ILCoin Blockchain Project, the first project to develop a quantum-resistant consensus algorithm, has announced that it’s working on its new RIFT protocol.
ILCoin Blockchain Project, the first project to develop a quantum-resistant consensus algorithm, has announced that it’s working on its new RIFT protocol. RIFT is the new concept of a two-layer ledger that is designed to deal with the issue of blockchain network scalability. It’s expected that both solutions will be very popular in the crypto market and beyond, as they solve two pressing problems blockchain developers have been struggling with for years.
With proper security and quality cryptography, it’s impossible to discreetly change data in the chain of blocks, where each subsequent block contains information about the previous one. Thanks to this unique feature of blockchain, the technology has been in high demand far beyond the financial industry. However, since it is still at the stage of formation, the developers have to solve many issues related to security and usability before it can be fully implemented.
Up until now, the scalability limit was one of the biggest problems when it came to storing information in blockchain networks. Their structure limited the size of the block which could be efficiently used within the network to a couple of megabytes. If the data exceeded the block size, storing it on-chain would be unprofitable due to high commissions. This was the reason why most developers abandoned the idea of keeping large files directly in the blockchain, and chose cloud or off-chain storage for these purposes. Using external storage, though, made the system more vulnerable.
To resolve this controversy and enhance the security level of its blockchain in the face of upcoming quantum processor developments, ILCoin Blockchain Project, a cryptocurrency with more than 4-year history, made a decision to do a hard fork and rewrite its core code from scratch. C2P, one-of-the-kind consensus algorithm, followed the company’s concept of partial centralization and addressed several problems at once. It made it possible to increase the block size to unprecedented 25 MB, maintain the efficiency of the network and high transaction speed, and provided top-level protection against external hacker attacks, thus creating a solid foundation for safe on-chain storage.
The upcoming release of the new RIFT protocol, ILCoin’s current work-in-progress, will help to solve the issue of blockchain scalability. In addition to the standard single-level chain of blocks, the company introduced an additional level of mini-blocks. Mini-blocks are both interconnected by a unique algorithm similar to human DNA, and connected to their parent blocks. This system gives virtually unlimited opportunities for the secure storage of images, audio and video, as well as the other types of files.
“According to our tests, with RIFT technology the stable block size will reach an impressive mark of 1.5 Gb. To make it possible to effectively sync such large amounts of data, the synchronization of mini-blocks is performed apart from the parent blocks. Even if a block is still syncing, the transaction will already be confirmed. So RIFT is a solution to both FIFO problem and bottleneck problem” – explained Norbert Goffa, the Executive Manager of ILCoin Blockchain Project.
The development of RIFT forms the base for the creation of ILCoin’s Decentralized Cloud Blockchain platform that will utilize the potential of blockchain technology to the maximum. DCB will offer a wide range of business solutions, including data storage, its own coin and crypto wallets, and serve as a base for developing custom applications.
Release ID: 88911184