How Command Chain Protocol (C2P) May Solve the Flaws in Proof of Work (PoW) Consensus
ILCOIN comes up with its own consensus protocol C2P which, according to the team, blocks malicious activity and improves performance at various levels.
At the heart of every type of blockchain lies a consensus algorithm that sets one technology framework apart from another. The architecture of a consensus algorithm - whether it’s proof-of-work (PoW), proof-of-stake (PoS), or delegated proof-of-stake (DPoS) - is smartly designed to enable transparent and fair blockchain transaction validation.
The PoW consensus algorithm rose to stardom as a mechanism to validate transactions happening on the Bitcoin blockchain. However, it has proven to be resource-intensive, demanding a tremendous amount of electricity and computing power. One of its core weaknesses is a potential 51 percent attack, where if one user takes control of the network’s 51 percent of computing power, they could have a monopoly over the entire blockchain.
To combat common issues associated with Bitcoin’s PoW protocol, the ILCoin project developed a better PoW, also known as a command chain protocol (C2P).
How C2P may solve PoW flaws
PoW on the Bitcoin blockchain operates on the assumption that it’s too expensive to attack the network, and that it’s better to collaborate with other nodes. However, there have been double-spends and a series of 51 percent attacks with other blockchains using PoW; Bitcoin Gold is just one example. Without an established algorithm in place, a blockchain cannot securely verify all transactional entries. The problem is, just like with any new piece of tech, consensus algorithms have dealt with their fair share of scalability, efficiency, and security issues.
C2P comes with a full set of rules and regulations implemented in the source code to allow or block different activities. It enables the ILCoin development team to prevent corruption attempts, such as double spendings, while at the same time preparing the chain for safer smart contracts. By implementing three different layers of security, C2P creates an improved environment for users. Rollbacks, network corruption and double spendings are prevented due to the three levels, which assign different tasks to each full node; increasing the stability of the chain and making it stronger and faster.
“C2P is the actual next step of security in the cryptocurrency world, in order to turn down the page for all the non-ethical hackers who always try to take advantage on some back doors for some faulty codes, or lack of hashing power, for example, and in the same moment hurt a specific cryptocurrency and the trust of still cutting-edge technology” (ILCoin whitepaper).
The pioneering aspect of command chain protocol (C2P) is that it first becomes in sync with the network; following which it generates wallets, validates transactions, tracks the validation, and provides a digital signature. According to the team at ILCOIN, ILC coins are impossible to steal because any potential malicious attacks are prevented by the blocking mechanism.
A faster PoW with an increased block size limit of 25MB
Bitcoin’s scalability problem relates to a concern that limits the number of transactions the network can process. Records, also known as blocks, are limited in both size and frequency. Due to a block size limit of 2 MB maximum, processing transactions on-chain is limited to an average of 10 minutes, constraining network throughput. The maximum processing capacity is between 3.3-7 transactions per second. The block size limit has led to various bottlenecks in the Bitcoin network, triggering high fees and delayed transaction processes.
To combat scalability concerns, the new C2P protocol of ILCOIN increases the block size limit of its PoW consensus to 25 MB; enabling ILC miners to handle more transactions faster. According to the ILCOIN whitepaper, the network can accommodate up to “170,000 transactions per block, while also ensuring compatibility with today’s crypto platforms.”
“At this moment, the cryptocurrency market is undergoing a huge transformation that will result in both losers and winners. The question is very simple: what will decide the competition? The number of participants in the blockchain space is increasing, but unfortunately, the standard is decreasing. The ILCOIN project sets itself apart via C2P and block size increase to 25 MB.” - Norbert Goffa, Executive Manager of ILCOIN.
Armed with a series of fully functional wallet solutions and plans to develop smart contracts on their SHA-256 blockchain, ILCOIN aims to leverage its proprietary C2P consensus to take cryptocurrency to the next level and build “a foundation of a new, global digital currency-based economic system.”