DUBAI, UAE, Dec. 4, 2019 /PRNewswire/ -- ILCoin Blockchain Project has confirmed the successful launch of RIFT protocol and the release of 5Gb block - the biggest stable block in the market. The main purpose of this development is to break the scalability limit of blockchain technology, prepare it for wide adoption by data storage, finance, and other industries, and create a foundation for an efficient on-chain storage solution.
The advantages of blockchain - small fees, advanced security and lack of need for intermediaries - put it in high demand. Large enterprises explore ways to bring innovation to their areas, while national governments are investing in the development of official digital currencies, decentralized databases and voting systems. However, the scalability limit of blockchain networks has been hindering the integration.
ILCoin is the first project to solve the scalability problem - by rethinking network structure and introducing the second level of mini-blocks. Due to its unique architecture, RIFT optimizes data transfer and offers seamless synchronization.
"RIFT features a simultaneous sync mechanism for individual blocks, which helped us to deal with the FIFO issue and avoid bottlenecks. Now larger blocks will synchronize at the same time with smaller blocks that follow," commented Norbert Goffa, the Executive Manager of ILCoin.
The new protocol operates 5Gb stable blocks, while increasing transaction speed to 23 140 987 tx/block in the case of 3-minute block generation time and 232 bytes transaction weight. This is tens of times faster than Visa, and tens of thousands of times faster than the Bitcoin network. Since the end of November, 5Gb blocks are live and can be checked out in Block Explorer.
RIFT allows to store any amount of data inside the ledger - at a fraction of the cost and without compromising security by resorting to external storage. Mini-blocks are interconnected and connected to parent blocks, which guarantees the integrity of information. On top of that, the system powered by RIFT can be easily operated from a smartphone via mobile data connection.
Paired with ILCoin's certified hack-proof C2P consensus, RIFT becomes an important milestone in the development of blockchain, making it ready to serve millions of users in any industry where safe payments and cost-effective data management will be of use.
SOURCE ILCoin Team