The ILCoin blockchain project recently announced the launch of the world’s first decentralized data trading platform. The Decentralized Cloud Blockchain (DCB) is designed as an innovative data management and storage format for blockchain networks with protective measures meant to prevent third-party manipulation. The platform’s native ILC coin will be acting as the main means of settlements and will be available for both private and institutional users.
The development of the DCB was a technical response by the ILCoin project to the inherent flaws of the Ethereum and Bitcoin networks, which are incapable of encrypting and storing large volumes of data in a decentralized fashion. The implementation of a proprietary on-chain data storage system in the DCB allows large files to be stored in the form of mini-blocks based on the RIFT protocol and the Command Chain Protocol (C2P). Each mini-block is designed to store 25 MB of data on the ILCoin blockchain, thus compressing large volumes for easy access and management.
With the launch of the DCB, the ILCoin development team is aiming for making the use of blockchain technologies both more accessible and practical on a global scale by offering unique solutions for average users and businesses. The applications for the DCB are numerous as its underlying technology has been proven to be the only solution capable of solving the scalability issues of blockchain networks by producing a 5 GB block on a live network. The production of the block can be verified at ilcoinexplorer.com at block 310,280.
The issue of data security has been addressed in the DCB in full compliance with international personal data protection requirements, as users will be in full control and possession of their data. False identity and fraud issues are resolved within the framework of the DCB as the system automatically verifies cross-references of users and makes all data stored on the platform transparently verifiable by the owner due to decentralization and the exclusion of anonymous access.
“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. The 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.
The DCB uses the Palo Alto Network Partner certified RIFT protocol and C2P consensus for security, which make the system more efficient and create a virtually impenetrable system. Such an infrastructure is being viewed as an ideal environment for corporate clients and private users seeking to store large amounts of data in a decentralized and secure fashion without sacrificing operating speeds and efficiency.
The ILCoin development team is intent on broadening the range of its products to popularize the use of the DCB and ensure greater adoption on all levels of the target audience chain. Among the products the team will be releasing based on its infrastructure are business-tailored solutions, customizable smart contracts, digital wallets and a dedicated toolkit that allows developers to create their own decentralized applications.
The smart contracts of the DCB are designed as a versatile instrument for business applications that will allow various industries to take advantage of the data-security and storage capabilities offered by the RIFT protocol. The banking, insurance, medical data storage, public authorities, logistics, commercial, education, scientific and many other data-intensive industries are being viewed by the ILCoin development team as the prime audiences for its product line and the DCB infrastructure.
The use of smart contracts as the main operating instruments of the DCB will allow the system to be used as a general business process management platform in corporate environments, where third-party interference is prohibited due to the sensitive nature of the stored data. The development team believes that transition to a decentralized medium of data exchange is the next logical step in the evolution of corporate data management systems and will be offering its product as a more efficient and secure alternative.
The safe and transparent data management and storage format of the DCB are the main competitive advantages being offered by ILCoin as the project team strives to establish a firm foothold on the market. The founders of the ILCoin project are confident that the launch of innovative products and DApps based on the ILCoin blockchain in 2020 will be acting as the main catalyst for attracting both clients and business partners. It’s expected that users will get full access to the DCB platform at the end of this year.
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