By
Chimamanda U. Martha
April 24th, 2024
Numerous projects, such as Tron, ETH, and others have already largely solved their scalability issues, which paves the way for the possibility of the ILcoin Blockchain network becoming the true solution to the Bitcoin network’s challenges.
The term ‘record’ is becoming increasingly biased in the blockchain industry in light of the power of media coverage that is proving to be capable of overshadowing real achievements in favor of lesser ones riding on the wave of hype. Fairness and transparency – the virtues of blockchain – are thus being corrupted by events of such a nature, ones best demonstrated by the recent announcement made by the Bitcoin SV team regarding their achievement of a record in block sizes.
The Bitcoin SV community rejoiced in mid-March of 2021, when the network proudly stated that it had achieved a record-breaking block size of 638 MB. However, the block size is far from a record, and the statement – false, as the ILCOIN project managed to generate a 5GB block size as early as November of 2019. The proof of the true record is immutable and can be verified at Block 310280 on the ILcoin Block Explorer.
“Of course, I can understand that BSV’s opinion is that ILCOIN has nothing to do with Bitcoin and their result is important, since they achieved it on the Bitcoin network, but I think that this is only a half-truth. Since BSV is a fork, so it has nothing to do with Bitcoin. If so, then tomorrow we will fork Bitcoin with the RIFT Protocol and then BSV will admit that ours is the biggest blocksize? I don’t think so,” said Norbert Goffa, Cо-Founder of the ILCOIN project.
The ILcoin team reached out to the developers of Bitcoin SV to receive comments regarding the contradictory specifications of the achieved block size, but the founders of the network stated the following:
“There is nothing to solve. You’ll see it says world record on Bitcoin, not on your blockchain. Keep building whatever it is you’re building, but when it comes to our records, it’s for Bitcoin, and Bitcoin alone.”
Both ILCOIN and Bitcoin SV share the same foundation, which is SHA256 PoW, signifying that records achieved by ILCOIN are attributable to the entire foundation of the commonly shared network.
“They are saying SHA256 PoW! ILCOIN is SHA256 PoW too. We are also a fork of Bitcoin with an independent chain. So, the base is the same. That being said, when they say that they have the biggest block size on SHA256 PoW, they are saying misleading information,” as stated by Norbert Goffa, the founder of the ILCOIN Blockchain network.
“In this case they are a fork of Bitcoin too… So, we can fork Bitcoin any time with the 5GB block size, because we are a SHA256 PoW system too,” as Norbert concluded.
The use of a single network would make the achievements of all of its participants a common milestone for the industry as a whole – a conviction that the ILcoin Blockchain management team shares with numerous members of its community. The record achieved by the ILcoin Blockchain network was made possible thanks to the application of the RIFT Protocol that opens virtually unlimited possibilities for block sizes.
An additional factor of dispute is the statement by the Bitcoin SV team that mentions the achievement of 9000 tx/s speeds, which in itself is rather arbitrary and depends greatly on transaction weight and other factors. Based on technical characteristics and with the minimal weight of block size, the ILСOIN Blockchain is just as capable of attaining over 100,000 tx/s throughputs.
The revolution of block size increases on the Bitcoin network is a milestone that will herald a new era for the blockchain in its development and scalability. Numerous projects, such as Tron, ETH, and others have already largely solved their scalability issues, which paves the way for the possibility of the ILcoin Blockchain network becoming the true solution to the Bitcoin network’s challenges.