The dawn of blockchain has given way to a field of possible adaptations for the technology. One of the leading possibilities for the distributed ledger network is on-chain data storage.
ILCoin Trumps the Scalability Hurdle
Because of the decentralized nature of blockchain — having no centralized entity controlling access to the files — blockchain storage has been considered as one of the safest, most secure ways to store data. For one, it would be impossible to lose data as everything is encrypted on the chain and is practically immutable. And since files are spread into nodes, hacking is also not a problem. Human error can also be crossed out from the formula.
However, despite the many security advantages of blockchain data storage, it has yet to take off fully. One good reason is scalability. Since big data exceed block sizes, storing on-chain is considered unprofitable. This forces companies to move files off-chain and into cloud-based storage networks, making all data exposed to vulnerabilities.
The solution? ILCoin Blockchain Project’s RIFT Protocol.
Due to the growing worry over data security and the limitations of blockchain, the project hard forked its code and introduced C2P, a unique consensus that uses three types of nodes with a different set of privileges and a fool-proof system of digital certificates, which eliminates the danger of 51% attacks and quantum-proof the network. But they didn’t stop there; the team developed a new two-layer blockchain that efficiently resolves the scalability issue.
Norbert Goffa, ILCoin Executive Manager, noted:
“The RIFT Protocol is the future of the blockchain. In fact, it is an advanced evolution of it. This improvement completely solves the problem of block size and network limitations.“
Currently, the Bitcoin has a block size of 1 MB. This means it can handle a few thousand transactions per second. Bitcoin Cash, on the other hand, has a 32 MB limit. With unimpressive block sizes, this puts a big dent not only on blockchain’s capacity to process transactions but in storing data on-chain. This is what RIFT Protocol quickly resolved with 1.5 GB block capacity at first – but, according to a recent statement, the developer team has successfully created a 5 Gb stable block in the test environment. And it’s the limit: RIFT has a potentially unlimited network size, because of it’s two-layered ledger technology.
The first layer covers the index of the normal, mined blocks — this contains the reference to the block and block size. Within the regular blocks are “Mini Blocks” — the second layer of the network that stores transactions. This layer has its own block numeration, which points to the last Mini Block and to its parent block.
This multi-layered solution could unlock the real potential of blockchain as an on-chain storage option. One mined block alone has a remarkable capacity to hold and process huge amounts of data.
The Blocks and Mini-Blocks sync asynchronously as well, cutting down processing time and a bottleneck for transactions. As it solves scalability, the opportunity to process huge amounts of data is only made possible through RIFT.
“We had to rewrite our source code from scratch to put these two layers in harmony — and maintain the main principles of decentralization and peer-to-peer synchronization. The only way to achieve that was through the RIFT technology.“
“Thanks to the mini-block level, RIFT gives the blockchain technology potentially unlimited scalability, so it can meet today’s demand.”
With RIFT Protocol, ILCoin Blockchain Project’s will be a step closer to creating Decentralized Cloud Blockchain (DCB) platform, which will offer revolutionary data storage solutions to a range of institutions and establishments.
This solution could easily resolve data storage, security, and management issues for businesses, healthcare, government, and education; and offer assistance on company processes, civil act registrations, and business logistics.
ILCoin’s DCB and RIFT Protocol are indeed the future of blockchain. Coupled with ILCoin’s unparalleled security, the company is shining a spotlight on the full potential the decentralized digital ledger technology.