“Trading on the exchanges cannot be the ultimate goal of any project…”
The past two years have fundamentally changed the market. Nowadays, newer and newer approaches are emerging regarding decentralization. While some say that block generation is of the utmost importance, others believe that the number of nodes is the absolute justification of decentralization. Still, transparency is unquestionably one of the most significant features of decentralization. Obviously, there are many things people may start arguing about, but it would be extremely difficult to question that data transparency is indeed one of the most critical aspects of the blockchain.
Of course, skeptics should always be given the opportunity to believe in their own truth, but the argument that the blockchain is inadequate just because the data takes up a lot of space is simply foolish. If we all thought that way, neither streaming services nor any other innovative approaches should have ever been supported. We might as well just give up all technological progress we have made so far…
There are numerous forums where professional supporters of different blockchain solutions debate. There are also a high number of theories, but practical implementations indicate lots of shortcomings. A large block size just isn’t enough as everyone will need to face the limitations presented by the network. This is precisely why most projects, following the example of ILCoin, opt for a two-layer solution.
Solutions that many were interested in a few years ago — such as Lightning Network or Sharding — can still be found on “today’s agenda”. However, the number of skeptics is continuously growing day by day, while the rate of actual results is declining. Moreover, Ethereum and Cardano are both continuously making promises to their followers about getting ready with their new solutions, possibly by tomorrow. Coincidentally, with a bit of an exaggeration, these promises have been going on for years.
Tron, BitTorrent, Filecoin, and many of the others up until EOS promise a decentralized system where the running of data efficiently will be significantly simpler and faster than on the prevailing systems. In order to keep these promises, they offer different solutions, but each and every one of these solutions shows some sort of shortcomings. Needless to say, I do not intend to suggest that the RIFT Protocol created by ILCoin is perfect, but we can safely say that RIFT Protocol, in fact, works.
The biggest challenge for decentralized systems lies in synchronization, as not everyone possesses the same conditions to run nodes. In the case of Bitcoin, this problem is insignificant because the size of the entire system could be easily handled by anyone. The same, thanks to the smart contracts, cannot be said about Ethereum. Therefore, what is the right direction? It would be very difficult to give the correct answer to this question, but we can state that some data would need much more transparency, and therefore these markets would be worth being targeted in the first place.
With the Decentralized Cloud Blockchain (DCB) development, we are trying to satisfy market needs where the authenticity of the data and its owner are uncertain. In other words, we would like to create a system where the matter of ownership of the data cannot be questioned. If we think about how much data we share about ourselves each day, who receives this data, and for what reason, then we rightfully ask the question, “Is the current way really the proper way?”
One of the most important applications of ILCoin will be the DCB platform; partly because of the Partner Node system, and partly because of other roles too. With this step, ILCoin will become part of the TOP cryptocurrencies. With that being said, it does not necessarily imply that its speculative role will also grow in direct proportion. However, it means that in the field of utilization possibilities, ILCoin may fulfill a similar — or even more significant — role to Binance Coin or BRAVE Token.