ILCOIN introduces the new RIFT protocol that has 5G blocks setting the new record for both block size limit and transaction speed. With the latest development, ILCoin becomes the first project that solves the scalability project and creates the basis for efficient on-chain storage as we are reading in the coming blockchain news below.
The blockchain industry is now recovering after the massive hype in November and this has resulted in a surge of research in blockchain technology. The main feature of the distributed ledger technology such as immutability and low commissions and lack of third party interface created a high demand for both the crypto world and beyond. However, there is still one more issue to be solved which has held back the technology for years.
A lot of developers have tried to find ways around it and some of them even involved increasing the block size distributing data between the servers in shards of choosing off-chain solutions. However, all of these approaches ended up compromising the other two major pillars of blockchain which are decentralization and security.
IlCoin introduces the new project on the market trying to change all that. The platform entered the market in 2015 with the ILC cryptocurrency and four years later, the IlCoin blockchain project was created mainly focusing on solving the biggest problem of the industry which is trying to find a way to create a viable on-chain data storage solution and increasing the blockchain usability. For the development team, this year marked two major breakthroughs. At the start of the year, the project presented a hacker-proof C2p consensus which boosted the network security to an unprecedented level and IlCoin even released its RIFT protocol that aims to solve the scalability issue.
IlCoin wants to redefine the basics of blockchain placing the main principles devised by Satoshi Nakamoto on a brand new technological basis that will meet the modern demand. The RIFT protocol features two layers of blocks which are the standard one and the mini blocks that contain the transactions. The exchange manager of IlCoin Norbert Goffa said:
“RIFT protocol disrupts the very concept of blockchain: mainly with the idea that simultaneous synchronization is, in fact, technically possible. With RIFT, we are able to solve both the FIFO and the bottleneck problems and manage large blocks at unprecedented speed.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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