The ILCoin BlockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details project showed the successful launch of the RIFT protocol and the release of the 5Gb block – the most stable market block. The purpose of the protocol is to overcome the scalability of blockchain technology, as project representatives report on Twitter.
A protocol for storing information on a network
Blockchain technologies attract low costs, security and the absence of a third party. Companies are exploring options for introducing innovations, and national governments are investing in the development of national virtual currencies, decentralized databases and voting systems. However, the scalability limit of blockchain networks adversely affects implementation.
ILCoin is the first project to fix scalability by introducing a second level of mini-blocks. The RIFT architecture optimizes information transfer and ensures the synchronization of large blocks with smaller blocks.
The new protocol works with stable 5 GB blocks, increasing the transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details speed to 23,140,987 tx/block in the case of a 3-minute block generation and transaction weight of 232 bytes. The protocol is 10 times ahead of Visa and the Bitcoin network. RIFT guarantees the storage of any amount of content, as cryptocurrency news reports.
Interesting in the section: Data keepers: quantum computers versus blockchain
- Developers will solve the problem of data storage using the blockchain. The only drawback that is under development is the problem of network scalability.