Since the last couple of years, we have seen tons of solutions in the blockchain market. Many of them have been trying to solve the 2 issues; safety and block sizes. The one, which is safety, seems to be solved by the team of professionals from ILCoin.
Developed by ILCoin Dev. Team, this is an advanced cryptocurrency integrated with SHA-256 encryption and Proof-of-Work (PoW) technology. Team’s vision is to power a new, global digital currency-based economic system where members of the system can generate earnings or spend trade and store the ILCoins and in doing so, enjoy the benefits while growing the ILCoin community.
It aims to revolutionize the traditional banking system with its 25 MB block size that can handle and execute an infinite amount of transactions every second for the users with a really insignificant fee. Currently, they can handle up to 170 thousands transactions per block.
Let’s see how it’s safety comes with its core. Although the team utilizes a Proof of Work consensus algorithm, all the activities of ILCOIN mining, developmental work on the blockchain, the wallet and the explorer are centralized; therefore, no particular user can use more processing power and corrupt the system by inserting incorrect information into the data. This makes the coin secure, stable, and cost-effective. On the compatible with other wallets, it can be secured in cryptocurrency wallets that are designed for the cloud, Android, OSX, and PC such as the Windows QT wallet, OSX QT Wallet, Official ILCoin Web Wallet, and the Official ILCoin Android Wallet. The cryptocurrency can also be transferred to other users with cryptocurrency wallets free without involving any intermediaries such as banks.
The one most important thing on safety also comes with C2P protocol that successfully eliminates all risks associated with quantum computing 51% attacks such as Fork Attack with a Rollback Attack, Design Flaw Type Attacks which directly affect smart contract’s functionality. As a highly proved way, Palo Alto Networks Partner used it and got great outcomes. “Due to C2P, ILCoin’s blockchain is resistant to 51% and quantum computing attacks, and it’s definitely incredible. We claim this and prove it. Even an infinite amount of hash power is useless to form an attack“, states Peter Boros, General Manager at EURODIGITAL, an official partner to Palo Alto Networks.
I asked ILCoin’s Executive Manager, Norbert Goffa to express his thoughts on the safety manner;
“At the ILCoin Development team, we believe that security is of the utmost importance. Currently, the whole market pays particular attention to block size and speed, which is clearly a necessary step in the development process, yet not sufficient. The C2P integration into our blockchain system is a milestone that contributes to the achievement of our long-term objectives, implying that our future developments – which developments focus on the widespread utilization opportunities provided by the blockchain – can get realized on a secure foundation.”
Another important thing is the cost. It has a closed mining network whereby there are a few transactions and reduced processing power. Also, when the number of transactions increases, the network increases the processing power, and therefore, more blocks can be processed without taking up much time irrespective of the traffic levels. Currently, the transaction processing speed of Ilcoin is almost instant and to mine one block is less than 15 minutes. On the price side, it uses the exact amount of power required to mine a new block and their rewards. Therefore, ILCoin doesn’t use a lot of funds on electricity and maintenance of the mining equipment, which subsequently results in the prices of the cryptocurrency being more stable.
I also asked Norbert Goffa, how he sees ILCoin's position in the blockchain ecosystem in 2021, and he answers;
“One of the intents of the ILCoin project is the implementation of an on-chain type of data storage. Most of today’s solutions do not connect to the blockchain the way, we believe, they should. Despite the clear benefits associated with the off-chain based approach, it still lacks to satisfy the fundamentals of blockchain technology. We are convinced that on-chain data storage is the real solution where files, videos, and images are all stored within the block. Consequently, this solution will open up an entirely new dimension in both transparency and accessibility, resulting in the realization of a new type of economic, legal and financial approach.”
It seems the ILCoin solves the problem of safety with consensus protocol resolving the problem associated with 51% quantum computing attacks, and we will keep an eye on their use cases that shape the market further on.