Just two months ago, ILCoin introduced a unique Command Chain Protocol (C2P) consensus to the crypto-community, which is resistant to quantum attacks and 51% attacks. This technology has been recognized by tech industry experts and was awarded a cybersecurity certificate by the Palo Alto Networks Partner.
But the team isn’t done revolutionizing the industry. ILCoin continues to further develop its technology to improve the field of data storage security.
In a brief interview with Norbert Goffa, the Executive Manager of ILCoin explains the dangers of blockchain-based data storage and their technology’s defensive approach.
Q: ILCoin boasts a more secure platform than the usual blockchain. What makes it so different? How was this technology achieved?
A: I believe the main distinguishing feature in our approach is the difference in our view of decentralization. We see how its harmful attributes cause serious losses to the users. This does not mean that we are utterly against the idea of decentralization, however, we cannot entirely relate to its current concept.
When it comes to decentralization, it must be clarified that we are talking about the free running of the nodes where every transaction is transparent or allows for free block generation. We are convinced that this concept is a practical matter and not an ideological one.
Every consensus we currently know has their own shortcomings. Our idea is to create a complex blockchain system whose ultimate goal is on-chain based data storage. However, to efficiently run a platform like this in the long-term, we need to prioritize security.
Our developers have been in the blockchain industry since the very beginning of Bitcoin. They know the different systems, their benefits, and shortcomings — all of which have contributed to the creation of our own blockchain approach. The ILCoin development team has completely redesigned the generic build-up and base concept of blockchain technology, which also proves we are neither a replica nor a “cloned” system. We are convinced that, with the current mindset of most people, it is near impossible to exploit the most important benefits of blockchain technology.
Q: The blockchain has been in mainstream use for over a decade; since Satoshi Nakamoto gave birth to Bitcoin in 2009. Why do you think cryptocurrencies and blockchain-based enterprises have not adopted stronger security on their respective platforms like you did with Command Chain Protocol?
A: I’d say the reason for this is obvious —blockchain and cryptocurrencies have gone through a period where users were made to believe that every solution works; that only effective communication was needed. We started heading towards a direction where all projects are called a blockchain project, even if these projects were lacking new, creative solutions.
Enthusiasts are concentrating on the wide range of utilizations for the blockchain which are essential and legitimate, but are still incomplete. There is no point in using a system, no matter how innovative it may be, if it is not safe. Unfortunately, most people do not consider security a priority as decentralization comes with no objective responsibility. With that said, only time will tell whose approach proves to be the most correct.
Add to this, it is evident that users are also changing in their opinions. Cryptocurrency supporters are becoming more aware and will no longer be satisfied with only promises. The market needs innovation and more solutions like C2P. Blockchain development must signify more than just the promotion of transaction processing or a DApp. Off-chain solutions will not be enough. Solutions that seem simple and practical can imply serious losses to users in the long run. Easy-to-use characteristics cannot be measurements for a quality concept in blockchain technology. While we still have to aim for a user-friendly interface, short-term compromises to increase popularity must not replace quality.
Q: There’s a lot of crypto exchanges and blockchain platforms, but what makes your Decentralized Cloud Blockchain (DCB) different from everything else?
A: On-chain based data storage is the future and DCB is what will deliver it to users. Data stored in blocks and the stern restrictions to access private data are currently thought to be the maximum extent of blockchain technology. The biggest challenge is the on-chain-based data storage of the videos, files, and documents.
DCB is all about the future as opposed to alternative solutions which aim to satisfy the needs set by today’s marketing communication difficulties. A solution for today is not what we are seeking. Unfortunately, it does not always bring about excessive popularity, but this is not our primary aspiration.
Q: In April 2019, ILCoin received a certification from the Palo Alto Networks Partner proving C2P is resistant to 51% attacks and quantum computing. How important was this achievement to the Dev Team?
A: This is a question that is hard to answer without sounding too conceited. To our knowledge, there are very few, if any, blockchain development certificates on the market that have been approved by such a reputable cybersecurity company as Palo Alto. We dare to risk saying that there isn’t any similar one on the crypto-market.
Palo Alto’s certificate allows us to stand in front of the users with great confidence and say: “We’ve done it!”
We believe in our technology as we, in fact, have created every single element of it. And we welcome cybersecurity companies to test the results of our labour. Palo Alto, as a brand, equals cybersecurity quality and authenticity and we’re glad we picked their partner for the testing.
Q: What would be the best adoption for ILCoin? Which industry or purpose will it thrive in?
A: BTC is an alternative payment method, which can be used in all business processes. Obviously, ILCoin (together with the DCB and Smart Contracts) offers different opportunities for future utilization than BTC does. What else could be a better goal for the utilization of cryptocurrencies than a blockchain platform which is capable of providing an on-chain based data storage? We can think nothing else!
Q: Can you tell us more about the decentralized partner node system?
A: The partner node system is currently under development. The essence basically involves rewards for those who use the ILC node system, whether it be for creating DApps or running full nodes on DCB. However, the practical implementation of this concept still requires further planning. The developers are currently focusing on the very next step which will come into effect this fall — a step that will exponentially increase the value of ILCoin.
Q: Based on your experience with developing ILCoin, how do you see the future of blockchain and cryptocurrency?
A: Blockchain technology is the technology of the future whose business and social values are unquestionable. We believe that the estimations about its technological values are quite underrated. By shedding light on the widespread utilization of the blockchain, new perspectives in data storage will emerge whose significance and social impact are unpredictable.
We believe the classical sense and perception of cryptocurrency must certainly be changed. Unfortunately, in the past few years, there hasn’t been any substantial breakthrough; contrary to what most people were expecting. This is what we want to address.
The ILCoin development team is working on this matter very seriously as we are all veterans in the crypto world. We are one of the most enthusiastic and positive teams. We are frequently getting asked what the root of our confidence is, which can be answered very easily — we possess the vision which allows us to realize and manage the wide range of utilization opportunities provided by the blockchain.
C2P and the rest of our achievements are only the beginning, the real challenges and success are yet to come.
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