UCF professor creating new kind of cryptocurrency

LAKE MARY, Fla. - 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."

For being virtual, Bitcoin uses a lot of energy to produce them. Mining or creating new Bitcoin is done on the Blockchain and that generates a lot of electricity.

For FlairrLabs, the goal is to create a cryptocurrency that is fee-less, fast, safe and useful.

"We're trying to build a platform that businesses could connect to our network and they would have a business type of digital wallet and users have personal types of digital wallets, so these people can communicate with each other through our network," Aria tells FOX 35.

As for how to buy Flairrcoin, the company is creating a mobile game where users will use augmented reality to find items, which will earn them coins. 

Then, you will be able to scan a QR code, and then your cryptocurrency will be transferred from your digital wallet to the vendor's digital wallet.