DeFi’s (decentralized finance) innovation never stopped. Since the inception of Bitcoin, we are seeing more and more dApps disrupting the traditional financial space. When cryptocurrency first got everyone’s attention in 2017, Bitcoin and other coins’ speculative prices stole the spotlight of the real heroes: the decentralized projects that seek to make financial services more efficient, secure, and reliable.
For quite some time now, the current DeFi apps were primarily relying on the Ethereum network, and in light of the recent influx of users willing to take advantage of these DeFi opportunities, the network showed its weaknesses. The fees went sky high, from $10 to $50, to even $100 per transaction. The confirmation time increased from seconds to minutes, then even hours. And the overall protocol now feels limiting for a lot of applications.
Nevertheless, DeFi innovation has never stopped. 2020 seems to be the year when DeFi pushes the business and development space beyond Ethereum. That’s when more performant protocols like ILCoin will take over the DeFi projects that understand the benefits of a more scalable blockchain solution.
ILCoin is not just a competitor of Ethereum, ILCoin solves the scalability problem without sacrificing data security, achieving the lowest transaction fees among decentralized protocols; a fact that can be verified by anyone on the explorer. Plus, to add real-world usability, ILCoin offers on-chain data storage that can make possible so many applications that couldn’t exist in a decentralized environment before!
ILCoin’s network is offering a complete package through the use of the Command Chain Protocol (C2P) and the RIFT Protocol in a unique hybrid-decentralized approach.
The solution offered by ILCoin can be compared to blockchain itself, with the only difference being that it is powered by both blockchain and cloud storage technology. That’s why I want to introduce you to ILCoin as the first project in the world offering on-chain data storage as a decentralized cloud blockchain (DCB) platform. Let’s find out how it works!
DCB is a decentralized platform where data storage and data exchanges are realized on a transparent basis, based on a unique smart contract system that is written using Solidity, the most popular programming language for smart contracts. It means that founders and developers have the opportunity to store their users’ data safely and give access to it at any time, from anywhere, in a secure way.
After all, that’s what blockchain was built for in the first place. Let’s take Bitcoin’s blockchain as an example. This is the ledger where you can store your BTC so you can access them at any time by using your private key as access. You have a wallet where you are “keeping” your coins. That’s right. But the actual coins will always be kept on the blockchain. You are using your wallet as a storage for your private key that you will be using to access your coins from the blockchain.
Since the invention of blockchain and Bitcoin, technology evolved so now we are looking into ways to store more than digital tokens on a blockchain. Actually, we are looking for a way to store anything that can be in digital form, such as photos and videos to massive databases, all on-chain.
ILCoin’s DCB, C2P, and RIFT technologies are making it possible
In regard to DeFi, imagine dApps that allow their users to retain the ownership of the data they upload and even monetize it. When we’re talking about data here, I’m talking about any kind of data. In some cases, while the data is meant to be private from the public eye, it needs to be shared with trusted parties. These can be documents or internal digital assets. However, with the use of ILCoin, the shared storage can become their single source of truth as transparency is ensured by the use of a smart contract. From here, the applications of the technology becomes unlimited as there is no possibility to falsify the data once it’s on-chain. It can act as an escrow service for any kind of digital data. And so many other possibilities.
ILCoin’s one-of-a-kind blockchain is not only available to its own users, but it makes it possible for anyone to build their own DeFi app on top of DCB and its technologies. DCB is a new technology but it’s as permissionless as any other blockchain protocol. Regardless of whether you’re a business owner, entrepreneur, or developer, ILCoin’s achievements are ready for you to use so you can deliver the best experience to your users.