Blockchain had taken the world by storm in 2009 when Satoshi Nakamoto introduced the Bitcoin. Since then, global computing and transactions have never been the same.
Blockchain has always been tagged as remarkably safe and practically impenetrable. Because of this, the technology behind it — a distributed, decentralized public ledger that stores digital information (blocks) on an immutable database (chain) — has expanded beyond digital currency to other industries.
In 2018, Walmart announced that it will be using blockchain to track its leafy green products in a bid to improve food safety. Finance giants Mastercard and Visa have also joined the movement.
While everyone is getting their hands on the technology, many believe to be the safest way to do transactions, flaws of blockchain are slowly being put into light. This is what the team of ILCoin wants to address — to make blockchain even more secure.
“We view decentralization differently, and this outlook is what pushed us to create ILCoin,” Norbert Goffa, the Executive Manager of ILCoin explains.
The idea behind ILCoin is to create a complex blockchain system with an ultimate goal of establishing on-chain based data storage. We have mainly focused on blockchain security to run a platform like this in the long-term efficiently.
Command Chain Protocol
ILCoin is a high-quality cryptocurrency tagged as a modern alternative to Bitcoin. It aims to create a new global digital currency-based economic system. The system allows users to earn, accumulate, spend and trade ILCoins within the community. What makes it stand out from the multitude of cryptocurrencies available today, however, is the technology that powers it.
Aside from its SHA-256 encryption, it also uses its own complex blockchain system that has been recognized by cybersecurity firms for its impressive security and reliability.
Developed by the ILCoin Dev Team, Command Chain Protocol (C2P) is like a “hack-proof” vest around SHA-256 that eliminates all security risks associated with quantum computing used to acquire hash rates, including hacking, double spending, roll-backs, and any other malicious activity.
C2P also deals with “51% attack” or an attack on blockchain by miners with more than 50% of the network’s hash rate, which gives them the majority power of the network. This allows them to block new transactions or reverse the payment and is considered one of the biggest problems of the industry. However, with its three-layered system, C2P is impenetrable to these risks.
“At ILCoin, we follow the defensive blockchain approach — with security being the main focus, we are trying to eliminate the current issues of present systems which, in their current state, allow too much room for malicious attacks,” the ILCoin Dev Team explained.
Decentralized Cloud Blockchain
With this new defensive approach to blockchain, ILCoin is able to offer a Decentralized Cloud Blockchain (DCB).
DCB is the world’s first data storage platform based on a decentralized blockchain system. It is built upon ILCoin’s SHA-256 Decentralized Hybrid Blockchain and relies on storing data with an on-chain system. The idea behind the DCB project is to have a wider range of data storage possibilities, including but not limited to videos, pictures, and files.
According to Goffa, DCB is the future of on-chain based data storage. Since off-chain solutions are not enough to keep data safe, the ultimate long-term goal is to provide a system wherein data storage is kept secure while making use of the maximum extent of blockchain.
“Access to the DCB gets realized via a decentralized system that requires a strong presence of security coupled with appropriate block size and speed.”
ILCoin’s technology and approach to blockchain have already caught the attention of blockchain experts. In April 2019, ILCoin was recognized by cybersecurity firm Palo Alto Networks Partner for its C2P system and the security it provides.
Goffa, however, notes that ILCoin and its team have so much more to offer the blockchain community.
“We are humbled by this recognition, but we are only getting started. The real challenge and success are yet to come.”
The post Blockchain 2.0: How the Technology is Made More Secure than Ever appeared first on Blockonomi.