 2018, will replace them.