“Lack of knowledge can easily become the root of mistakes; whose consequences are unforeseeable!”
I have recently been examining and paying particular attention to projects that engage in blockchain technology. During this examination period, I have listened to countless “expert talks”, and unfortunately, I have found that information shared within isn’t only lacking, but it is also very misleading. Without making assumptions, I have to say it seems as if the currently prevailing perception regarding the blockchain is profoundly wrong.
After listening to several lectures, I have come to the conclusion that the decentralized approach is quite idealistic and that practical thinking is missing when formulating opinions. Project white papers and lecturers both talk about how transparency provided by the blockchain will change the world. I was listening to talks for hours about how the world will change owing to decentralized data storage. Lecturers were talking about new dimensions that the blockchain would open up for the large amount of data currently available.
Most people, using the example of Bitcoin and emphasizing the excellence of Ethereum, have described a world that is, in a certain sense, quite different from today’s reality. They talk about decentralized data storage when, apart from the ILCoin Development Team, no-one has been able to solve the problem of scalability. Therefore, how would it be possible to store large amounts of data in a decentralized manner without an appropriate blockchain? The answer is very simple: it is not possible! I could list several reference lectures that are all based on these misconceptions.
The biggest misconception lies in the off-chain based solutions that are incapable of solving the problem of decentralized data storage; though they possess some other useful business opportunities. The reason is, storing records and private keys only implies secondary transparency that has nothing to do with the transparency of data stored on a blockchain base. If data is not inside of the block, it is not decentralized data storage. In this case, we are only trying to provide the authenticity of the data with the help of the blockchain. However, these two separate things tend to get mixed up; causing most people to think they are one and the same.
The essence of decentralized data storage is represented by storing the entirety of the data content within the block. In order to make this level of storage happen, you must possess a much stronger blockchain than Bitcoin or Ethereum currently does. Technologically speaking, ILCoin is able to do it; a fact that is best proven by the 5GB block that is available on the live net. RIFT is by no means an overcomplicated, useless concept as opposed to the ones that most projects use in order to acquire followers. Needless to say, it is only natural that technically untrained people are more likely to get themselves into the trap of euphonious words.
First off, we need to start with an examination of how synchronization is being handled by that particular solution. If the solution is not capable of asynchronization, there is nothing to talk about because, due to the logic of the blockchain, FIFO and the bottleneck will hinder and block the whole process. Not only does RIFT solve these issues, but it also handles them extremely efficiently. The brilliance of RIFT is unquestionable, which means that we only have to wait for the blockchain world to face its own false ideology.
Nowadays, countless projects are developing decentralized blockchain-based systems. If we have a closer look at these ideas, we will find that, in most cases, we have a starting point that is fundamentally wrong. Data simply cannot be decentralized if it is not within the block; what is outside of the block cannot be handled with a 100% transparency. Of course, actual decentralization will have to overcome many challenges, but it is certainly better to follow a true yet difficult route than to travel through the “realm of wonders” where we eventually wake up as Sleeping Beauty did from her 100-year-long dream.