The co-chief investment officer at blockchain investment fund Pantera Capital is outlining the tech behind a new cryptocurrency designed to outperform Bitcoin, XRP and Ethereum.
In a newly released interview with Bloomberg, Joey Krug says Unit-e, which is being created by a group of researchers from seven top US universities including MIT and Stanford, aims to process 10,000 transactions per second. He says the new crypto will remain as decentralized as Bitcoin, but it will process transactions in a new way to achieve dramatically higher transaction speeds.
“If you look at Bitcoin, the problem is that every computer on the Bitcoin network has to process every transaction. It’s like if you had a calculator, and when you did 2 times 2, every other calculator in the world did 2 times 2. And so what these guys are working on is essentially separating that and making it so that you can do multiple calculations in parallel instead of having to do them all sequentially.”
According to Krug, the challenge of scaling cryptocurrencies is a life or death issue for the market, but he’s confident developers across the board will dramatically scale the technology.
“If you look at the challenges the internet had to face to scale, it was much more difficult. People had to lay copper wire in physical locations. Here, they’re having to solve technical problems that are hard, but they can be primarily solved with software.”
As for the overall crypto market, Krug thinks “choppy waters” still lie ahead in 2019, and expects a turn around over the next few years.
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