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ILCoin to solve Bitcoin Scalability problem



ILCoin to solve Bitcoin Scalability problem
Source: Pixabay

C2P a protocol developed by the ILCoin is looking at solving the main problem in Bitcoin, lack of scalability, it is doing this by enlarging the block size. The claims that the block size has already increased to 25 MB. 

With this it will enable the users having a higher transaction amount. “Instead of the current maximum for Bitcoin of seven transactions per second, the team says they hit 170.000 transactions per block or 15 million transactions per day [whereas Bitcoin can handle 375.000].

The C2P is the primary blockchain protocol which is in sync with the network. It is possible as the protocols has 3 forms of nodes. The first one is in sync with the community and produced wallets, the second is the validatory nodes which verifies the transaction and the third being the admiral node which holds control of the monitoring, confirming and the digital signatures of the transaction. 

In Bitcoin the code of control belongs to the 95% of the users and their approval is needed for any changes in the system, but on the other hand the development team has the complete control of the blockchain in the ILCoin blockchain system. 

The other issues that was kept in mind while building the platform was the 51% attack of the network. The C2P is a safe platform for the users as it has 3 layers of security. The “hack-proof-vest” which is placed on the top of the SHA-256 algorithm block different types of activities which prevents blockchain corruption like double spending and rollbacks. 

An official partner of cybersecurity company Palo Alto Networks has certified the C2P platform. 

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.

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