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ILCoin Launches With 5GB Blocks

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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.

Email: [email protected]

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Tags in this story
Block Size, C2P, data storage, DLT, effective transaction, FIFO, ILC, ILCoin, ILCoin Blockchain, ILCoin Dev team, Norbert Goffa, on-chain data, RIFT
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Bitcoin.com PR , 2019-12-04 20:30:27 ,

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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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