Blockchain technology has brought immeasurable progress to the current business ecosystem. In addition to the catalyzed cryptocurrency revolution, blockchain technology has disrupted a wide range of vertical areas of business and business, with a huge positive impact. Although the blockchain revolution has had a major impact on the technology industry, there are still some major challenges that need to be overcome.
Current Blockchain Sector Issues
Current Blockchain Issues The main focus of the current workblockchain system is the 51% attack threat. This attack method exploits the mining hash rate of any blockchain network or its concentration of computing power. If more than 51% of the hash rate in a network is under the control of the bad guys, then the entire network may be destroyed.
51% of attacks are a common problem in today's blockchain systems—especially in the digital currency arena. In addition to the concentration of hash power, the topic of network restrictions and block size is another major obstacle that the industry must address. For example, the size of the Bitcoin blockchain network is limited to 1MB, while the block size of Bitcoin cash is limited to 32MB. Each method has different strengths and weaknesses, but it does not solve the scalability problem.
The ILCoin development team is constantly developing new ways to address these challenges, which led to projects such as C2P and RIFT launched earlier this year, bringing the blockchain industry to the future.
What is C2P?
ILCoin's Command Chain Protocol (C2P) is designed to address the threat of 51% of attacks and quantum processors. C2P establishes a set of rules and principles in the protocol source code that prohibit certain types of activities. This helps prevent common drawbacks across cross-encrypted networks due to the concentration of computing power, such as double overhead. By assigning specialized tasks at three different levels of C2P, an internal ecosystem is created that increases the efficiency and accuracy of the block verification process. C2P has built an ecosystem of safer and more balanced environments. The C2P protocol leverages a number of different innovations to enhance any blockchain and make it secure.
RIFT agreement
The RIFT protocol was developed by the ILCoin development team to improve computing power and solve block synchronization problems in blockchain technology. Current blockchain networks are limited by limited block capacity, thereby inhibiting the true potential of blockchain technology and enterprise use cases. RIFT aims to address scalability issues and ensure that a large number of transactions can be performed by a single blockchain network. The RIFT protocol uses a unique scalability approach—rather than increasing the block size in the blockchain, and the RIFT protocol partitions blocks in a fractal fashion. Minefields in the RIFT agreement contain small blocks that have not been mined. RIFT's implementation eliminates "unfinished transactions" - bottlenecks and network limitations, FIFOs, double overhead threats, and enables a full-chain solution for data storage.
ILCoin is leading the rapid development of the blockchain industry, and the large-scale adoption of encryption technology is creating a new financial paradigm in which centralized legal currency is being used by dynamic, transparent and immutable digital currencies. Replace.
ILCoin is pioneering new forms of technology to strengthen the blockchain system and accelerate the growth of the cryptocurrency revolution. ILCoin's new mechanisms and protocols paved the way for blockchain and cryptography to become a bright and prosperous future for everyday business components.