Disclaimer: The text below is a sponsored article.
On the 21st of November, the development team of ILCoin Blockchain project has announced the successful end of fork to introduce RIFT protocol. The new protocol is aimed at the scalability problem that’s been stalling the progress of the blockchain industry for years.
The development of modern technologies has brought forward countless advancements that immensely improved our life. However, new challenges emerged just as quickly, once again blocking further advancement and forcing developers to come up with new solutions. One of the current greatest questions revolves around finding a secure data storage solution. While the answer already exists, in a way, it still requires perfecting.
The answer lies in blockchain technology, which is marked by high levels of transparency, the immutability of ledger, and many other advantages.
The advantages of on-chain
As mentioned above, blockchain technology comes with a number of benefits. It is through these benefits that numerous industries can advance and take the next step in their own evolution.
Blockchain technology is capable of storing huge amounts of data in a safe, efficient, and secure manner. Thanks to the fact that blockchain is decentralized, it can function as a secure ledger that is completely immutable. In other words, the data stored on-chain cannot be manipulated or changed without the consensus of the blockchain's operators.
This means that even the most sensitive data can be stored inside the blockchain without the risk of theft or manipulation of any kind. As such, blockchain could eliminate corruption, theft, smuggling, and other unlawful activities.
However, the blockchain networks have an important drawback - the scalability limitation that causes them to become ineffective and slow down after growing to a certain point. This is the reason why the on-chain storage has long been considered unprofitable and why many projects chose to store their data outside the chain even despite the lower security of such an approach.
ILCoin entered the market four years ago, with ILC cryptocurrency, - but today, it is much more than crypto. ILCoin Blockchain Project has been working on resolving the industry’s technological issues - scalability among them. In the course of the last few years, numerous projects tried to find a solution to it, but ILCoin finally came up with a working solution, where others have failed or given up.
Accepting the fact that looking at the problem from one side - e.g., enlarging the block size or moving the data outside the blockchain - did not work, the project focused on rethinking the very idea of blockchain and changing the structure of their network.
How did ILCoin do it?
The unique two-layer structure of RIFT features an additional level of mini-blocks, and a mechanism of simultaneous asynchronization, where blocks are synced at the same time, regardless of their size and order. This mechanism allows to avoid bottlenecks and boost transaction speed. This way, RIFT protocol optimizes data transfer, allows to operate 5 Gb blocks at the speed of hundreds thousand tx/s, and makes safe and efficient on-chain storage possible.
To implement the new code in the system, the developers performed a successful hard fork. Since the end of November, 5 Gb block will be available in the live net, officially setting a new world record in terms of the block size.
What is the next step?
Both RIFT and C2P, a certified quantum-resistant consensus introduced earlier this year, will become the base for ILCoin’s next development, which is to be released next year, in 2020. DCB (Decentralized Cloud Blockchain) platform will be open both for business and individual use, featuring an entire ecosystem of its own. This will include digital wallets, dApp constructor, smart contracts as well as on-chain data storage solution. ILCoin’s cryptocurrency, ILC, will be at the heart of the new system.
Blockchain — and especially on-chain — has become the new dominant word in the world of data storage solutions. Hence, ILCoin’s new solution is perfectly timed. RIFT protocol is capable of raising its blockchain's usability to a global level, making it accessible and useful to the entire world - becoming a breakthrough in both blockchain and data storage industries.