Norbert Goffa, ILCoin: ‘We Can Create A Decentralized World Even Satoshi Could Only Dream Of’
Blockchain may be the biggest mystery of 21st century technology. Yes, it has the capacity to offer secure, reliable and decentralized records and transactions. But what else can the technology provide besides powering Bitcoin’s network?
In a recent interview with Norbert Goffa, the Executive Manager of ILCoin Blockchain Project and a tech visionary, we’ve discussed the evolution of blockchain and how it developed from just another idea to what could be the most important innovation of the modern era.
From a mere online ledger to an infallible on-chain data storage platform, Goffa also shared the strides his team has made to solve the biggest problems blockchain is facing today.
Q: Bitcoin has been with us for more than a decade, and is set for another halving next year. How do you think has Bitcoin and Blockchain evolve over the past years?
It is a tough question, as the events of the past few years provoked mixed feelings in most people. The consequences of the 2017 ICO dump brought along a negative perception of cryptocurrencies. True, the popularity of Bitcoin continues to increase. However, several factors which may have an influence on Bitcoin’s perception, are out of its control.
Most of today’s crypto-projects aim to dethrone Bitcoin. Dethroning Bitcoin, however, would only be possible if a project can provide its users with a brand new solution that will bring about the opportunities Bitcoin is incapable of creating.
If we look at the technological achievements of recent years, we will see that most blockchain developments have chosen off-chain approach. While there are systems and types of demand where off-chain can offer useful solutions, it is beyond question that off-chain storage equals centralized data storage. No matter which way the block was created, if data is stored off-chain, decentralization is out of the question.
In my opinion, the blockchain market is yet to face a number of alterations. The basic approach that Ethereum established has not lived up to most people’s hopes and expectations.
Q: What are the biggest flaws and limitations of BTC?
I believe that it is not in the best interest of miners to further develop Bitcoin’s network. Why? Because having a block size of 1MB is perfectly enough to operate with high transaction fees. With that said, it may also have some drawbacks that we will need to face down the road. Interestingly, Bitcoin miners did not like the idea of Lightning Network either. The most amusing part is that Bitcoin forks are trying to outperform Bitcoin in the aspects it does not even want to improve.
Q: You’ve solved security gaps with Command Chain Protocol (C2P,) now you’re eliminating scalability problems with RIFT Protocol. How does RIFT deal with this issue and what makes it so different from other blockchain advancements?
RIFT works with two layers of blocks: mined standard blocks on the first level, and system-generated mini-blocks on the second. We also introduced a parallel sync mechanism, where the latest block would synchronize at the same time, no matter their size and order. This means larger blocks would not create bottlenecks and hinder the smaller blocks that follow.
Thanks to this, our blockchain can handle a block several gigabytes in size with ease, and operate them at the speed of millions of transactions per second. For the moment, our developers picked 5 Gb as optimal block size, but even that is not the limit of this technology.
Q: What was the inspiration behind the two-layer blockchain – How did the idea of such unprecedented technology come about?
Since all previous solutions to the scalability problem turned out to be compromises in one aspect or another, we decided to look for a more comprehensive approach to the problem. Our solution was to optimize data transfer with the help of two-layer blockchain architecture and a new sync mechanism. Still, I believe the real emphasis should not be on the two-layer structure,. The real value is delivered by a simultaneous synchronization feature, which I believe to be one of our most prominent innovations.
With RIFT, we are literally entering the fifth dimension that opens up new opportunities in space and time. This idea of blockchain is completely new, different from anything most people know of and talk about. Through RIFT, the ILCoin blockchain has been endowed with capabilities that no other projects can compete with. This is not too much confidence, this is a simple fact — proven by 5GB stable blocks in our live net.
Q: 5GB blocks are unheard of. From a consumer/ organization standpoint, how does this big block size help industries?
The 5GB block allows us to transfer large amounts of lightweight transactions across the network at an outstandingly high speed and low cost. If VISA considered developing a new network system on the base of blockchain, RIFT would be its best solution.
Our goal, however, is not to win the transaction contest, as at the moment there is no demand for millions of transactions per second. For us, RIFT protocol opens the way to decentralized data storage. The main goal of both ILC cryptocurrency and the ILCoin Blockchain Project is the development of the Decentralized Cloud Blockchain (DCB) platform. Without RIFT, creating it would be impossible. Could data be handled efficiently on the network in any other way? The answer is simple: no, it couldn’t!
Q: Is DCB the next development of the ILCoin Dev Team? What is it, and what features will it have?
DCB is indeed our next development. It is a multi-user platform for businesses, organizations and individuals, where the security and efficiency of C2P and RIFT will be combined to create a stable and safe product.
DCB will offer on-chain data storage, digital wallets, our own customizable smart contracts, dApp constructor, and many other useful features. ILC, our cryptocurrency, will be powering the system.
Q: What’s the future like for Blockchain and Bitcoin? Do you believe the world is ready for global adoption of these technologies?
I would refrain from making any predictions, but I am quite confident that in just a couple of decades everything will be running on blockchain. It may sound a bit naive, since central power does not require a decentralized approach. Still, I think that both banks and large enterprises will find a way to make use of the blockchain according to their business interests.
It is very hard-yet-exciting to predict the future of Bitcoin. I am an optimistic person, but it would be very difficult to tell how miners might be influenced by Chinese regulations. This is the most significant question for the moment. Bitcoin’s advocates are also in a fortunate position because our technology uses the same SHA-256 base – and all ILCoin’s developments might be used to support and boost Bitcoin’s system.
Q: How can ILCoin help pave the way for a truly decentralized yet superiorly secure future?
Thanks to our technology, we are committed to creating a fully decentralized data storage system, where data transparency and security of the system will be placed on entirely new foundations. With the help of RIFT, we can be the first in the world to effectively store files, videos, and images in the blockchain.
Maintaining an on-chain storage system comes with a number of challenges, but according to Moore’s law, this issue will not be a problem in the long run. Armed with these technologies, we can create a world that even Satoshi Nakamoto could only dream of, and leave our mark in the history.