After successfully introducing the C2P consensus protocol, bringing its network security to an unprecedented level, the ILCoin Blockchain Project is doing research to increase block size and scalability. With the current development of the project, the RIFT protocol, will allow the creation of stable blocks of up to 1.5 Gb - something no one in the entire industry has achieved so far.
This solution also aims to maintain high transaction speed in large networks. The Rift release is scheduled for this November.
What has hindered the development of blockchain?
Blockchain technology has been receiving a lot of attention in the field of cryptocurrencies and extending beyond the framework. The idea of storing data in an immutable block chain has led many companies - including giants such as American Express, IBM, Facebook, Oracle and many others - to try to apply this technology in Many different applications. However, the problem of functional block size and scalability has long appeared to impede blockchain adoption worldwide.
Over the past 10 years - since Bitcoin was born, - developers have had to debate a lot about block size. Large blocks will work well in a small network. However, as networks expand, transaction times increase, leading to higher commissions and general network congestion. Besides, the difficulty in creating each block will increase and requires more electrical and computing power.
This is why it has been unprofitable to store large amounts of data inside the blockchain. While many experts have had a hard time finding solutions, for more than a decade, blockchain chains have been able to store more information about transactions.
RIFT fights with block size and scalability issues
ILCoin, an ambitious project that started out as a digital currency 4 years ago and has grown to become an international blockchain pioneer with high-profile development track records, has worked hard to improve advanced distributed ledger technology and made it possible for everyone to use it. The current RIFT protocol will allow large amounts of data to be stored directly in the blockchain, without the need for external third-party cloud solutions. And when it comes to data storage, less intermediaries mean more security.
RIFT has a second small block class which, unlike the standard blocks of the first layer, is created, not mined. Small blocks are linked together in DNA form and have references to their parent blocks; This structure is flexible and works at the same time. The use of small blocks allows the storage of any amount of data in the block chain without reducing the efficiency of the network or transaction speed and is able to expand the network scale above the level of Mastercard and Visa. Currently, the only limit for network size and size is the current network structure, but the technology itself has no limits.
Biggest block on the market
According to the tests, at this stage, the team was able to create a functional block of 1.5 Gb - the largest on the market and almost a thousand times larger than Bitcoin. RIFT will create a stable base for an on-chain storage system that can be used to securely store virtually any type and amount of data, including but not limited to graphics, videos, and documents. Whether. All blocks are provided with timestamps - which can be useful as proof of intellectual property. Now the project is entering the next stage of RIFT development, of which 5 Gb blocks will be targets.
Introducing the RIFT protocol will require updating the main source code. Over the next two months, developers will add the final steps and make more protocol tests to achieve even more performance and stability.
The final phase will be the November edition, after which both the block size and the scalability issue will no longer be a problem for the whole market. ILCoin encourages the use of its technology in other projects and it is expected that the release of RIFT will mark the beginning of a new age for blockchain and create infinite potential for common use