This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
ILCoin Blockchain Project set a new record for stable block size – when it successfully released a 5Gb block. This achievement became possible after the project introduced RIFT protocol, which allows to increase the block size and keep high transaction speed. With these qualities, RIFT effectively solves the scalability issue of blockchain networks, increases the potential for global adoption of DLT, and also forms a technological base for creating an economically efficient on-chain data storage.
The key features of blockchain technology – such as immutability of the chain, low fees, and smart contracts that allow to conclude deals without an intermediary – created a high demand for blockchain developments in the crypto world and beyond it. The scalability issue, though, has been holding the technology back for years. In order to find a solution, blockchain developers tried numerous approaches to it, including but not limited to increasing the block size, distributing data between servers in shards, or storing data off-chain. However, all of these approaches ended up compromising the other two pillars of blockchain: security or decentralization.
ILCoin first entered the market in 2015, introducing ILC cryptocurrency. Today, ILCoin Blockchain Project is more than a crypto: it focuses on solving the most pressing problems of the industry, increasing blockchain’s usability, and finding a way to create a viable on-chain data storage solution. For ILCoin Development team, 2019 was marked with two considerable breakthroughs. At the beginning of the year, the project presented a hacker-proof C2P consensus, which boosted the network’s security to an unprecedented level. This November, ILCoin released RIFT protocol aimed at resolving the scalability issue.
With their new development, ILCoin reconsiders the basics of blockchain, placing the main principles devised by Satoshi Nakamoto on a brand new technological base that meets the modern demand. RIFT protocol features two layers of blocks: standard blocks and mini-blocks, which contain transactions.
Unlike standard blocks, mini-blocks are not mined but generated by the system, giving the network unlimited potential for scalability. Mini-blocks are interconnected by references and connected to their parent blocks, ensuring that the data stays intact. In addition to its unique structure, RIFT also introduces simultaneous asynchronization – a new mechanism that carries out parallel sync of individual blocks and prevents network congestion.
“RIFT protocol disrupts the very concept of blockchain: mainly with the idea that simultaneous asynchronization 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,” – explained Norbert Goffa, the Executive Manager of ILCoin.
Indeed, in the case of a 5 Gb block size, 3-minute block generation time, and 232 bytes transaction weight, RIFT demonstrated an effective transaction speed of 23 140 987 tx/block. According to the developers, the only limit to this technology is the current network capacities.
In order to integrate the new code into the system, ILCoin Blockchain Project performed a hard fork, which was shortly followed by the release of enhanced blocks. Since the end of November, 5Gb blocks are available in the live net as the real proof that the scalability problem is solved for good. At the moment, ILCoin’s ecosystem is returning to full functioning, and ILC transactions are gradually being resumed, as most exchanges have already implemented the new code.
With its outstanding characteristics, RIFT marks the beginning of a new era for the whole blockchain industry. It is the first solution in the market, which is able to maintain high efficiency within large-scale networks and create a solid foundation for cost-effective on-chain storage.
For the latest news on the project, please check out ILCoin Dev team’s Telegram channel. The Blue Paper for the RIFT technology is available on the official website.
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.