Better than Bitcoin? MIT and Stanford academics take a crack at it with Unit-e

January 19, 2019
Chris Wheal

Swiss non-profit, Distributed Technologies Research (DTR), has announced the launching of a globally scalable decentralized payments system, as well as its own cryptocurrency, Unit-e.

DTR is comprised of researches from seven major U.S. universities, among which are the leading technology-focused ones – Massachusetts Institute of Technology (MIT), Stanford University, as well as the University of California, Berkeley. One of the major blockchain investment funds, Pantera Capital, is backing the initiative.

Unit-e is scheduled to become available to the public around June of this year. With a global scale availability, the team aims to make cryptocurrency more widespread than it is, and to accelerate its worldwide mainstream adoption. DTR’s Chairman, Babak Dastmaltschi, said he believes that blockchain technology and crypto have met at  “interesting crossroads” because in 2019 most people already have access to the internet, which makes them constantly connected with one another.

Dastmaltschi said the need to advance technology, specifically decentralized one, is important because it will provide more freedom to people, without the need to involve centralized authorities.

Additionally, to developing the technology, DTR’s mission is to work with other businesses, organizations and foundations across the world, in both academia and beyond, to promote a progressive community of thinkers and creators to advance the world we live in.

According to DTR’s press release, they’re committed and excited to launch Unit-e as an open-source system available to people across the world. Among other ambitious goals the team is aiming to reach is the processing time of 10,000 transactions per second.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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