Bitcoin

Cryptocurrency transactions now at its best

In today’s time of uncertainty, change is the only constant. Technology is at the forefront of this phenomenon as it is ever-changing and the evolutions are taking place in leaps & bounds since the last two decades. It started with Computers followed by Internet then came Mobile phones followed by smartphones & smart devices and now Blockchain is the next big thing in the world of technology. It has already witnessed many updates and applications for the last 5 years. Currently, the amount of cryptocurrency transactions in the blockchain platform is 7-30 transactions per second. However, Distributed Technology Research (DTR), a non-profit research foundation based in Switzerland, is working on a cryptocurrency project called – ‘Unit-e which will be able to process up to 10000 transactions per second.

DTR plans to achieve this feat by carrying out a “ground-breaking research” with their team of researchers from top US universities and various other disciplines. The researchers will completely break down the decentralized system to identify the technical drawbacks in each step. Thereafter, all of these shortcomings will be analysed, research would be conducted and proper solutions will be arrived at to scale up of the system. This will ultimately reduce the required number of nodes for verification and shall allow more transactions per second.

Giulia Fanti, lead researcher, DTR, said –

“In the 10 years since Bitcoin first emerged blockchains have developed from a field of 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.”

DTR has the backing of the blockchain investment fund – ‘Pantera Capital’. According to DTR, Unit-e shall be a highly scalable and fully decentralized monetary payment network. The aim of this project is to reduce the intermediary fees for payment execution, eliminate the sovereign power that controls the global currency reserve and the denomination of cross border trade & payment, connect billions of people (who still deal in cash) with the banking system.

According to Babak Dastmaltschi, Chairman of the DTR Foundation Council,

“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 view that we unveil Unit-e.”

If this project is successful, then cryptocurrency shall become the fastest mode of transaction and shall beat the existing leader – ‘VISA by more than 5 times. It will be a huge boost for the blockchain platform as it will allow more users, who wish to transact or invest in cryptocurrencies but are refraining themselves due to its huge cost and limited acceptance, to join the platform. It will also help in the adoption of this platform by merchants across the globe.

In fact, ‘Unit-e’ might be able to bypass Ethereum & Bitcoin to become the number one cryptocurrency of the world. This may happen as the proposed – ‘Lightning Network’ by Bitcoin, its second-layer scaling solution, is still far from completion. Even Ethereum has not set a fixed date for its scaling solution – ‘Serenity’ 2.0 update. But ‘Unit-e’ is targeting a network launch in the second half of this year.

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