The scalability issue still exists, and many projects on the blockchain market are struggling with it, each in their own way. All of the mainstays like Tron, ETH, and all the others, are in a heated contest to become the first to solve the dilemma.
But the innocuous outsiders are likely to be the winners – like the ILСOIN blockchain network, which is developing its own solution for the challenges facing the Bitcoin network, one that surpasses all existing ones, even regardless of fleeting news announcements.
Records abound in the blockchain industry, but some are wrongfully attributed, while others simply go unnoticed. Media coverage is the key in this unfair industry, as best demonstrated by the Bitcoin SV network, which has recently blatantly announced that their block size is a record-setter, neglecting the obvious and transparently evident fact that its achievement is far from stellar.
Mid-March of 2021 was a landmark for the entire Bitcoin SV community as it reveled amidst a flurry of news that the network managed to eke out a 638 MB block, which was instantly pronounced to be a record for the entire blockchain industry. Though the block size is impressive compared to the first blocks generated on the Bitcoin network, the announcement falls short of a sensation, since the ILСOIN Blockchain Network generated a whopping 5GB block all the way back in November of 2019. The achievement is recorded, viewable for all, and its proof can be found via the ILСOIN Block Explorer at Block 310280.
Norbert Goffa, Cо-Founder of the ILСOIN Blockchain Network stated in response to the ambiguity the both the SV network and ILСOIN are part of the Bitcoin network and all achievements on it should be universally shared for the good of the blockchain as a whole. He also added the SV network is actually of fork of Bitcoin and has fewer rights in stating that their achievement is purely attributable to Bitcoin.
There have been attempts by the ILСOIN team to clarify the evident misunderstanding with the Bitcoin SV team, but the jubilation of the moment for the latter did not translate into a constructive response. The founders of the Bitcoin SV network replied, convoluting the concepts involved, disregarding that the essence of technological achievements for blockchain are universal.
“There is nothing to solve. You’ll see it says world record on Bitcoin, not on your blockchain. Keep building whatever it is you’re building, but when it comes to our records, it’s for Bitcoin, and Bitcoin alone,” was the reply on the matter from the SV network development team.
The 9000 tx/s speeds reached by the Bitcoin SV team that have been marked as records are also far from the meaning the term bears, as the speeds depend on numerous factors, such as block weight. The Ilcoin Blockchain Network can then easily claim that its chain can achieve unprecedented transaction speeds of over 100,000 per second, outstripping any existing network, if the block size is reduced to a minimum.
The irony of the matter is further aggravated by the fact that the ILСOIN Blockchain Network and the Bitcoin SV network share the same POW SHA256 algorithm. By adhering to the given unifying concept, it would be fair and logical to conclude that the records set on the algorithm would apply to all networks operating on its basis.
Norbert Goffa commented the division of the concept by saying: “They say that they are SHA256 PoW, but so are we. The ILСOIN Blockchain Network is also a fork of Bitcoin – an independent chain, but our common base is all the same. Stating that their block size is the biggest is therefore a misconception in this case.”
A single network has to share the achievements made on any of its chains as logic would dictate, a logic that the entire blockchain community shares in its strive for greater adoption and development of the underlying technologies. The ILСOIN Blockchain Network is proud that its block size is a true milestone for the industry, which was made possible thanks to the application of the RIFT Protocol. The latter has untapped possibilities and offers immense prospects for the development of even large blocks, thus paving the way for even higher network throughputs.
The blockchain industry is in need of serious development in terms of throughput as adoption grows worldwide and the transaction sizes grow against the backdrop of heightened interest towards trading and major coins. The ILСOIN Blockchain Network has irrefutable proof that its solutions are capable of providing the off-ramp the industry needs to be placed on the fast track to competing with any of the major international payment gateways or any other comparable blockchain network.