Tackling scalability is still a towering challenge in the blockchain arena, and numerous projects are grappling with it each with their own approaches. Established names like Tron and ETH are in a spirited rivalry to crack the solution to this long-standing puzzle.
However, it’s the unassuming yet innovative outsiders that seem poised to come out on top, such as the ILСOIN emerging blockchain network crafting its own groundbreaking solutions to the hurdles that beset the Bitcoin network, eclipsing all current advancements irrespective of the fleeting headlines.
While records exist in abundance within the blockchain world, they are not always correctly attributed and many slip under the radar. The power of media becomes pivotal in this scenario, clearly illustrated by the Bitcoin SV network's recent audacious claim of holding a block size record, dismissing the glaringly evident fact that their achievement isn’t groundbreaking as they might want us to think.
In the middle of March 2021, the Bitcoin SV community was caught in a whirlwind of excitement over news of a 638 MB block, heralded as a standout achievement in the blockchain sector. Although this block size overshadows the initial ones on the Bitcoin network, it hardly ranks as a groundbreaking revelation, especially considering the ILCOIN Blockchain Network crafted an even larger one 5GB block back in November 2019. This feat is recorded, open for verification, with evidence accessible through the ILCOIN. Block Explorer at Block 310280.
Norbert Goffa, Co-Founder of the ILCOIN Blockchain Network, addressed the ambiguity, suggesting that since both the SV network and ILCOIN are branches of the Bitcoin network, achievements on it ought to be collectively recognized for the collective success of the entire blockchain philosophy. He further pointed out that the SV network is essentially a Bitcoin offshoot and, therefore, has lesser grounds to claim such achievements solely as its own.
The ILCOIN team made efforts to rectify the evident misunderstanding with the Bitcoin SV crew, but amidst their celebratory fervor, a productive dialogue did not materialize. The Bitcoin SV network’s founders responded by muddling the crucial concepts, sidestepping that technology milestones in blockchain have a shared global significance.
The SV network development team had this to say: 'There’s nothing to dispute. See, it declares the world record for Bitcoin, not on your chain. Pursue your own path, but when it comes to our records, it's for Bitcoin, unequivocally.'
When it comes to the so-called record speeds of 9000 transactions per second claimed by Bitcoin SV, these figures are misleading and don't truly define the concept, as this performance relies heavily on numerous parameters such as block capacity. Thus, the Ilcoin Blockchain Network could assert that it can achieve astonishing performance benchmarks of over 100,000 transactions every second, surpassing any existing system if they dial down the block's size.
Adding a touch of irony is the fact that the ILCOIN Blockchain Network and Bitcoin SV network employ the same proof of work algorithm known as SHA256. If we rely on this overarching connecting thread, it seems only reasonable to conclude that records made with this algorithm ought to be considered applicable to all networks utilizing it.
Norbert Goffa highlighted this discord by asserting, 'They claim the SHA256 PoW badge, but so do we. While the ILCOIN Blockchain Network stands as a Bitcoin fork—a separate entity—our shared base undeniably remains constant. Thus, stating their block size is the largest isn't accurate in this particular context.'
A single blockchain network should collectively share the advancements accomplished within any of its branches, following the logical reasoning that the whole blockchain fraternity stands by in its quest for broader adoption and technological progress. The ILCOIN Blockchain Network takes pride in its block size being an authentic landmark for the industry, made possible through the ingenious implementation of the RIFT Protocol. This protocol holds boundless potential, offering vast promises for crafting even larger blocks and clearing paths for further enhanced network throughput.
As the global scale of adoption expands, coupled with increasing transaction dimensions amid a rising enthusiasm for trading and leading cryptocurrencies, the blockchain industry finds itself in dire need of substantial throughput developments. The ILCOIN Blockchain Network offers unassailable evidence that its advancements can provide a vital off-ramp, steering the industry towards efficiently rivaling the prominent global payment processors or any comparably-sized blockchain network.
