MIT, Stanford and five other US-based colleges are working to release a cryptocurrency with the ability to process up to 10,000 transactions per second (TPS).
The project comes out of Distributed Technology Research (DTR), a non-profit based in Zug, Switzerland and is financially backed by hedge fund Pantera Capital Management LP and private investors. Taking aim at Bitcoin’s scalability problems, the group has been developing the decentralized Unit-e, and plans release in the second half of 2019. The coordinated effort links together published academics from the areas of finance, economics, computer science, electrical and computer engineering and cryptography.
According to Bloomberg, the group are relying on new ways to achieve consensus, sharding and payment channels to scale up to 10,000 TPS, blowing away: Bitcoin at 3.3-7 TPS, Ethereum at 10-30 TPS and even Visa (centralized) at an average 1,700 TPS.
The Co-Chief Investment Officer at Pantera Capital Management LP in San Francisco, Joey Krug, also a member of the DTR Council says: “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.”
Other academic institutions involved in the project include: Carnegie Mellon University, University of California Berkeley, University of Illinois Urbana-Champaign, University of Southern California and Washington University.