Hacker attacks remain one of the biggest issues in the crypto market, and specialists think it might only grow bigger in the nearest future. Some researchers believe that one way of solving this problem is to make consensus resistant to Quantum computers. One such consensus was made by a company with its’ ups and downs that seem to finally find their ground.
For ILCoin, company that is four years on the market, new consensus became the biggest challenge they met, as they say. Such consensus is not something totally new for the market, but ILCoin calls their innovation a ‘’world-class’’ mechanism that will increase the security level of the blockchain to a level ‘’never achieved before’’. The project called C2P is now the main priority for the crypto company and is being made by a team of 30 developers.
Quantum computers are considered a threat to crypto transactions. The thing is that the decentralized nature of mining and many crypto transactions makes them immutable and resistant to decoding. But Quantum computers power, in theory, can be enough to dominate mining networks and interfere transactions.
Though the problem is not at its’ highest point yet. Commenting on the development of new, more capable Quantum computers by Google and IBM, a Bitcoin news site said that client’s money is not in danger and modern ways of encryption are enough to prevent attacks. Still, some specialists prognose that even the biggest cryptocurrencies at the market can be compromised in less than 10 years due to the growth of Quantum computers’ capability.
Successes and usability
Since 2018 ILCoin currency is accepted and listed by 12 exchange sites, Coinmarketcap and Worldcoinindex included. It means that ILC can now be paired with Bitcoin, Ethereum and US Dollars.
The company also offers crypto wallets on the web, as well as Android and operating systems Windows and Mac, that allows users to keep their coins safe and send them with no delays, the team says.
It is worth noting that ILCoin is going to implement smart contracts in their protocol. It uses SHA-256 blockchain which is widely spread amongst cryptocurrencies, but the company is close to becoming one of the pioneers in adding such feature in this protocol. It will be five different types of smart contracts for five different business areas. Launch planned on the end of 2019.
Overcoming past mistakes to make a trustworthy currency
First ILCoin transaction happened at the beginning of 2015 and at the time it was the 80th cryptocurrency to appear. It came before Ethereum and many other companies and exchanges when Bitcoin was about 250 USD that can hardly be compared to today’s 5000 USD.
Such an early start of a project left its’ mark as the company had to make extra efforts to advertise itself and to find investment. As many crypto startups at the moment, they selected a network marketing partner. Unfortunately, most companies that used this strategy turned out to be a fraud. It was not the case with ILCoin which already had a technological basis and development team.
Still, it affected their reputation in perspective as some confused the company with scam projects. ILCoin’s representers emphasize that decision was made at the end of 2014 and seemed to be a good idea at the time. “Today it is easy to see clearly and make judgments, but it is pointless”, — they say.
Lack of necessary business decisions and changes demanded by partners led to two out of three company owners leaving it in the fourth quarter, 2017. The problem was because the responsible owners were not able to identify the trends in crypto, the team emphasizes. However, ”they believed then and the majority of them still believe in the Ilcoin project now”.
That is the time when ILCoin transformed into what it is now. After these vital changes occurred, the project found its’ way to new exchanges and set technological innovations such as new consensus as their main priority.
The development team of ILCoin is optimistic about it’s future now due to 2018’s successes on the crypto market. The company is now on its’ way to make trustworthy brand with one of the safest blockchain systems at the market.
ILCoin also sees the problem of the crypto market in companies relying too much on marketing instead of working on new technologies. Project’s developers understand that their approach can cost them popularity but they believe this is the right thing to do and a way to make a paradigm shift in the industry. The goal is to make ILCoin a sustainable currency that holds the test of time.
Source: Read Full Article