UCF professor creating new kind of cryptocurrency

LAKE MARY, Fla. – You’ve got heard of Bitcoin and Dogecoin, however there are literally thousands of different cryptocurrencies on the market.

Nestled in UCF’s Enterprise Incubator is FlairrLabs. The corporate is tough at work creating a unique type of digital forex.

“With our cryptocurrency we’re constructing, you’ll be able to exit and purchase small gadgets and you do not have to pay something. You don’t need to get permitted by any third occasion. It is quick,” UCF Professor and FlairrLabs CEO Ray Aria stated.

It’s greater than only a new type of cryptocurrency. The corporate is creating a brand new type of expertise to base it on. Presently, digital currencies like Bitcoin and Ethereum are based mostly on the Blockchain, which is actually a digital ledger of all transactions.

FlairrLabs’ forex, FlairrCoin, relies on a brand new type of expertise referred to as Block-Lattice. With Block-Lattice, each person will get their very own chain that they will write to.

“It is a new era. It has all the products, but it surely tries to resolve all of the downfalls all the issues the Blockchain has,” Aria stated. “Complete transaction payment is without doubt one of the largest issues, consumption of energy.”

For being digital, Bitcoin makes use of loads of vitality to provide them. Mining or creating new Bitcoin is finished on the Blockchain and that generates loads of electrical energy.

For FlairrLabs, the aim is to create a cryptocurrency that’s fee-less, quick, protected and helpful.

“We’re attempting to construct a platform that companies might hook up with our community and they’d have a enterprise kind of digital pockets and customers have private varieties of digital wallets, so these folks can talk with one another via our community,” Aria tells FOX 35.

As for easy methods to purchase Flairrcoin, the corporate is making a cell sport the place customers will use augmented actuality to search out gadgets, which is able to earn them cash. 

Then, it is possible for you to to scan a QR code, after which your cryptocurrency will probably be transferred out of your digital pockets to the seller’s digital pockets.