ILCoin Blockchain Project, the revolutionary on-chain data storage system that gave birth to one of the most robust security systems for the technology, has announced that it is working on a new blockchain protocol.
September 19, 2019 /MarketersMedia/ —
ILCoin Blockchain Project, the revolutionary on-chain data storage system that gave birth to one of the most robust security systems for the technology, has announced that it is working on a new blockchain protocol. RIFT aims to solve impending issues with the decentralized digital ledger’s network scalability.
The cryptocurrency industry continues to thrive with giants like Facebook joining the movement. In the near future, digital cash will be widely adopted and millions of transactions will occur around the world at a time. Sadly, current blockchain systems are not capable of supporting this growth.
After developing the Command Chain Protocol - a revolutionary, award-winning technology to solve some of the blockchain’s greatest security problems - the ILCoin Development Team is back with another innovation. RIFT Protocol is a two-layer ledger that resolves the blockchain’s scalability problems. This unique redesign of the system allows the RIFT Protocol to process hundreds of thousands, if not millions, of transaction in a considerably short period of time compared to consensus methods available today.
“The RIFT Protocol is the future of the blockchain. In fact, it is an advanced evolution of it. This improvement completely solves the problem of block size and network limitations,” shared Norbert Goffa, ILCoin Executive Manager.
“Syncing large amounts of data is a challenging task. But we are confident our RIFT Protocol will be a breakthrough advancement for the blockchain; just like our past initiatives. All of this in an aim to make the technology more sustainable for generations to come.”
The Bitcoin blockchain currently has a default size limit of 1 MB per block, while its counterpart Bitcoin Cash has a 32 MB limit. These limits are not capable of supporting service demands for cryptos; even more so as an increasing number of people adopt cryptocurrencies.
This is the inspiration behind RIFT — to have a protocol that has unlimited network potential; a system which can handle millions of transactions to serve the growing crypto and blockchain industries.
What makes the RIFT protocol stand out is its two-tiered chains that can handle large amounts of data at the same time. Each mined block contains “Mini-Blocks” that store transactions. This second layer of ledger has its own block numeration and has a reference to the parent block. Mini-Blocks need not be mined, however, and are self-contained blocks which mirror down identically to how fractals replicate.
“RIFT is a multi-layered solution. This new tier sub-level in the middle of the network makes this blockchain evolution potentially unlimited and capable of supporting the service demand of the near future.”
The RIFT Protocol is part of ILCoin’s Decentralized Cloud Blockchain (DCB) platform that aims to utilize the full potential of the blockchain. Together with the Command Chain Protocol (C2P) - a blockchain defense system making ILCoin resistant to threats of quantum computing - DCB will offer revolutionary business solutions and a range of data storage possibilities.
To learn more about ILCoin, RIFT Protocol and its many blockchain initiatives, visit https://ilcoincrypto.com.
Contact Info:
Name: Mr. Norbert Goffa
Email: Send Email
Organization: ILCoin Dev Team
Website: https://ilcoincrypto.com/
Source: MarketersMedia
Release ID: 88905056
