MIT, Stanford Academics Design Cryptocurrency to Better Bitcoin

Article on Bloomberg:

"Some of the brightest minds in America are pooling their brain power to create a cryptocurrency that’s designed to do what Bitcoin has proved incapable of: processing thousands of transactions a second.

Professors from seven U.S. colleges including the Massachusetts Institute of Technology, Stanford University and University of California, Berkeley have teamed up to create a digital currency that they hope can achieve speeds Bitcoin users can only dream of without compromising on its core tenant of decentralization. The Unit-e, as the virtual currency is called, is the first initiative of Distributed Technology Research, a non-profit foundation formed by the academics with backing from hedge fund Pantera Capital Management LP to develop decentralized technologies."

This paragraph caught my attention:

“The Swiss-based foundation brings together professionals from the fields of economics to computer science and cryptography, and its members also include academics from Carnegie Mellon University and the Universities of Southern California and Washington. It is funded by Pantera and some private individuals, said foundation council Chairman Babak Dastmaltschi, while declining to elaborate further.”

The last line, specifically, anyone cares to theorize who else is funding them?


We could save Pantera Capital Management LP a lot by pointing out Cardano to them…

I had this thought too:

3 Likes

I saw this earlier. I am skeptical about anyone claiming to have thousands of tps, without compromising security. Cases I have seen so far:

Dfinity—doesn’t require a full consensus. Instead it relies on game theory for clients to play nice. Could work but I wouldn’t bank on it.

Hedera Hashgraph—performance deteriorated significantly as nodes are added. I think if you place like 100 nodes the block time goes up to 25sec.

I want to know what these guys have cooked up…

3 Likes

Not saying competition with Cardano’s technology is impossible… however, even if there is, it will have to either mimic or completely reinvent the same wheel that Cardano did, albeit in a different manner but with similar security guarantees/proofs. That to me…is a very tall order. Not saying it’s impossible, just that it’s very difficult to do significantly better than what Cardano’s already demonstrated w/Ouroboros, forked strings, etc.

3 Likes

You would be surprised how much Dfinity borrowed from Ouroboros, but that’s fine… this is why we have open source. They make some bold claims which I would like to see confirmed through peer review. I don’t think their paper has gone through the process although they have managed to attract some good scientists. If they adhere to open source, Cardano could learn a thing or two maybe from them too.

Any open-source protocol could be emulated in Cardano’s CL. That’s the hidden power of Cardano that many people miss.

1 Like

True dat, as they say… Cardano’s motivation, in addition to the tech of course, is what attracted me to the project. Only crypto I ever invested in, long. I’m down from the price I bought, about 60 cents :), though knowing what the promise of the tech and the organization/community is, I don’t even look at price movement anymore unless I want to laugh…

2 Likes

For those that would like clarification on this point, CL is Cardano Control Layer “What Makes Cardano SL Special?”

BEYOND SETTLEMENT LAYER

Cardano SL is called “Layer” for a reason. It is the first component of the Cardano Platform. Eventually, it will be expanded with a Control Layer, serving as a trusted computation framework to evaluate a special kind of proofs to ensure that a certain computation was carried out correctly. In gaming and gambling, such systems are used for verifying honesty of random number generation and game outcomes. Accompanied with side chains, it will make possible to accomplish such tasks as provably fair distribution of winnings in games. But the application of Control Layer lies well beyond gaming and gambling. Identity management, credit system and more will be a part of Cardano Platform. We are also aiming to evolve Daedalus, the Cardano SL wallet application, into a universal cryptocurrency wallet featuring automated cryptocurrency trading and cryptocurrency-to-fiat transactions.

2 Likes

Oh my God so much coin can’t replace Bitcoin value no matter how great technology behind it. The question is that coin better than cardano??? My opinion because cardano the most complicated blockchain technology in this world maybe in the Galaxy.