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RIFT protocol: ILCoin does a successful fork, modernizes data storage 101

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.

About ILCoin

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.

To learn more about RIFT, please visit the official website, or join ILCoin Dev team Telegram group to get the latest news on the project.

ILCoin Blockchain Project , 2019-11-26 06:56:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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