The ILCoin blockchain project is currently finalizing its revolutionary RIFT protocol, which provides the perfect solution to the puzzling blockchain scalability problem of encrypted storage space. The technology is expected to be released in late November this year.
ILCoin's RIFT protocol leverages a two-layer on-chain scaling feature that allows for potentially unlimited block sizes while providing a secure and decentralized solution for its users.
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What can we do with larger blocks?
Although blockchain technology has great potential in many industries, such as finance, healthcare, supply chain and digital identity, one of the problems is severely limiting its potential.
The block size limit was first introduced by the Bitcoin creator and the encryption godfather Nakamoto. As early as 2010, he added a 1 MB limit to improve the security of BTC networks by preventing distributed denial of service (DDoS) attacks. Satoshi's 1 MB block size limit effectively protects against such attacks, but it also limits the number of transactions that can be included in a block, allowing up to 7 transactions per second (TPS) per second in the current bitcoin network.
Even without the powerful expansion capabilities of traditional statutory payment systems (such as Visa, MasterCard and PayPal), they can process thousands of transactions per second, and we can confidently say that seven transactions per second in bitcoin are not enough to disrupt financial industry. Even the Bitcoin Cash feature (which has increased its block size limit to 32 MB of Bitcoin blockchain branches) can only handle 116 TPS. As a result, many developers have been trying to develop larger blocks that can handle at least as many transactions as current payment systems.
In theory, if every major blockchain project has increased its block size to decent functionality through an effective expansion solution, it could lead to a large influx of new users, including non-commercial and corporate customers. In this case, with the adoption of technology, the blockchain industry will grow exponentially. All of these advancements will only be the result of increasing block size.
However, it is important to mention that increasing the block size limit of the chain block chain only through the first layer of expansion is not an effective solution to the scalability problem of the blockchain industry. Bitcoin SV is a branch of the Bitcoin cash blockchain and has recently increased its block size limit from 128 MB to 2 GB, which is a good example of the above-mentioned chain expansion solution. Although the project has faced the problem of a block size limit of 128 MB, the massive expansion to 2 GB makes the situation worse.
According to the latest report from CryptoSlate, although the block size limit has been greatly improved, blockchain synchronization can become quite expensive, resulting in a significant reduction in the number of complete nodes, which may make the entire bitcoin SV network more and more concentrated. (Centralization). The report also lists other issues related to the 2 GB block size limit for Bitcoin SV, including unsustainable transaction costs, data dumping scenarios, and block propagation issues.
RIFT: A two-layer chain scaling solution with no negative impact
The ILCoin blockchain project development team is dedicated to the next generation of blockchain technology development and has proposed a number of solutions to address major issues in the blockchain industry and ecosystem improvements. In January, the team released its Command Chain Protocol (C2P), a defensive three-node system that protects its ecosystem from common threats to encrypted spaces. Including 51% of attacks and quantum threats, ILCoin's C2P protocol is officially proven to be resistant.
One of the most important developments of ILCoin is the RIFT protocol with a two-layer structure. According to the recent sandbox test, the stable block size is limited to 5 Gb, and the transaction processing speed can reach 10,000,000 tx / s, depending on the specific block generation time, transaction transaction weight and other factors.
The RIFT has two layers. The first layer includes the excavable blocks, and the other layers contain the mini blocks of the transaction. The mini block references the transaction, while the first layer of the block uses the mini block at the same time. In addition, RIFT allows mini-blocks to be synchronized and asynchronous with standard blocks, allowing simultaneous synchronization between blocks.
The unique synchronization process described above and RIFT's two-tier blockchain greatly increase network speed – making it faster than other chain-extended solutions and allowing for the storage of large types of large files on the chain. In this way, RIFT can effectively solve the problem of blockchain scalability without sacrificing network security or dispersion.
In order to release the RIFT agreement in late November, ILCoin developers must initiate major source code updates. The developers of the project are currently testing and refining the system to ensure a perfect upgrade of the RIFT.
With the RIFT protocol, ILCoin offers an extended solution that the blockchain industry has longed for, with the ability to push blockchain technology to the next level and subvert the traditional Fiat world. ILCoin is already dealing with the first use case of RIFT, the Decentralized Cloud Blockchain (DCB), which uses this protocol to provide a wide range of B2B and B2C solutions, such as securely in a fully encrypted environment. Storing data.
Be sure to visit the official ILCoin website at https://ilcoincrypto.com/ and join the ILCoin Development Team Community Channel – https://t.me/ILCoinDevelopmentTeam/ for the latest news and updates on the project.