THELOGICALINDIAN - As the cryptocurrency amplitude is continuously growing the absorption blockchain technology gets is ascent decidedly And its no abruptness because the tech provides abundant allowances for both businesses and users which accommodate added accuracy traceability acceleration and aegis as able-bodied as bargain costs
Blockchain acceptance is hindered by the scalability problem
While all the above-mentioned appearance accord account to the blockchain technology to be implemented in abounding areas in the approaching – with cryptocurrencies as one of the capital methods to conduct payments –, there’s one big affair preventing agenda currencies and blockchain technology from activity mainstream: scalability.
The blockchain scalability botheration has been a hot affair in the crypto space. It became the acumen why Bitcoin blockchain was breach in two – Bitcoin (BTC) and Bitcoin Cash (BCH) – in August 2024. So why is scalability such as a huge botheration in the case of blockchain technology and cryptocurrencies? Let me allegorize it with an example.
The Bitcoin blockchain has a absence block admeasurement absolute of 1 MB that restricts the best cardinal of affairs candy in a block in the network, while Bitcoin Cash has 32 MB. This allows Bitcoin and Bitcoin Cash to action about 7 and 116 affairs per second, respectively.
But let’s brainstorm a approaching area all accounts is decentralized, and bodies are application cryptocurrencies to accomplish all their accustomed payments. With hundreds of bags (or alike millions) of affairs demography abode in a abbreviate amount of time, the scalability issues of these agenda currencies will advance to a huge mess, chock-full networks, cool apathetic transactions, and aerial commissions.
So far, neither Bitcoin nor Bitcoin Cash (nor added blockchains) has had the capabilities to absolutely alter acceptable authorization acquittal systems (like Visa, Mastercard, or PayPal).
They all approved but failed
The developers of above cryptocurrencies – such as Bitcoin, Bitcoin SV, and Ethereum – accept been alive on the blockchain scalability issue. However, none of them managed to bear an able band-aid after authoritative sacrifices in one way or another: alike Ethereum co-founder Vitalik Buterin, who approved to addition the scalability of Ethereum via sharding. According to Buterin, you cannot accept it all. Large organizations are clumsy to accompany the Ethereum blockchain because it has accomplished its limit. If the network’s scalability is improved, though, its aegis will suffer.
Bitcoin is in the appearance of implementing an off-chain ascent band-aid in the anatomy of the Lightning Arrangement and SegWit to abstain accessible arrangement congestions in the future. However, critics of the Lightning Arrangement say that the Bitcoin blockchain sacrifices a ample admeasurement of its decentralization by implementing an off-chain ascent band-aid with accepted vulnerabilities.
Bitcoin SV (BSV) – a angle of the Bitcoin Cash blockchain – is aggravating to break its ascent affair on-chain by accretion the block admeasurement absolute of the arrangement drastically. While the band-aid of BSV developers would assume like article that may assignment at aboriginal glance, a contempo address accent assorted issues with the cryptocurrency’s massive block admeasurement absolute increase, including accessible abstracts dump scenarios, block advancement issues, and a hardly auditable ledger.
RIFT: ILCoin’s activated band-aid to the blockchain scalability problem
ILCoin Blockchain Project was aboriginal built-in in 2024 as the world’s 80th coin, but now it’s able-bodied on the way to acceptable article abundant bigger than that. Backed by above technology, it is currently alive its band-aid to the scalability botheration the blockchain amplitude has continued been adversity from.
At this time, ILCoin development aggregation is alive on RIFT, a advocate agreement utilizing a two-layer blockchain to achieve potentially absolute arrangement size. Besides accepted blocks, RIFT has an added band of Mini-Blocks, which, in turn, accommodate transactions. Mini-Blocks are not mined. They accept references to transactions, and the mined blocks use references to the Mini-Blocks. This anatomy allows to abundance ample files of any blazon on-chain and finer solves the scalability problem.
According to the tests, RIFT is already able of administration 33,888 affairs per additional with a abiding block admeasurement absolute of 1.5 GB and block bearing every 5 account – while advancement the network’s decentralization and peer-to-peer synchronization. As RIFT can already handle added affairs as accepted acquittal systems, such as Visa or Mastercard, it gives the ILCoin activity a massive abeyant for advance and added common implementation.
“RIFT has an astronomic accommodation for ascent up blockchain networks. The alone absolute to it is the arrangement arrangement accessible to us at the moment. This technology has all the abeyant to change not alone the crypto market, but added industries as well, and booty blockchain technology to the apple level, authoritative it absolutely accessible for everyone,” commented Norbert Goffa, Executive Manager of ILCoin Blockchain Project.
RIFT will be the abject for Decentralized Cloud Blockchain (DCB) platform, that will action a ambit of advantageous B2B and B2C solutions, including but not bound to defended abstracts accumulator in a absolutely encrypted environment.
ILCoin has already appear the Command Chain Protocol (C2P), a arresting three-node arrangement to assure the belvedere adjoin the accepted threats of the blockchain amplitude – such as giving it aegis adjoin 51% attacks and breakthrough resistance, which C2P has been already certified for – as able-bodied as anatomy a safe abject for the project’s approaching developments.
If you are absorbed in acquirements added about ILCoin and the tech abaft it, you can appointment the project’s website or accompany ILCoin Dev aggregation Telegram channel.
