A technological innovation ahead of its time: The Blockchain
“Change requires time, and time will justify those ideas that, today, are thought to be unrealistic!”
When it comes to blockchain technology, many people will immediately begin thinking of either Bitcoin or Ethereum. Cryptocurrency, as a possible utilization of blockchain technology, is becoming more and more widespread. Countless projects have been created with the sole purpose of creating a cryptocurrency. So, what is the number of those projects that could add any real value to the basic idea that Bitcoin created? There’s only a couple dozen solutions on the market that possess unique ideas, and only in a very few projects can we explore any ambition to support the widespread utilization of blockchain technology.
Most projects that are dealing with blockchain development took the technology of Ethereum as a blueprint; believing in its efficiency and excellence. However, it is critical to see that there are very few projects that can cope with the difficulties set by blockchain technology. Therefore, many opt for seeking an easier way out, i.e., trying to combine the minimal capabilities of the technology with the currently employed technological conditions. A good example for this is the system of the off-chain based data storage which is a combination of the cloud-based data storage and blockchain technology. These solutions, in many cases, might seem to be just fine, but they cannot compare to the on-chain based decentralized data storage.
Is it actually possible to store data efficiently in the blockchain? The answer is a definite, “yes!” It is, indeed, possible as long as we take every aspect into account and we are ready and willing to realize all practical solutions. Obviously, it will be necessary to stay away from those ideologies that consider blockchain a static, stiff system. Needless to say, the blockchain has many different utilization possibilities. However, this is true only if we can efficiently handle the most fundamental problems. Many things need to be reconsidered if we want to achieve an on-chain based data storage mechanism. From network data constraints to efficiency, there are several questions that are still waiting to be properly resolved. Handling such a system does require a refined blockchain technology that no-one in the current market possesses.
Several studies have been carried out which address the limitations of on-chain based data storage. However, none of these studies tend to include such a reconsidered, redefined blockchain system as the ILCoin Development Team is bringing into effect. The development team is gradually solving problems that many would consider impossible to overcome. One of these obstacles is, for example, efficiently handling an excessive amount of data on the network system. The ILCoin Development Team identified this issue a long time ago, and we are currently working hard so that, by the end of the year, this technology can establish the foundation of the on-chain data storage system of the Decentralized Cloud Blockchain for ILCoin.
One of the most important prerequisites for efficient data management is the outlook that is based on the economic approach. However, the main criticism for storing data on the node system is the inability to run data economically. Of course, it could be true if the business approach necessary for running nodes is not in harmony with the economic value of the service. An on-chain based system simply cannot be treated and managed the same way as a traditional cloud-based service. Blockchain-based data storage is the future, and the developments of the industry’s other areas are also contributing to this technological innovation. If we take a look at the mining machines from 5 years ago and today’s miners, it is evident that the whole industry has undergone tremendous advancements owing to the increase in the demand for Bitcoin. Similar to this instance, on-chain based data storage will go through very similar developments. The value of its technology cannot be measured based on the fact that current conditions are not yet sufficient to fully exploit its value. Needless to say, on-chain based data storage will not expand to its final form overnight; it will require time. However, it is obvious that it will gain ground, and this is exactly why the ILCoin Development Team has dedicated themselves to developing the first blockchain which can efficiently store files, images and videos in a decentralized on-chain based system.
