Everybody involved with cryptocurrencies would one day wake up and find out that cryptos are no longer a viable innovation. This is due to the traditional banking system catching up with its confirmation processes, which it is actually doing as we speak.
This nightmarish prospect of hacking, theft, delays in transactions and worst, monetary losses will soon be eradicated if we consider the best technology for all cryptocurrencies - not just an alternative system.
The Bitcoin scalability problem concerns the limits on the number of transactions the Bitcoin network can process. It is related to the fact that records (known as blocks) in the Bitcoin blockchain are limited in size and frequency.
Bitcoin transactions can only be accommodated at the current block size of 1MB. ILCoinâ€™s Miniblockâ€™s size is 25MB as opposed to Bitcoinâ€™s 1 MB current block size. These two data do not give the total implications of what Bitcoin needs to adopt.
RIFT Protocol: game-changer?
Bigger block size is a simplified picture of whatâ€™s on offer by the ILCoin Development Team. With RIFT Protocol implementation, the block size could be expanded to over 1.5GB. So, whatâ€™s on offer?
Transaction speed is not an ideal measure of how great a system is but rather, itâ€™s the efficiency or the measure by how much a system gets done with what resources. Ideally, what the world system needs is something that can really replace traditional systems built around the whim of current world market holders - the status quo.
RIFT-Protocol is the basis for DCB (Decentralized Cloud Blockchain). This means that RIFT-Protocol and C2P (Command Chain Protocol) are requirements for DCB. The on-chain based data storage system like DCB is made possible with RIFT-Protocol. RIFT architecture can be thought of like a double layer of blocks, with the mini-blocks able to replicate itself without the need for mining.
Decentralized Cloud Blockchain is the worldâ€™s first data storage platform based on a decentralized blockchain system that can provide services off-chain. DCB depends on data storage with a system that is built upon the SHA-256 ILCoin Decentralized Hybrid Blockchain system.
Revolutionizing concepts of cryptocurrencies
The project includes a wider range of data storage possibilities including but not limited to videos, pictures, and files. An exclusive offer by ILCoin Development Team to partners is their own platform in addition to the cryptocurrency.
This third type of ILCoin-exclusive feature - which is closest to true blockchain utilization - will revolutionize the current concepts of cryptocurrencies.
If Bitcoin enthusiasts who make the comparison to the existing system in the first place donâ€™t suggest a better measure of efficiency, one could say itâ€™s a lot of BS. If the claim is NOT predicated on Bitcoin possibly being able to replace the existing financial system at all, thereâ€™s no reason to think this is even possible.
Crypto has so far been weirdly detached from the real-world economy. For all the activity within the crypto economy - and headlines about number going up or down - it doesnâ€™t much affect the real-world economy.
If one believes Bitcoin is a legitimate alternative to the current monetary system - set out how that would happen. Make a plan that doesnâ€™t have really obvious huge glaring holes in it - and that shows comprehension of how the existing system works and the stuff it does.
ILCoinâ€™s process will be fulfilled as part of the long-term goal whose steps include the “defensive approach, the decentralized partner node system, and the smart contract-based platform; all of which are part of DCBâ€™s creation”.
The ILCoin platform is designed to achieve a supreme level of security, and yet, have easy-to-use features. The teamâ€™s aim is to bring blockchain technology closer to the currently known data storage framework and as such, create a “more transparent and fair value approach to economic, legal, and financial processes”, as they have vowed to do.
Just criticizing the present system as bad doesnâ€™t mean your system is better. You need to show that. Letâ€™s see what happens as the ILCoin Development Team goes about putting their technology to work.
The post Bitcoin Needs to Adopt Brand New Principles on the Blockchain Market appeared first on Live Bitcoin News.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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