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MIT and Stanford Professors Are Creating a Cryptocurrency Called Unit-e

America’s best brains in academic studies are now working together to create a new digital currency. According to a recent report from Fortune, professors from MIT and Stanford are working together to create a new cryptocurrency that intends to do what Bitcoin cannot yet: process thousands of transactions per second. Who Is Working on the Project? Professors from seven prestigious colleges in the US including the Stanford University, Massachusetts Institute of Technology and University of California, Berkeley are working together to create the digital currency. The project intends to create a cryptocurrency that can achieve much higher transaction speeds than Bitcoin without compromising on decentralization. The new cryptocurrency will be called Unit-e. It will be the first initiative of Distributed Technology Research (DTR); a Pantera Capital backed non-profit foundation where academics will be developing decentralized tech. Why Do We Need a New Cryptocurrency? Bitcoin is the first generation of blockchain-based digital assets that has provided recognition to the industry but hasn’t brought about mainstream adoption yet. The restrictions in the Bitcoin network interfere with its scalability and performance. Pantera Capital’s co-chief investment officer Joey Krug noted that the mainstream is aware of the scalability issues of these networks. He added: “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.’’ Therefore, DTR wants to create a crypto that can process transactions at speeds even greater than that of payment services giant Visa. Unit-e’s ambition is to be able to process 10,000 transactions per second. They plan to launch Unit-e in the second half of 2019. According to Pramod Viswanath, research and professor at the University of Illinois Urbana-Champaign, the team first deconstructed how blockchain technology works and understand its performance limits so they can design new tech that operates as near to these limits as possible. He said: “Bitcoin has shown us that distributed trust is possible, but it’s just not scaling at a dimension that could make it a truly global everyday money. It was a breakthrough that has the capacity to change human lives, but that won’t happen unless the technology can be scaled up.” Viswanath’s university colleague Andrew Miller said that they couldn’t guarantee the success of the cryptocurrency, especially if it fails to gain traction in the short-term, but eventually, the best technology should win in the long term. MIT and Stanford Professors Are Creating a Cryptocurrency Called Unit-e was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

a month ago

MIT and Stanford Are Creating a Bitcoin Rival Called Unit-e

America’s best brains in academic studies are now working together to enrich the crypto community. According to a recent report from Fortune, professors from MIT and Stanford are working together to create a new cryptocurrency that intends to do what Bitcoin cannot: process thousands of transactions per second. Who Is Working on the Project? Professors from seven prestigious colleges in the US including the Stanford University, Massachusetts Institute of Technology and University of California, Berkeley are working together to create the digital currency. The project intends to create a cryptocurrency that can achieve much higher transaction speeds than Bitcoin without compromising on decentralization. The new cryptocurrency will be called Unit-e. It will be the first initiative of Distributed Technology Research (DTR); a Pantera Capital backed non-profit foundation where academics will be developing decentralized tech. Why Do We Need a New Cryptocurrency? Bitcoin is the first generation of blockchain-based digital assets that has provided recognition to the industry but hasn’t brought about mainstream adoption yet. The restrictions in the Bitcoin network interfere with its scalability and performance. Pantera Capital’s co-chief investment officer Joey Krug noted that the mainstream is aware of the scalability issues of these networks. He added: “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.’’ Therefore, DTR wants to create a crypto that can process transactions at speeds even greater than that of payment services giant Visa. Unit-e’s ambition is to be able to process 10,000 transactions per second. They plan to launch Unit-e in the second half of 2019. According to Pramod Viswanath, research and professor at the University of Illinois Urbana-Champaign, the team first deconstructed how blockchain technology works and understand its performance limits so they can design new tech that operates as near to these limits as possible. He said: “Bitcoin has shown us that distributed trust is possible, but it’s just not scaling at a dimension that could make it a truly global everyday money. It was a breakthrough that has the capacity to change human lives, but that won’t happen unless the technology can be scaled up.” Viswanath’s university colleague Andrew Miller said that they couldn’t guarantee the success of the cryptocurrency, especially if it fails to gain traction in the short-term, but eventually, the best technology should win in the long term. MIT and Stanford Are Creating a Bitcoin Rival Called Unit-e was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

a month ago

Weekly roundup Jan. 14-18

Today signaled the close of another week in the crypto space. January is now already more than halfway over, and the market still has not seen much public interest in bitcoin, as reflected in its struggle to maintain any kind of upward price momentum. Bitcoin’s price this week showed consolidation in the mid-$3,000 range. News headlines, however, continued to roll in, spicing up bitcoin’s slow week. Check out some of this week’s top headlines: $100 in funds returned after ETC hack Monday kicked off this week with a dash of intrigue as one of ethereum classic’s (ETC) recent hackers returned $100,000 in funds to the Gate.io exchange. Motives for the return reportedly were unclear. Although, Gate.io speculated the hacker might have been someone simply looking to bring awareness to security flaws via the original hack. ETC recently fell victim to a 51% attack, resulting in more than $1 million in total stolen ETC. Read on Crypto Insider John Carvalho challenges Roger Ver to a fight for the Bitcoin.com domain John Carvalho, aka Bitcoin Error Log, challenged Roger Ver to a fight this week, suggesting the fight’s winner receive the Bitcoin.com site. Bitcoin.com is predominantly run by bitcoin cash (BCH) proponents. The details of the event have not been ironed out yet, but Roger Ver reportedly is interested, according to a podcast interview with Peter McCormack (“What Bitcoin Did” podcast). McCormack also interviewed Carvalho on a separate episode of his podcast. Read on Crypto Insider MimbleWimble, Beam and Grin: What’s the buzz all about? MimbleWimble is the new technology everyone is talking about on the streets of crypto. Beam launched its MimbleWimble-based crypto asset earlier this month. Grin launched its much-anticipated similar coin this week on January 15. The difference, however, is in the supply. Beam has a capped total supply. Grin, on the other hand, has a steep inflation curve with no maximum supply, making it more of a usable private currency than a scarce store of value. Read on Crypto Insider Is the MIT-backed Unit-e better than bitcoin? Distributed Technology Research (DTR), a new non-profit organization, has set out to create a crypto asset that solves all of bitcoin’s problematic issues, including scalability. The group named the asset the Unit-e. The DTR team is made up of professors from some of the most notable universities from around the U.S., including Stanford and MIT. DTR also touts support from the popular hedge fund Pantera Capital. The group desires to make a crypto asset with transactions times comparable to Visa, while still holding as closely as possible to bitcoins true nature and roots. Read on Crypto Insider Vontobel Bank announces Digital Asset Vault for crypto custody This week also brought more news of institutional interest in the crypto space. To accommodate for increasing customer interest in digital assets, investment banking and asset management player Vontobel announced a digital asset custody product this week. Vontobel’s Digital Asset Vault will allow utilization of traditional banking infrastructure for digital asset custody. “With the new Digital Asset Vault business solution, Vontobel is therefore the first bank in the world to offer industry-standard quality standards within the established and regulated environment,” Vontobel noted in its news release. Read on Crypto Insider The post Weekly roundup Jan. 14-18 appeared first on Crypto Insider.

a month ago

Professors from MIT, Stanford, Carnegie Mellon, Team up to Create a Crypto to Rival Bitcoin (BTC)

Professors from seven U.S universities are teaming up to create a cryptocurrency that will be faster than Bitcoin (BTC) and remain true to the decentralization concept. The cryptocurrency will be known as Unit-e and is the first project of Distributed Technology Research (DTR): a non-profit foundation formed by the same academics and backed by Pantera Capital Management LP. The academics are from the following prominent American Universities: University of California, Berkeley Massachusetts Institute of Technology (MIT) University of Southern California Carnegie Mellon University University of Illinois Urbana-Champaign University of Washington Stanford University The professors are thought leaders in the following industries: Electrical and Computer Engineering Finance Economics One of the team members is however not affiliated to any academic institution. He is a Systems Engineer with a specialty in Wireless Communication. Unit-e to Handle 10,000 tps Joey Krug, co-chief investment officer at Pantera Capital in San Francisco, also a member of the DTR council, had this to say in an interview about the new endeavor of Unit-e, 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. Unit-e is scheduled for launch mid to late this year and has a goal of achieving 10,000 transactions per second (tps). About Distributed Technologies Research (DTR) The DTR foundation was created on the premise that distributed trust will play a major role in our society thus innovative new research and development is needed to further this. DTR aims at expanding collaborative efforts across industry and academia. It aims to tap the global community through its thought leaders, developers and researchers in a bid to create better technologies. DTR is currently based in Switzerland. Babak Dastmaltschi, Chairman of the DTR Foundation Council, further explained their mission of creating Unit-e, 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. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e. What are your thoughts on Professors from top American Universities teaming up to create a digital asset with a faster throughput than Bitcoin (BTC)? Will Unit-e be a threat to BTC? Please let us know in the comment section below. [Image courtesy of News.MIT.edu] Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post Professors from MIT, Stanford, Carnegie Mellon, Team up to Create a Crypto to Rival Bitcoin (BTC) appeared first on Ethereum World News.

a month ago

Opinion: Stop Trying To Build a Better Bitcoin

A team of professors from top US universities have come together to create a new globally scalable decentralized payments system. But with Bitcoin already proving to work as intended for ten years running, would a ‘better Bitcoin’ even stand a chance? MIT and Standford Professors Developing Unit-E The professors formed a non-profit foundation based in Switzerland, called Distributed Technologies Research, backed by Credit Suisse and Pantera Capital. Unit-e, the cryptocurrency it aims to launch later this year, will process up to 10,000 transactions per second (tps). This compares to the roughly 7 tps for Bitcoin and a 1,700 tps that Visa processes on average. To achieve such speeds, DTR, examined every aspect of blockchain technology and tried to improve on it. The result should be almost unrecognizable from current cryptocurrencies, with ‘innovation’ across consensus, sharding, payment channels, security, and incentives. DTR’s vision for a research manifesto, “Decentralized Payment Systems: Principles and Design,” introduces the Unit-e architecture, and will be available as a book. Interestingly, there were zero results for anything related to nodes and mining in the press release despite all the talk about being able to scale better than Bitcoin. What’s more, Visa can actually process up to 45,000 tps, or over four times more than promised by Unit-e. So if we’re talking about payment capacity and speed here, Unit-e already seems like a non-starter compared to Visa, which is instant and already ubiquitously adopted. Beating Bitcoin Won’t Be Easy, If Not Impossible Even harder will be launching a new base layer protocol into today’s competitive cryptocurrency market. First, Bitcoin’s ten-year lead as a world-recognizable brand and overall first-mover advantage can’t simply be replicated overnight. Its network is comprised of not only an impressive hash rate but also hundreds of skilled volunteer developers, thousands of peer nodes, and millions of users. This gives Bitcoin a Schelling point advantage towards mass adoption and its unmatched 99.98 percent uptime over the past decade provides a strong argument for the Lindy Effect. Bitcoin network satellite coverage It is undoubtedly the most battle-tested blockchain today. It has weathered social engineering attacks, forks, corporate takeover attempts, government bans, media mud-slinging etc. It has simply shrugged off the hundreds of obituaries from the likes of Paul Krugman, Warren Buffet, Jamie Dimon etc. and keeps chugging on. Bitcoin has demonstrated to be an anti-fragile beast, only growing stronger from the disorder and perceived chaos of not having any leadership. Does Unit-E Stand a Chance? Firstly, one must find the necessary support from the community, to ensure a decentralized ecosystem of miners and nodes. DTR says it’s committed to growing the research group and developer community, with ongoing support and funding. But this isn’t an easy task. Riccardo Spagni, a leading Monero developer, says: I don’t envy anyone trying to fairly launch a base protocol nowadays. It’s hard to impossible, and that’s why I strongly advocate for new protocols launching as merge-mined sidechains instead. But even if the product is proved to be technologically superior, this is no guarantee of success. History is littered with examples of better technologies that fell by the wayside after failing to achieve mass adoption. Sony’s BluRay saw off the better specced HD-DVD by virtue of coming with every new PS3. Whilst back in the 70s, the company’s higher quality BetaMax lost out to VHS, despite being first to market. Is There Any Need? Unit-e is far from the first cryptocurrency to address the transaction speed or any other, limitations of Bitcoin. Ever since Bitcoin was launch, people have launched coins which are faster, more fungible, more private, more [insert your own favorite quality here] etc. Just last week, a company called Devvio were exhibiting at CES, claiming the ability to process over 8 million global, public transactions per second, on-chain. They also claimed better privacy than Zcash, stability than Tether, and smart contracts than Ethereum. Sure, these claims sound great on paper. But succeeding in the real world is something else entirely. Bitcoin isn’t a static technology either. Sidechains and second layer protocols are being developed like Lightning Network (with millions of tps) for scaling while harnessing Bitcoin’s network effect. So is DTR already too late to the table? Certainly, their connection to academia may give them an edge in some regard. But ultimately, specs like transactions per second are secondary to Bitcoin’s main strength as a proven neutral and permissionless monetary network on which so many applications can be built. Can academia produce a real competitor to Bitcoin or is it too late? Share your thoughts below! Images courtesy of Shutterstock The post Opinion: Stop Trying To Build a Better Bitcoin appeared first on Bitc

a month ago

Bitcoin [BTC], XRP and Ethereum have new competition with the arrival of Unit-e

In a move aimed to take cryptocurrencies and blockchain technologies into the mainstream fore, prolific institutions in America are coming together to create a new cryptocurrency unit called ‘Unit-e’. Professors and officials from seven US colleges such as the Massachusetts Institute of Technology, Stanford University and University of California, Berkeley, have come together to create a cryptocurrency to compete with the likes of Bitcoin [BTC] and XRP in terms of speed and settlement time. The luminaries from the colleges have created the Distributed Technology Research [DTR] backed by Pantera Capital Management, a famous hedge fund management company. Joey Krug, co-chief investment officer at Pantera Capital in San Francisco, who is also a member of the DTR council, stated: “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.” Unit-e is stipulated to process transactions up to 100,000 with the main aim of beating Bitcoin and Ethereum which can conduct 3.3-7 transactions and 10-30 transactions respectively. Pramod Viswanath, a Professor of electrical and computer engineering at the University of Illinois Urbana Champaign said: “To achieve greater speed and scalability, DTR deconstructed the blockchain technology that supports most cryptocurrencies and sought to improve almost every element of it.” He further added: “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. It was a breakthrough that has the capacity to change human lives but that won’t happen unless the technology can be scaled up.” The move was publicly acknowledged by a lot of people in the cryptocurrency space, including Weiss Cryptocurrency Ratings, a popular crypto rating organization. They had tweeted: “#MIT, #Stanford, #Berkeley announce the launch of a globally scalable decentralized payments network and the development of the #cryptocurrency Unit-e. TPS will be 10K, #XPR is 1.5K and #VISA is 25K. Just being faster doesn’t mean being better, gotta be permissionless. #BTC #ETH” The comment also drew the ire of the XRP community who went ahead to praise XRP’s transactions and settlement time which is currently clocked at 4 seconds for any cross border transactions. The ‘XRP army’ as they are called, touched upon how the DTR’s proposed speed is no match to that of XRP. The post Bitcoin [BTC], XRP and Ethereum have new competition with the arrival of Unit-e appeared first on AMBCrypto.

a month ago

Swiss-based Distributed Technologies Research (DTR) Launches Unit-e Cryptocurrency

Swiss-based Distributed Technologies Research (DTR), recently rolled out Unit-e, a cryptocurrency that the firm describes as a 'globally scalable decentralized payment's system.' Per the announcement, DTR is funding research and development (R&D) to enhance'the blockchain technology stack.' Like other R&D firms, DTR seeks to create a scalable crypto platform. According to the chairman of DTR's foundation council, Babak Dastmaltschi, the blockchain and cryptocurrency technologies are at an exciting crossroads that is transforming lives. (VK)

a month ago

Prestigiosas universidades de EE UU trabajan para crear nueva y “mejor” criptomoneda llamada Unit-e

Los investigadores del MIT y las universidades de California, Stanford y Berkeley aseguran que la red será escalable y tendrá capacidad para procesar alrededor de 10.000 transacciones por segundo, superando ampliamente las propiedades que ofrece el Blockchain de Bitcoin.*** (adsbygoogle = window.adsbygoogle || []).push({});Investigadores estadounidenses están trabajando en conjunto para crear una nueva y mejorada criptomoneda conocida como Unit-e, la cual contaría con mejores propiedades para competir con Bitcoin.De acuerdo con información publicada por el portal de noticias Bloomberg, profesores de siete universidades de EE UU (incluidas el Instituto Tecnológico de Massachusetts -MIT- y las Universidades de Californa, Stanford y Berkeley) están diseñando una moneda digital capaz de procesar miles de transacciones por segundo sin que eso implique sacrificar el principio básico de la descentralización.El proyecto está dirigido por Distributed Technology Research (DTR), organización sin fines de lucro para el desarrollo de tecnologías descentralizadas, integrada por investigadores financiados por Pantera Capital Management LP.La nueva moneda digital, actualmente se encuentra en desarrollo y es la primera iniciativa impulsada por la organización DTR.Los problemas con BitcoinA pesar de ser la primera y la más reputada de las monedas digitales, la capacidad de procesamiento de la red Blockchain de Bitcoin afronta serias limitaciones, ya que sus bloques cuentan con muy poco espacio y la creación de cada uno toma alrededor de 10 minutos.A pesar de las diversas soluciones implementadas, la capacidad de procesamiento de la red Bitcoin permite de 3 a 7 transacciones por segundo, mientras que Ethereum puede llevar entre 10 y 30 operaciones en el mismo lapso de tiempo.El problema radica en que a pesar de que Bitcoin es la principal cripto y es considerada una moneda de culto, las principales limitantes a la hora de hablar sobre su adopción derivan principalmente de sus deficiencias técnicas a la luz de las necesidades de grandes industrias y sectores.Joey Krug, co-director del área de inversiones de Pantera Capital y miembro del consejo de DTR, comentó durante una entrevista:El público general es consciente de que estas redes no escalan. Estamos en la cúspide de algo donde, si no hay soluciones que resuelvan dicha situación, solamente quedará para el recuerdo como una idea que fue útil pero no resultó práctica: Sería como hablar de una impresión 3D cuando en realidad aspiramos a Internet.El reto para el equipo de Unit-eConscientes de que se enfrentan a un tema complejo, los investigadores que trabajan en Unit-e están aprovechando los nuevos instrumentos para lograr el éxito de la propuesta.Una de las implementaciones que están aplicando es el protocolo Sharding, proceso empleado para garantizar que cada nodo solo contenga una parte de los datos de la red Blockchain y no toda la información, haciendo que las nuevas redes y los canales de pagos sean mucho más rápidos.El profesor de ingeniería eléctrica e informática de la Universidad de Illinois, Pramod Viswanath, comentó:Bitcoin sin duda nos demostró que la confianza distribuida puede lograrse, pero no ha logrado escalar a un nivel en el que pueda hablarse de dinero que funcione a nivel global. Fue un gran avance que cambió muchas vidas, pero no irá más allá de lo que ha logrado a menos que la tecnología vea nuevos cambios.Se espera que Unit-e sea lanzada durante la segunda mitad de 2019. Sus operadores esperan que la red pueda procesar hasta 10.000 transacicones por segundo, lo cual supera con creces la capacidad de la plataforma interbancaria de Visa.Fuente: ThenextwebVersión de Angel Di Matteo / DiarioBitcoinImagen de FlickrParticipabitcoin, blockchain, Criptomoneda, escalabilidad, Instituto tecnológico de Massachusetts, Unit-e, Universidad de CaliforniaAdvertisements (adsbygoogle = window.adsbygoogle || []).push({}); The post Prestigiosas universidades de EE UU trabajan para crear nueva y “mejor” criptomoneda llamada Unit-e appeared first on DiarioBitcoin.

a month ago

Ivy League academics are creating a ‘globally scalable’ cryptocurrency, launching this year

Blockchain investment-fund Pantera Capital is backing seven US professors quietly collaborating on a new digital currency that can process ‘thousands of transactions a second’, Bloomberg reported Wednesday. The academics, drawn from the likes of MIT and Stanford, have announced the Unit-e coin, which hopes to rival bitcoin by addressing its transaction-speed and scalability issues. They form part of Distributed Technology Research (DTR), a non-profit foundation, which is working on decentralized technologies and alternative payment networks. The team, based in Berlin, say they have scrutinised the inbuilt payment-processing issues behind bitcoin, which can only handle 7 transactions per second (TPS). Meanwhile, Visa which can process an average of 1,700. DTR told reporters the new blockchain technology behind the Unit-e coin will be faster than both, aiming to process up to 10,000 TPS. “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,” one researcher on the project, Pramod Viswanath, told Bloomberg. Transaction speeds are a key research focus elsewhere too, preoccupying initiatives like the Lightning Network and Raiden. DTR hopes to launch Unit-e in the second half of 2019. The foundation hopes the coin will make crypto ‘mainstream.’ The post Ivy League academics are creating a ‘globally scalable’ cryptocurrency, launching this year appeared first on The Block.

a month ago

Is the 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. What part of "*ALL* Altcoins are scams" was unclear.... please point it out. — Tone Vays [#Unconfiscatable] (@ToneVays) July 2, 2018 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. The post Is the MIT-backed Unit-e better than bitcoin? appeared first on Crypto Insider.

a month ago

Researchers from Ivy leagues are building a Cryptocurrency that will supposedly outperform Bitcoin

It is no news that leading universities in the United States, most of which include ivy leagues, have a knack for the underlying groundbreaking impact of cryptocurrency. This has led a good number of these universities to pour in large amounts in form of investments to cryptocurrency fundings. Apparently, that move was only a tip of the iceberg for these academic institutions as they would later take a deeper dive into the world of digital currencies to create their own cryptocurrencies, and as if that is not enough, the involved participants are claiming that this new cryptocurrency will not only improve the way users carry out transactions through a much flexible method of scalability, but it will be embedded with the potential to knock down the big bull Bitcoin. The Unit-e Cryptocurrency Professors from the University of Stanford, Massachusetts Institute of Technology (MIT), University of Washington, UC-Berkeley, Carnegie Mellon University and the University of Southern California have reportedly teamed up with the Distributed Technology Research (DTR) to build a cryptocurrency dubbed “Unit-e”, with the goal of surpassing Bitcoin’s record of 10 transactions per second with the Unit-e network that will go on to process up to 10,000 transactions each second. A spokesman from DTR can be quoted saying ; “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” Unit-e which is scheduled to launch in mid-2019 will leverage the technique of creating multiple payment networks to speed up transaction process and guarantee transaction security, a technique that will enable it to deliver in terms of the promised scalability. Another DTR council member had this to say ; “The mainstream public is aware that [existing cryptocurrency] 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 post Researchers from Ivy leagues are building a Cryptocurrency that will supposedly outperform Bitcoin appeared first on ZyCrypto.

a month ago

6 Top Unis, MIT Combine to Create Super Crypto

Professors from seven universities across the US including the prestigious Massachusetts Institute of Technology along with Stanford University and the University of California are busy creating their own super-fast alternative to Bitcoin. If successful, the new cryptocurrency named Unit-e will be able to process thousands of transactions a second, something that Bitcoin is unable to do. The initiative is a project created through Distributed Technology Research (DTR) a non-profit foundation formed by the universities, backed by hedge fund Pantera Capital Management LP to develop decentralized technologies. DTR claims that mainstream adoption of Bitcoin is still held back due to inbuilt instructions constraining its ability to be used for what it was designed for; an everyday means of payment. Bitcoin’s scalability is a challenge; the frequency within which new blocks, as records of transactions, are known, can be created and their maximum size is capped. Joey Krug, co-chief investment officer at Pantera Capital in San Francisco, illustrates what he sees as the need for a faster payment tool: “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.” DTR is aiming at 10,000 transactions a second with the new model, which is warp speed when compared with current averages of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. To achieve greater speeds, DTR has deconstructed the blockchain tech which supports cryptocurrencies in attempt to improve every element. However, success is not assured as there is no guarantee that in the short term Unit-e will take off according to Andrew Miller, head of the Unit-e independent technical steering committee. The assistant professor of electrical and computer engineering at the University of Illinois Urbana-Champaign maintains that it is the long-term advantage which may gain traction with such technological breakthroughs. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? - View our Media Kit PDF here. Image Courtesy: Pixabay The post 6 Top Unis, MIT Combine to Create Super Crypto appeared first on BitcoinNews.com.

a month ago

Crypto Pundits Skeptical Of “Better Bitcoin” Plan From MIT, Stanford

Since Bitcoin began to pick up steam in 2016, the network, coupled with its core developers, has been criticized by cynics en-masse for its inability to scale. And while evident strides are being made, with solutions like the Lightning Network and Segregated Witness seeing rapid adoption, innovators have still sought to one-up the world’s first cryptocurrency. Academics from two world-renowned institutions of higher education recently divulged ambitions to top Bitcoin. Since the bombastic announcement, Joey Krug, a leading Silicon Valley investor and devout disciple of blockchain scaling, has come out in support of the project. Related Reading: Bitcoin Lightning Network Booms Amid “Crypto Winter” MIT, Standford Academics Release “Better Per Bloomberg, professors from seven U.S. universities, including the Massachusetts Institue of Technology and Stanford, in collaboration with San Francisco-based Pantera Capital have joined hands to create a newfangled cryptocurrency. The consortium, named Distributed Technology Research (DTR), plans to call their project Unit-e, which they hope will be able to facilitate 10,000 transactions per second (TPS). In a DTR research paper, participating academics claimed that Bitcoin’s inherent design has constrained its scalability prospects, subsequently reducing adoption. However, DTR’s researchers believe that their proposed system of sharding, which would allow for more efficient blockchain data processing, will allow for key TPS milestones to be breached. In an interview on Bloomberg TV, Joey Krug, a member of DTR, the co-founder of Augur, and the chief of investment at Pantera, lauded the project. Krug, who evidently has a vested interest in DTR, noted that “the mainstream public is aware blockchain networks don’t scale,” before lauding Unit-e’s potential to become a powerhouse in the smart contract realm, which he believes Bitcoin cannot do. Considering Krug’s enamorment with scalability, as mentioned in previous NewsBTC article, it should come as no surprise that his firm’s willing to put money where its mouth is. Yet, an array long-time crypto pundits and skeptics have quickly expressed their concerns about the “experiment,” remarking that Bitcoin isn’t going anywhere. Crypto Skeptics Duke It Out Although the project has gained the backing of Pantera’s hefty war chest, a majority of crypto commentators are skeptical of what the academics have to offer. NewsBTC’s Joseph Young recently took to Twitter to poke fun at Unit-e, likely touching on the mass of ambitious developers that have tried (and failed) in efforts to manufacture a “better Bitcoin.” Joseph even noted that “we’ve been through this at least 30,000 times in 2018,” referencing the collapse of projects claiming that they would usurp Bitcoin’s long-standing, unquestioned hegemony. STILL? I thought we've been through this at least 30,000 times in 2018 https://t.co/mEsr90Eoi1 — Joseph Young (@iamjosephyoung) January 18, 2019 Nic Carter, a crypto researcher, joked that the touted transactional throughout claims are “unproven,” adding that this venture is likely to “fall at the first hurdle.” Gabor Gurbacs, one of VanEck’s in-house crypto experts, quipped that Bitcoin works in reality, so it can be likened to a workhorse, rather than a unicorn — a likely jab at this project’s status. Pierre Rochard, a Bitcoin software engineer, explained that TPS is “an obsolete vanity hypothetical metric,” adding that the Lightning Network disvalues projects touting high throughput statistics. It is clear that crypto’s most fervent insiders are skeptical of this Pantera-backed venture, and they aren’t alone in their cynicism. While Jeff Sprecher, the chief executive of the Intercontinental Exchange, NYSE’s parent conglomerate, hasn’t commented on this foray to oust the flagship cryptocurrency, he touched on his skepticism of alternative cryptocurrencies in a Consensus: Invest speech. Sprecher, wed to the chief executive of Bakkt, explained that although Bitcoin is situated in a swamp, filed to the brim with “thousands of other tokens that you could argue are better,” the project continues to survive and thrive, all while continuing to see development and fundamental growth. From a purely logistical standpoint, Bitcoin may survive for decades on end due to its status as an industry household name. If you were to ask effectively any consumer, whether a crypto investor or otherwise, to think of a cryptocurrency, Bitcoin would first come to their mind. And with the level of institutional money backing BTC, it is unlikely that the world’s first cryptocurrency will lose traction to Unit-e, in spite of its notable roster of supporters. Crypto Small Caps Faltering, Underperforming Bitcoin Even if Unit-e makes it to market, small caps, even those with promising technology, innovative use cases, and stacked teams, have historically fallen short of the godfather cryptocurrency. Per previous reports from NewsBTC, Ethereum Classic came under

a month ago

Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

CoinSpeaker Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project Until now, everybody has been talking about Bitcoin, the most popular and widely used digital currency. However, Bitcoin is unable to process thousands of transactions a second. Researchers from the Massachusetts Institute of Technology (MIT), UC-Berkeley, Stanford University, Carnegie Mellon University, University of Southern California, and the University of Washington have decided to fix such a weakness and develop a crypto asset better than Bitcoin. The researchers are working together as Distributed Technology Research (DTR), a non-profit organization based in Switzerland and backed by hedge fund Pantera Capital. The first initiative of Distributed Technology Research is the Unit-e, a virtual coin that is expected to solve bitcoin’s scalability issues while holding true to a decentralized model and process transactions faster than even Visa or Mastercard. Babak Dastmaltschi, Chairman of the DTR Foundation Council, said: “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. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e.” According to the press release, Unit-e will be able to process 10,000 transactions per second. That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. Joey Krug, a member of the DTR Foundation Council and Co-Chief Investment Officer at Pantera Capital, believes that a lack of scalability is holding back cryptocurrency mass adoption. He said: “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 project’s ideology is firmly rooted in transparency, with a belief in open-source, decentralized software developed in the public interest with inclusive decision-making. The core team of the project is based in Berlin. To solve the scalability problem, DTR has decided to develop the Unit-e with parameters very close to Bitcoin’s design, but many things will be improved. Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, commented: “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” The launch of the Unit-e is planned for the second half of 2019. Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

a month ago

Stanford and MIT Researchers Claim to have Developed a Cryptocurrency that's Better than Bitcoin

A group of professors and researchers from seven prominent U.S. universities have been collaborating on the development of a revolutionary cryptocurrency called Unit-e and the group claims that the digital currency will rival Visa and Mastercard's transaction speed. The research group, cleverly titled, Distributed Technology Research (DTR) is a non-profit foundation supported by Pantera Capital and if all goes well, Unit-e should launch by Q3 or Q4 of 2019. According to DTR, Unite-e can process 10,000 transactions per second and its scaling solution utilizes separate payment channel networks to maintain transaction speed. Pantera Capital co-chief investment officer Joey Krug said that while the public is aware of the existence of cryptocurrency, the lack of scalability limits its purpose and the market is at the point where “if [it] doesn’t scale relatively soon, it may be regulated to ideas that were nice but didn’t work in practice.” (RS)

a month ago

The Next Bitcoin, Ethereum and XRP? MIT and Stanford Professors Design Crypto That’s Faster Than Visa

Professors at MIT, Standord, UC Berkeley and four other US colleges are joining forces to build a cryptocurrency that’s faster than Bitcoin, Ethereum and XRP. The cryptocurrency is called the “Unit-e” and is the first project from Distributed Technology Research (DTR), a new non-profit backed by crypto hedge fund Pantera Capital Management. Speaking to Bloomberg about popular […]

a month ago

A Better Bitcoin: Stanford, MIT, U.C Berkeley Partner On Ambitious Venture

We are all aware that Bitcoin has its fair share of fundamental challenges, and a group of scientists are out to solve them. At the top of the challenge list is Bitcoin’s inability to scale. This denies the currency traction to chip away at the mainstream financial market which is dominated by the faster networks such as Visa. However, if the group has a breakthrough, Visa’s vast upper hand may not last long. Known as the Distributed Technologies Research, the group’s first product is Unit-e. The group, based in Switzerland, touts Unit-e as a vast improvement on Bitcoin. For starters, the currency will process 10,000 transactions per second. This will be a way ahead of Bitcoin which process seven transactions per second. And this is just the beginning, the group revealed, with its sights set on creating the next-generation decentralized ecosystem. A Better Bitcoin There are currently over 2,000 cryptocurrencies. Most of these were developed to improve on Bitcoin’s shortcomings. What they all have in common is that they aim to displace Bitcoin as the king of cryptos. And soon, a new crypto will join the long list. To make Unit-e scalable, DTR scientists broke down the blockchain technology to its most basic form. They then sought to improve every element, Pramod Viswanath revealed to Bloomberg. Viswanath is an electrical and computer engineering professor at the University of Illinois and a key member of the DTR team. Unit-e’s blockchain will rely on a new and improved consensus method, Viswanath revealed. The current proof-of-work used by Bitcoin is tedious and consumes a lot of energy. This has led many other projects to turn to the improved proof-of-stake consensus algorithm. This too has its own challenges including reduced security. According to Viswanath, Bitcoin pioneered a great revolution, but it’s time for better cryptos. He stated: 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. It was a breakthrough that has the capacity to change human lives but that won’t happen unless the technology can be scaled up. Just Another Pipe Dream? Unit-e is not the first project that seeks to improve on Bitcoin. And while some of Bitcoin’s competitors have had better features, the currency still reigns supreme. Bitcoin has first-mover advantage and therefore, it’s the currency that most people identify with. Andrew Miller, the head of the Unit-e independent technical steering committee understands this. Miller, who is a professor of computer engineering at the University of Illinois, believes that in the long term, Unit-e’s technology will win. However, in the short term will face an uphill battle to gain traction. However, Unit-e has a lot working for it. For one, the project has brought together some of the brightest minds in the world. Based in the crypto valley of Zug in Switzerland, DTR has leading crypto and computer programming academicians from top universities. They include Stanford University, MIT, U.C Berkeley, University of Washington and the University of Washington. The DTR project is also funded and supported by Pantera Capital, one of the industry’s biggest VC firms. Pantera’s backing could help the currency get to some major exchanges and get the support of some key industry entities. This phenomenon was evident when fintech firm Circle launched its stablecoin, the USD Coin. USDC, as its popularly known, has steadily grown in traction, and Circle’s vast financial war-chest and industry connections have had a lot to do with it. Circle owns Poloniex exchange which has helped push USDC. Circle has also been instrumental in some partnerships such as with Coinbase which aims to push for the adoption of USDC. The post A Better Bitcoin: Stanford, MIT, U.C Berkeley Partner On Ambitious Venture appeared first on NullTX.

a month ago

@JavadPeyman Anyone can list DTR, we have no problems with t...

@JavadPeyman Anyone can list DTR, we have no problems with that. Tokens has the largest DTR volume by far. We are s… https://t.co/9nNlGPjRec

2 months ago

DTR Voice (DTRV) was distributed to all active clients today...

DTR Voice (DTRV) was distributed to all active clients today. Voting is now live. You are welcome to suggest new li… https://t.co/ZdsnWD4iYO

4 months ago


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