The control of cryptocurrency and its underlying blockchain infrastructure is slowly but surely gaining a foothold in our world. Enterprises are increasingly turning to decentralized solutions to improve their business efficiency and reduce costs. However, the existing solutions can no longer meet the requirements of modern business, and can no longer meet the prospect of decentralized system application in the future.
The main cryptocurrencies have proved their limitations. The maximum capacity of bitcoin is 1MB per block, and the capacity of 3-4 transactions per second (TPS) is very insufficient, which can not meet the requirements of enterprises for blockchain. However, as tier 2 solutions, the rift protocol and other competitors competing for the title of “savior” of distributed systems launch their own products one after another, it seems that there are some possible options.
What’s the matter now?
In 2019, Microsoft, IBM, Oracle, Wal Mart and other industry leaders will integrate blockchain technology into business on a large scale. This progressive attitude towards technology application has stimulated the demand for decentralized solutions by heavyweight banks such as JPMorgan and Wells Fargo. However, the influx of high demand and transaction intensive industries into the blockchain market also shows that the current infrastructure can not support a sufficient number of users, nor can it properly interact within itself.
The World Trade Organization emphasizes that the interoperability between blockchains is a fundamental challenge that hinders the adoption of this technology. Solutions in the form of super ledger or lightning network are still struggling or considered in the embryonic stage of development. However, with the growth of trading volume, the need for action in this area has become more and more urgent. If action is not taken quickly, the backlog of transactions will take more time, thus denying one of the main advantages of Decentralization – fast trading. If users begin to abandon this failed experimental technology, coins and tokens will depreciate forever and destroy the blockchain industry.
2020 could be the year of salvation
If interoperability issues remain unresolved, one of the biggest concerns of encryption enthusiasts will come true, as it will prove that centralization is the only effective system.
Ripple recently proposed a solution. The platform claims that its solution can compete with visa in terms of transaction volume, while Ethereum is still struggling for 15 TPS after the Istanbul upgrade is in trouble and delayed. Vitalik buterin recently proposed a plasma cash scale solution, which allows users to focus on the blocks they are interested in, thus optimizing data transmission, while improving security and filtering fraudulent transactions.
The second layer of lightning network running on the blockchain is also spread as a solution to interoperability and scaling problems. The theory behind it is promising, because it has unlimited transaction processing power and can only increase the final balance after all transactions are completed.
With the increasing requirements of enterprises, the transaction volume is increasing, and the clearing time of the whole blockchain industry is getting closer. These and other solutions are slowly approaching the final result of 2020.
Rift protocol shows that blockchain is scalable
It’s good to look for beautiful potential solutions in the industry, but the economy needs results, not promises. Today’s network scaling and interoperability problems are likely to have a possible remedy in 2020, because in December 2019, ilcoin successfully launched 5GB block (block # 310280) power and rift protocol based blockchain, which are suitable for financial and high-tech industries. The idea behind the project is simple – to eliminate scalability constraints and create efficient on chain storage solutions.
So far, ilcoin has released a 5GB block – the largest stable block in the market – with 23 million transactions per block, 10 times faster than visa.
At the same time, developers try to improve the scalability of the system while ensuring a high level of data security. This is possible in the revolutionary decentralized cloud blockchain system (DCB), where data storage on the chain is protected and managed by the quantum resistant SHA-256 command chain protocol (c2p).
DCB aims to open up a wide range of possibilities for exceptionally secure and transparent data storage, the establishment of various intelligent contract systems, and the launch of innovative decentralized applications running on the ilcoin blockchain system. The founders of the project expect to build a large number of dapps on the ilcoin blockchain by 2020.
“The existing data storage solutions can’t use all the advantages of blockchain to keep data secure. That’s why we’ve made it our goal in the ilcoin development team to provide truly secure storage systems. DCB is the world’s first data storage platform based on decentralized blockchain system – it utilizes the full potential of blockchain technology to ensure the real security of data. “- Norbert Goffa, executive manager of ilcoin, said.
One of the main advantages of rift is that it allows unlimited amounts of data to be stored in the ledger at a fraction of the cost of the general ledger. More importantly, the protocol is interoperable and can be easily integrated into any device with mobile connection, which means that the interoperability barriers faced by many dapps will become a thing of the past.
In the fourth quarter of 2019, ilcoin is customizing five smart contracts for enterprises. The project also launched a free POS terminal for businesses, which can now be used in the Google game market.
Hope for 2020
The scalability problem still exists. As more and more enterprises require the blockchain network to enhance its capabilities, the time is more urgent. Otherwise, the industry will die. Perhaps ilcoin’s rift can usher in a new era of blockchain and eliminate blockchain adoption and future threats.
Responsible editor; zl