For some time now, transacting through blockchain had been reduced to mere paperwork talk as promised throughput was not in the offing. How this came to be is not far from the fact that the pioneer cryptographic currency and blockchain, Bitcoin failed to meet up with requirements.
Nonetheless, the obvious lapse at the moment led to formation of multiple platforms (such as Ethereum that had remained Bitcoin’s contender). As it stands now, Ethereum is basis for many projects but it is far from perfecting the downsides and improving transaction speed.
In the light of this, IceChain makes it debut. With promised throughput in transactions, this is set to be disrupted as improvements will be made. On the other hand, hash power rates will be reduced and overall security of transactions assured.
The Shard Technology
In the light of fewer transactions, the Shard technology was introduced to help the situation. Though similar solution is on DAG, IceChain believes that the former has more upsides. To this end, there will be concurrent processing of transactions without hitches. This is one out of many numerous ways hoped to process trades faster over the blockchain.
This is in contrast to what was found on other platforms and further goes the extra mile to posit cryptocurrencies leaders when it comes to trades. To this end, the long-standing rivalry that had pitched crypto coins against VISA and SWIFT will be upheld and the former stands more chance of leading.
Fewer Hash Powers
If you’re into mining, you must have realized that computational powers are always high and in extreme cases, many costs are attracted. Though alternatives such as greenhouse energy and mining farms had been formulated, it remains to be seen the impact on a “local” miner.
Taking this into account, there would be lower hash powers needed. It is worthy of note that these powers are on the high side because multiple transactions are in the offing and when not processed on time, there will be need to introduce extra power to process them.
IceChain debuted solution is still in consonance with its shard technology. With that in place, there won’t be transactions in the pipeline and hence, bringing about reduction in hash powers. The fees that are also attributed to this are also offset as what triggers them (hash powers) is no longer effective.
Scalable Transactions
Several projects had promised to process several hundred thousands of transactions every minute but barely boasted of a few hundreds after they had left ICO pipelines. To this end, IceChain’s 100,000 TPS can be taken to the bank.
In the spirit of starting small and growing big, there will be growth in its speed as time goes on. This is better off than stating a seemingly unachievable milestone and leaving users devastated at the end.
Head and Sub-Chains
It is to be noted that IceChain’s overall solution is to make transactions faster. However, it does not depend on its shard technology but has alternate means to achieve that. That is where the head chain and its smaller components come in.
The former (head chain) forms a blockchain when it attains a 100% hash power rate. There are ten (10) sub-chains that get transmitted transactions and just like DAG, they process these on their basis.
In furtherance of vision to scale transactions, IceChain also has multiple nodes. There is also the EVM that powers the smart contract and double-layer blockchain.
Fewer Security Threats
In the light of cyber-crimes that have seen many blockchain platforms such as exchanges losing their assets and platforms in extreme cases, there is fortification on this project. It is expected to hedge double-spend attacks.
It is noteworthy that these attacks emanate because hash powers are centralized. Just like the scenario that played out on Bitcoin, miners that have the resources can form a pool and gather many hash powers. With this, they literally terrorize the platform as they’re in better position to call the shots. IceChain had taken this into account and taken steps to prevent it.
What is obtainable here is redistributed power. Therefore, it would be hard to have access to more hash power than required. Only 50% of this is available and is in turn, distributed across the platform. So you’ll wield same power as the other. With this in place, incidence of double-spend attacks will hopefully, not find its way to IceChain.
Decentralization
Cluster of transactions had slowed down operations of the blockchain and had led to abuses such as double-spend attacks. There is set to be full-scale decentralization as trusted nodes had been constituted to help in validation of smaller nodes. This also attracts incentives to participants (miners) as they get rewarded for helping cluster and delegation of nodes to areas they’re needed.
Allocation of Tokens
Token Sales: 60%
Team: 10%
Mining, Research and Development: 25%
Bounty: 5%
Token Information
Token Symbol: ICH
Token Standard: ERC-20
Token Type: Utility Token
Platform: Ethereum
Accepted: ETH
Country: Hong Kong
Restricted: The USA, China, Singapore
IceChain’s devoted and experienced Team
Conclusion
IceChain leaves a mark as its solutions are top-notch. It is expected to work across many sectors such as agriculture and IoT. Reduced costs and faster transactions are part of upsides it tucks and these are anticipated solutions in the decentralized world. Coming from IceChain at this time is welcome development.
For more information and updates about Icechain, visit the links below
Website:
https://icechain.io/
Twitter:
https://twitter.com/theicechain
Telegram group:
https://t.me/theicechain
LinkedIn:
https://www.linkedin.com/company/iceblockchain/
Steemit:
https://steemit.com/@icechain
Reddit:
https://www.reddit.com/user/theicechain
Facebook:
https://www.facebook.com/theicechain
Bitcointalk:
https://bitcointalk.org/index.php?topic=5057035
GitHub:
https://github.com/icechain
Telegram : https://t.me/theicechain
Writer's information
Bitcointalk username : deodivine1
Bitcointalk profile : https://bitcointalk.org/index.php?action=profile;u=1390292