ILCOIN - A Modern Alternative Comes Up With A Block Size of 25MB
ILCOIN aims to solve the scalability and security issues faced by most prevalent digital currencies and become a feasible alternative.
In the blockchain world, a block is as a collection of transactions, each requiring validation before the network can accept it. Each block features a “block size” with a default number of transactions. The current block size of Bitcoin is currently 1MB, and in case a block exceeds the limit, the network will reject it. The purpose of a block size is to help prevent denial of service (DoS) attacks. In theory, no block size could lead to an attack where one hacker floods the network with more transactions that the network can handle, bringing it down.
Two of the main problems of blockchains using the SHA-256 proof-of-work (PoW) consensus, such as Bitcoin, are network lag and increased transaction fees. Although several attempts have been conducted to help fix the problems - SegWit and Lightning Network - none have managed to fully succeed. To help solve a real industry issue, which is scalability, the ILCOIN project claims to have succeeded where others have failed.
A modern alternative to Bitcoin with a block size of 25MB
ILCOIN is a high-quality cryptocurrency that uses SHA-256 technology and a next-generation PoW to solve the original SegWit problem within the Bitcoin network. The 1MB limit caused many delays, and as a consequence, the Bitcoin system didn’t have the flexibility required to cope with the issue. ILCOIN leveraged its proprietary technology based on SHA-256 to increase the block size to 25MB, greatly increasing its capacity and electronic limits pertaining to the amount of transactions ILC miners were able to choose.
SegWit can only be implemented if 95 percent of all miners within the network agree to change the new source, and therefore agree to bigger block size. Due to the centralized nature of the ILCOIN blockchain, the development team is in control; this means they can make adjustments based upon their needs. “From 170,000 transactions per block, we can handle 15 million transactions per day or more depending on the blocks we mine” ILCOIN whitepaper.
Bitcoin hard forks that failed the test of scalability
One of the earliest attempts of a hard fork on the Bitcoin Core protocol was Bitcoin XT, introduced in 2015 with the goal to increase the block size to 8MB, thus enabling more transactions within each block and boosting the total transactional number per second. High fees, bottlenecks, and long waits took over the hype, and XT couldn’t preserve long-term support from the miners.
Another attempt to increase the block size limit came seven months after the launch of Bitcoin XT, and it was called Bitcoin Unlimited. Packed with bugs, servers going offline, and memory leaks, the hype only lasted until another fork emerged - Bitcoin Classic. The ambition was to increase the block size from 1MB to 2MB, and not aim higher like XT. However, once more it didn’t succeed at gaining enough support from the Bitcoin community.
ILCOIN’s advantage over the failed attempts to increase the block size limit in SHA-256 PoW blockchains lies in the team’s recently released consensus algorithm. Command-chain-protocol (C2P) argues to change the current status quo of the traditional PoW with centralized mining and three levels of security that uses three different types of nodes. The nature of ILCOIN is centralized to “keep the blockchain under tight control and this way protect not only its products and services but also its users.”