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.