The Reconsidered Blockchain Technology: RIFT
“A great idea is not sufficient for success; it must also be put into practice!”
There are hundreds of projects on the market that seek to realize their blockchain development concepts based on several different theories. The market has undergone tremendous changes theoretically since Bitcoin was launched. But, what about actual practices? How many of these hundreds of ideas have actually been realized? It is evident that most tech giants are enjoying the benefits of their existing customer portfolio. However, this competitive advantage will gradually play only a secondary role in terms of efficient blockchain utilization.
I believe that most of you still remember how Nokia conquered the whole world. Then, when they said ‘no’ to the smartphone competition and rather stubbornly held onto their concepts that had meant safety for decades, they simply found themselves out of the competition. The current progress of the blockchain obviously cannot be compared to this example, but it must be clear for everyone that the role of trends and directions in blockchain developments is as significant as in the case of any other technology.
When analyzing the market with a little more depth, we’ll find that countless ideas are floating around that still need to be elaborated and which are still very far from being put into actual practice. One of the most common reasons for this is the fact that few people are truly competent in the area of blockchain development. This is not a surprise by any means as the approach to a decentralized system has many weaknesses. One of these weaknesses is the problem of security; not from the blockchain’s perspective but from the operational side of the system. Running free nodes provides everyone with the opportunity to join the network. With that being said, the objective of those who join cannot be subjectively examined. This implies that all of those involved in building the system might have different goals on a network that is, in theory, supposed to represent common interests.
The ILCoin Development Team is aware of both the benefits offered by the blockchain and the shortcomings of the system’s operation. This is exactly why we are currently working with an approach where each developmental step takes its final form after receiving feedback. To look for simplicity, we are working with solutions such as C2P and RIFT. Instead of placing the emphasis on overthinking, we are focusing on rethinking. The best proof of this statement is the RIFT Protocol that can rightfully be called “Satoshi’s dream” since we have solved all the limitations that Bitcoin faces every day with the help of mini-blocks and asynchronization.
However, as for the market, innovations such as RIFT are not in an easy position since we have not yet reached our final vision in terms of RIFT’s maximum utilization potential. Obviously, RIFT’s significance is negligible in speculative terms. However, when we place the competitive advantage of blockchain technology in the center of our analysis, we can see that the ILCoin Blockchain Project has gained a significant advantage in terms of optimal blockchain utilization.
Without the RIFT Protocol, it is impossible to realize an idea such as the DCB. In other words, I mean to say those projects that promise the widespread utilization of the blockchain but lack the solution to the scalability problem are actually making false promises. If there is no solution provided to efficient operation, we cannot talk about mass adaptation. With that said, RIFT has used mini-blocks and asynchronization to solve the problem of efficiency, and, by doing so, has opened the doors for on-chain data storage. Needless to say, in addition to data storage, RIFT has also established the opportunity for a digital financial network with the lowest transaction fees currently available in the world. Put differently, all the problems that were constantly hindering the possibility of the blockchain’s expansion have suddenly been solved.
During the upcoming years, the ILCoin Development Team will use DCB to realize a platform that brings about opportunities which no other project will be able to compete with. The essence of DCB’s multifunctionality will offer a type of utilization that will provide business users with unique advantages. The requirement for broadening the currently limited utilization opportunities will only be materialized if we reconsider our technological approach and then build from the result. A very clear proof of such a step is the RIFT Protocol that has solved the first-in-first-out (FIFO) and the bottleneck problem with the help of asynchronization. It can be said with confidence that ILCoin is currently the strongest and most efficient blockchain technology in the world.
