Ray Aria, a computer science instructor at the University of Central Florida and CEO of an Orlando startup called Flairr Labs, is trying to build a better bitcoin. “Right now, cryptocurrency is being treated as a ‘source of value’ rather than a currency. It’s like gold or stock — sit on it, and hope for the best. But that’s not what its purpose should be, at least from my perspective,” he says. “My team and I have one mission in mind — to normalize the use of cryptocurrency for everyday consumer purchases.”
Enter what he calls the flairrcoin — a new digital token built on the backbone of a technology known as block lattice. Bitcoin and many other cryptocurrencies in use today rely on blockchain, a giant shared database that records and verifies crypto transactions between two parties in encrypted blocks of data. Blockchain’s inherent inefficiencies are bogging cryptocurrency down, however, he says, contributing to sluggish transaction times and massive energy consumption.
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