Being a successful graduate of Belarusian State Economic University (BSEU), Maria has acquired competencies in economic and social studies. Given Maria’s previous research working experience, and desire to explore what's really shaping the future, the main research focus is placed on FinTech and Blockchain Technology.
While Bitcoin and other top cryptos grasp all the attention, crypto enthusiasts may overlook promising solutions offered by less popular players. Here’s the review of ILCoin – a coin that boasts more and more attention lately.
As the market is going through difficult times, it’s natural to retrospect. Last January marked 10 years since the first Bitcoin transaction in 2009. Bitcoin became the game changer and brought distributed ledger technology into focus. And even though both still have a long way to go before reaching technological maturity, it’s evident that crypto and blockchain are here to stay.
Much of today’s debates focus on how to solve current problems of the industry. How dangerous 51% attacks really are? Which qualities should a successful project possess? Is centralization truly that bad? How to create stability in the highly volatile environment?
ILCoin – How It All Began
In 2015 ILCoin, the world’s 80th crypto with its own blockchain, based on SHA-256 was introduced to the market. The source code was developed by ILCoin Dev Team, a young and dynamic start-up company. And while BTC and ILC do have a lot in common, there are also a few essential differences that we will discuss below.
Main features of ILCoin:
- SHA-256 C2P algorithm;
- Proof-of-Work consensus;
- unique multi-layered blockchain which provides enhanced security;
- transaction speed of 170k TX per block;
- the block size is increased to 25Mb;
- 2.5 billion coins will be available in total.
Besides the coin itself, the ILCoin Dev team also offers cryptocurrency wallets and Block Explorer – a service that allows users to monitor transactions and the network statistics. There are wallets for popular platforms: Web, Android, Windows, Mac. They are compatible with all applications and provide enhanced security: for example, the blocking mechanism prevents loss of coins should the owner lose access to his wallet.
The Story Unfolds
During the first two years since the start of the project, from 2015 to 2016, the team has been working on the source code, enhanced security and developing wallets for different platforms.
In 2017 the team released second versions of ILCoin Android Wallet, Web Wallet, and Block Explorer, along with Windows QT 2.0 and OSX QT, and launched the full nodes.
In November 2017, the team was joined by Norbert Goffa, who became the Executive Manager, the official representative of ILCoin and the person in charge of ILCoin development. With his appointment, a new era began for the project.
Since 2018 ILCoin Dev team started focusing more on ILCoin volume and development. By the end of 2018, it was already listed on 10 exchanges, as well as Coinmarketcap service.
Being targeted itself by a 51% attack in January 2019, the team came to a decision that a major source code upgrade is due. To solve the pressing security issues that have been taunting the entire industry, the ILCoin dev team had to change the entire block template and redesign the blockchain. The result of that work is C2P, Command Chain Protocol – a brand new, one-of-a-kind consensus mechanism that increases blockchain security to a level never achieved before, brings quantum resistance and eliminates any chance of 51% attack.
Though it is a hard time for every coin in the market right now, ILCoin team remains optimistic and keeps up the hard work. “It’s important that we face the challenges of our time, are flexible and work out new solutions to today’s problems. We want our coin to be the one that stays, and withstands the test of time” – Goffa comments.
In 2018 alone the project has made more developments than in all the 3 preceding years – laying a strong foundation for 2019. At the moment, ILCoin team is working on implementing new features and services, among which are secure smart contracts, which will later be integrated into the C2P Protocol. If all goes well, ILCoin will become the first cryptocurrency on the SHA-256 algorithm to achieve it.