You’ve heard of Bitcoin and Dogecoin, but there are thousands of other cryptocurrencies out there.
Nestled in UCF’s Business Incubator is FlairrLabs. The company is hard at work creating a different kind of virtual currency.
“With our cryptocurrency we are building, you can go out and buy small items and you don’t have to pay anything. You don’t have to get approved by any third party. It’s fast,” UCF Professor and FlairrLabs CEO Ray Aria said.
It is more than just a new kind of cryptocurrency. The company is creating a new kind of technology to base it on. Currently, digital currencies like Bitcoin and Ethereum are based on the Blockchain, which is essentially a digital ledger of all transactions.
FlairrLabs’ currency, FlairrCoin, is based on a new kind of technology called Block-Lattice. With Block-Lattice, every user gets their own chain that they can write to.
“It’s a new generation. It has all the goods, but it tries to resolve all the downfalls all of the problems the Blockchain has,” Aria said. “Whole transaction fee is one of the biggest problems, consumption of power.”