UnitedCoin Can Achieve 1 Million Transactions Per Second, Says Co-Founder Of UnitedCoin Ghita El Kasri
With the advent of Bitcoin and Blockchain, the entire world was introduced to the world of decentralized computing. The decentralized ledger provided many advantages over the older centralized systems, due to added trust and transparency. It has now been more than a decade and the use uses catered to by blockchain have become innumerable. From the finance industry to healthcare, there isn’t a single field for which blockchain cannot prove to be full of merits.
Centralized institutions that were in charge of carrying out financial transactions, with banks acting as the middleman, can now be replaced with decentralized ones. One such platform that has been developed to cater to this particular need is the UnitedCoin, a Miami based decentralized banking system which can apparently process 1 million transactions per second, and also claims that an increase in the number of members would increase the speed of transactions even further. It is implied that this could also solve the scalability issue that haunts bitcoin and various other cryptocurrencies using PoW, PoS or any other variation of the two.
Ghita El Kasri, the moroccan born, Co-founder and Chief Operating Officer at United Coin, holds a strong educational background in finance. She made the move to the field of crypto and blockchain when she started questioning the practices in today’s Finance Industry. In an interview with BlockPublisher, she elaborated the inner workings of United Coin:
Blockchain is the backbone of this decentralized platform and it needs to have three major things scalability, security and speed. We’re developing a blockchain with our own protocol. The protocol that we are using is a hybrid called proof of resource (PoR) that allows us to achieve the 1 million transaction per second of course depending on the nodes.
UnitedCoin is to be an improvement on the previous versions of blockchains that use the PoW consensus algorithm. It uses the proof of resource (PoR), through which only the two parties involved are required to approve the transaction.
Ghita added on,
Bitcoin blockchain has a scalability issues because they have proof of work and it does increase the security and it’s all about trade-offs. We are completely scalable so instead of a consensus and having 51% validating a transaction we only have to have the person involved validating the transaction.
UnitedCoin is regulated by the SEC and its Token Sale with 50% bonus is now underway. According to Ghita, the UnitedCoin token the UNIT is being offered at 50 cents. The token offering will end on March 31st at which point they will announce how many unit have been sold. The United Coin has received handsome funding all of which will be be utilized for the development of the infrastructure of the company and their product.
In addition to aiding peer to peer transactions, UnitedCoin also incentivizes its members and also allows members to spend their cryptocurrencies anywhere thanks to debit card MasterCard.
Ghita also expressed her opinion about how the nascent technology, is considered unnecessarily complex. The crux of the technology is decentralization, an ecosystem where every party is given equal chance to participate. She said:
There is a fake barrier of entry and it (blockchain) doesn’t need to be centralized by very few people and it needs to be generalized and that would make more people involved and empowered and less people marginalized.
The Platform is still in its testing phase and is set to be launched later this year. Ghita also hinted, that the company has been looking for opportunities all around the world specifically in Africa. Moreover, there is soon to be another announcement of collaboration with one of the major players to form blockchain labs all around the world, the first one is going to be in Morocco, in order to research the technology through collaboration and to collectively improve their platform and make it the most efficient blockchain in the world.
