Through constant research and development, endless success and failure, and diligent trial and error, developers have firmly outlined use cases and limitations of blockchains. But which ideas are not just concepts? Which applications of blockchain technology are functional, useable, and will stand the test of time? In short, how can one avoid costly dead ends?
The primary axiom of blockchain technology is that without a robust network with a widely distributed grid of nodes, no network can fully serve its users.
The core concept that drives the ILcoin’s DCB (Decentralized Cloud Blockchain) is to deliver a wider range of on-chain data storage possibilities including but not limited to videos, pictures, and files. The ILCoin Development Team will offer not only a simple cryptocurrency to its partners but also its own platform that integrates data storage. This ILCoin-exclusive feature is positioned to revolutionize the current blockchain paradigm and open the door to a wider range of use cases beyond cryptocurrencies.
The RIFT Protocol is the foundation and basis of DCB, and allows data to be stored on-chain through a dynamic, revolutionary data compartmentalization architecture. Working with the Command Chain Protocol (C2P), RIFT integrates with DCB to set up an on-chain based data storage system that cannot be realized through any other tech stack.
Decentralized Cloud Blockchain is the world’s first data storage platform based on a decentralized blockchain system that can store big data on-chain. DCB stores data on-chain using the SHA-256 ILCoin Decentralized Hybrid Blockchain system, ensuring all data is protected by the strongest security possible.
The RIFT Protocol has a potentially unlimited block size. Mined blocks within the RIFT protocol contain Mini-Blocks, which contain both transactions and data. From a technical perspective, RIFT has two chains — one consisting of blocks, and another consisting of Mini-Blocks — which are directly connected via a unique referencing process.
RIFT’s Mini-Block size is 25MB as opposed to Bitcoin’s 1MB current block size. Mini-Blocks exist on a Mini-Block layer, below the Block layer. Each block contains up to 1.5 GB of Mini-Blocks, allowing ILCoin to execute up to 33,888 transactions per second with a 5-minute block time. The self-contained Mini-Blocks within the RIFT protocol function in a fractal manner, replicating to allow for faster transactions per second (TPS).
Mini-Blocks function as blocks in a “traditional” sense, but are not mined. Mini-Blocks are self-contained within standard blocks through a reference system. These blocks contain all transactions within the ILCoin network. Mini-Blocks’ hashing is executed automatically, eliminating the need for mining. The only block to mined is the “traditional” block.
Operating these two layers represents a complete redesign of the blockchain; maintaining the principal boundaries of being decentralization and peer-to-peer synchronization. This synchronized system is achieved through the unique architecture of the RIFT Protocol.
RIFT’s tiered block system solves the scalability problem, allowing the network to process a huge amount of transactions beyond the level of capability demonstrated by contemporary blockchain networks.
With RIFT implemented, transaction throughput on the ILCoin blockchain can reach as high as 33,888 Tx/s, dependent on block size and times. RIFT’s transaction speed rivals the VISA network, far surpassing the Bitcoin network.
Bitcoin, for example, currently handles only 375,000 transactions per day.
It’s not sufficient to simply increased block size or decreasing block time by reducing the hash complexity in order to scale a blockchain network. With either method, the ability to scale reaches a ceiling before it can hit the transactions necessary to compete with businesses like Visa. A more elegant solution is required.
This technology has the potential to completely solve the scalability and transaction throughput problems.
Any cryptocurrency that uses a technology that solves the scalability issue will become the more sought-after choice — based on transaction speed and usability alone.
The RIFT protocol doesn’t only solve the scalability problem. By providing users with a decentralized, fast, and functional blockchain network that — for the first time — allows users to store large amount of data on-chain, DCB and RIFT will revolutionize the blockchain ecosystem as it exists today and bridge the gap between contemporary blockchain technology and the decentralized networks of the future.