As reported by Cointelegraph on Jan. 24, the press service of the Massachusetts Technical Institute (MIT) announced the development of a new cryptocurrency based on the proof-of-stake (PoS) protocol. It is expected that the nodes of the new network will be able to verify transactions with a throughput increased by 99 percent compared to the Bitcoin blockchain and by 10 percent compared to Ethereum.
If, as developers claim, a cryptocurrency on a pure PoS protocol will be launched in 2019, then it will become the first such solution embodied in practice. Ethereum — Algorand’s closest competitor, according to the existing estimates — will launch its PoS system sometime between 2019 and 2021. Scheduled updates required for a gradual transition from the proof-of-work (PoW) to a PoS algorithm have been regularly postponed by the Ethereum Foundation due to network vulnerabilities and failures in the process of the network’s upgrade.