From rejection to acceptance
Blockchain has been associated with cryptocurrency for over a decade now. This is hardly surprising, considering that the two came hand in hand when Satoshi Nakamoto launched Bitcoin in early 2009. However, things have changed from the early days, and it is now clear that blockchain technology can bring change to countless other areas, as well.
As soon as this became clear, governments of numerous nations became interested in this technology and its rapid development. The UK’s Food Standards Agency (FSA) completed its tests revolving around blockchain’s use for tracking the distribution of meat in a cattle slaughterhouse back in mid-2018. Their goal was to use blockchain as a regulatory tool to ensure the food sector’s compliance with regulations.
Estonia, on the other hand, provides blockchain-based services for nearly all spheres of governance. Georgia is using it in the land title registry. Similar examples can be seen across the world, as the national governments’ stance towards blockchain changes.
Others are using it for launching their own official digital currencies, which is something that even China is planning to do. Civil databases, voting systems, and other modern use cases are emerging in numerous countries.
Meanwhile, France is making plans to test digital euro in Q1 2020, according to the Bank of France’s governor, Villeroy de Galhau. The plan is to use this initiative to strengthen the country’s financial system and ensure trust in the currency. It will also make France the first country to issue CBDC (Central Bank Digital Currency), possibly even beating China to it.
Thus, the demand for real blockchain solutions is now higher than ever, and not only at the level of technology companies, but also at the state level. Such ambitious goals set a high standard – they require solutions with high security, the ability to support millions of users and smooth operation.
A new age in blockchain developments
The entire blockchain industry continuously works on the development and improvement of this technology, hoping to achieve mass adoption thanks to the ever-growing number of benefits of blockchain. However, one project stands above the rest, especially after making a recent breakthrough.
In the second part of November 2019, ILCoin Blockchain Project introduced a new protocol known as RIFT, which expanded what was previously believed to be firm limits of blockchain technology. In particular, the protocol allowed the team to create record-breaking 5 Gb blocks, which are now available to users and can be checked out in ILCoin Block Explorer (block #310280).
Thanks to RIFT, the project became the first to offer fast and easy storage of massive amounts of data within the blockchain. Until now, most believed that cost-effective on-chain storage is only possible in theory. However, ILCoin proved them wrong, thus becoming the next step in the evolution of blockchain technology.
Why is RIFT protocol a game-changer for the blockchain industry?
RIFT protocol introduces a completely new network structure, accompanied by simultaneous synchronization, which makes it possible to optimize data transfer. Operating 5GB-large block is something that no other project ever even attempted to do, as it would seriously impact the processing speed. RIFT not only manages to do that, but also provides transaction speed of millions of transactions per second, surpassing any current payment network by tens of times, eliminating the need to use external storage. With 5 Gb blocks, 232-byte transactions and 3 minute block generation time, RIFT showed actual speed of 23 140 987 transactions per block.
Because of the fact that all data can be stored inside the blocks, and the safety of blockchain transactions, the protocol also offers unrivaled security, – even when compared to large modern payment systems like Visa or Mastercard. On top of that, it allows support for millions of active users at any given time, all of which can make use of its decentralized data storage — something that would not be possible without technology like RIFT. With this development, ILCoin is one step ahead of any other project, with unmatched results in terms of security and scalability, which can finally power blockchain for implementation at the state level.
The potential of new technologies
With all said above, RIFT is becoming one of the largest breakthroughs in the history of blockchain development, meeting modern standards and paving the way for the widespread use of technology.
The capabilities of blockchain technology appear to be endless, and now they are finally stepping off the paper and becoming a reality. Blockchain’s usefulness and potential to transform the world are no longer theoretical, and new great prospects of its implementation are opening up almost daily.
Thanks to RIFT, ILCoin is now in a unique position to create the new generation of blockchain technology, and potentially act as a bridge that will see blockchain become the tech used in all spheres of modern life.
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