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The ILCoin cryptographic platform indicates that it is developing a "modern alternative to bitcoin" without scalability problems by using a "pioneering technology" called the command-line protocol (C2P).
The C2P protocol, created by ILCoin, is supposed to solve the main problem of the bitcoin blockchain – the lack of scalability – by increasing the size of the block. The startup claims to have already managed to increase its limit to 25 MB. This allows its users to get a higher transaction amount: instead of the current maximum of seven transactions per second for Bitcoin, the team claims to have made 170,000 block transactions or 15 million transactions per day (while Bitcoin can process 375,000 transactions per day).
The project notes that C2P is the first blockchain protocol synchronized with the network, which is possible thanks to the new protocol consensus that works with tree forms of nodes: the first node synchronizes with the community – it generates portfolios – The validator node checks transactions, and the flagship controls the monitoring of transaction confirmation and digital signatures.
In addition, the company points out that, unlike Bitcoin, where the control of the main code belongs to 95% of users and that any modification requires their approval, the blockchain ILCoin is fully controlled by the development team, which can proceed necessary adjustments.
The startup also indicates that the created protocol is dedicated to solving another major Bitcoin problem – the security problem commonly known as 51% network attack. C2P offers its users a secure environment, consisting of three different layers of security. The "Anti-Piracy Vest" placed above ILCoin's SHA-256 algorithm allows you to block different types of activities and prevent blockchain corruption, such as double spending and rollbacks .
The project notes that C2P is certified by a third party, official partner of the cybersecurity company Palo Alto Networks.
From the past to the future
The project was launched in January 2015, before the rise of Bitcoin. Over the next two years, the team worked on source code, improving security, and developing online cryptography portfolios.
The main progress has been made in the last 18 months. Since November 2017, the company has released a new version of its portfolio, web portfolio and Android Blocks Explorer, which allows ILCoin owners to monitor their transactions. The startup has also launched its own digital currency, ILC, which it positions as a "modern alternative to bitcoin". Now, ILC is listed on 15 international stock exchanges, as well as CoinMarketCap.
In 2019, ILCoin announced that its platform would be the "first chain of SHA-256 chains implementing smart contracts". Smart contracts would work in parallel with the "unique" audit protocol, which constantly checks the code for potential vulnerabilities or malicious changes made by bad actors. . If such a change is detected, Smart Contracts will only be executed when all values return to normal.
In the fourth quarter of 2019, five types of custom smart contracts will be available in five business areas, the project says. Each type will have its own rules and penalties. Currently, the SHA-256 Work Proof Encryption Protocol (PoW) is already being used to retrieve ILC.
By the end of 2019, ILCoin also plans to upgrade all of its portfolios online and increase their security and connectivity. In addition, the team wants to launch a new module, "Buy ILC with BTC". According to the company, users will be able to search and pair different buy and sell orders from different stock exchanges.
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