The first fully decentralized data trading platform has been announced by the ILCoin blockchain project, which is striving to create a new approach to data storage management and control. The Decentralized Cloud Blockchain (DCB) will be an innovative infrastructure that protects user data from third-party control and uses blockchain technologies for ensuring all related operations. User actions on the DCB will be facilitated through the use of the native ILC coin, which will be available for businesses and private users as a versatile digital asset.
Scalability problem
The biggest issue with modern blockchain networks is the scalability problem, which entails their inability to encrypt large amounts of data and store it in a decentralized fashion. The Bitcoin network and the Ethereum network are most affected by the problem and no viable solution has yet been found. The DCB aims to alleviate the problem by introducing a proprietary on-chain storage system for securely containing files in the form of mini blocks. The innovative RIFT Protocol will be used for maintaining the mini blocks with up to 25MB of data each. The ILCoin blockchain will be acting as the host for the encrypted data stored in the form of fragmented 25MB-sized mini blocks.
The main aspect of the technology developed by ILCoin is that users retain full possession and control of their personal and shared data. In both on-chain and off-chain data storage scenarios, multiple references will be used to identify the true owner of the information, thus protecting it from abuse, misuse, falsification or fraud. The underlying blockchain technology powering the DCB allows for full decentralization to be achieved along with a complete lack of anonymity in addition to the applied terms and conditions of the platform.
The underlying technology
The use of blockchain is the gradual adoption of a useful and highly competitive technology that outstrips currently applied solutions in terms of security, operation speeds, storage volumes and others. The DCB takes the technology’s capabilities a step further by incorporating the Command Chain Protocol (C2P) and the RIFT Protocol. The opportunities for application of such a dualistic approach to blockchain technology give the DCB unparalleled advantages in terms of security and scalability.
The main aspect of the RIFT Protocol is its ability to bypass scalability issues. The technology has already been proven on a live network and successfully produced a 5GB size block, which has been landmarked at block 310280 at ilcoinexplorer.com. The asynchronization principle applied in the RIFT Protocol solves both the FIFO and bottleneck problems, which makes the DCB one of the fastest and most secure platforms for data storage in the world.
The security of the system was ensured by the Palo Alto Network Partner certified C2P consensus, which, in conjunction with the RIFT Protocol, creates a scalable, highly stable and user-oriented platform for businesses and average users to rely on. At the same time the DCB will be able to act as an infrastructure for building a broad range of applications and business solutions, such as wallets, smart contract templates and marketplaces.
Using it anywhere
Apart from acting as a gateway to a decentralized blockchain infrastructure, ILCoin has numerous applications in a variety of industries. Its data storage capabilities make it the ideal medium for banking and public services, as well as the medical, insurance, education, government and many other industries and sectors. The platform’s ability to store any kinds of data in virtually unlimited amounts makes it the perfect medium for document storage and for acting as a corporate database management system capable of securely maintaining records, access logins, credentials and confidential information. The logistics industry can greatly benefit from the DCB’s adjustable smart contracts, which, coupled with massive data storage spaces, can accurately ensure verifiable and seamless delivery.
“Data storage solutions that currently exist are incapable of using the full advantages of blockchain to keep data safe. Which is why we, at ILCoin Development Team, have made it our goal to provide a system, under which data storage becomes truly secure. DCB is the world’s first data storage platform based on a decentralized blockchain system – it utilizes blockchain technology’s full potential to keep data truly secure,” as stated by Norbert Goffa, ILCoin’s Executive Manager.
Prospects for 2020
The security and data storage capabilities of the DCB are the key competitive advantages of the ILCoin blockchain platform, opening for it broad horizons for business partnerships and applications. The project team believes that the year 2020 will present vast opportunities for DApps development on the ILCoin platform and promote the adoption of their solutions. The success of the ILCoin Blockchain Project can act as a powerful signal for blockchain adoption worldwide.
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