Sometimes people don’t like to reveal themselves fully, especially if they are involved in the creation of something groundbreaking. But if we are talking about cryptocurrencies, then there’s another critical factor – decentralization.
If you are creating a technology that must be decentralized, then ideally the company shouldn’t be public at all, because otherwise, this fact creates unbearable risks of third-party influence that can easily harm a technology. With this motive in mind, a group of people has decided to create a unique cryptocurrency called ILCoin back in 2015 that is slowly paving its path to becoming the bitcoin alternative.
Back to The Roots
ILCoin’s technology was developed to withstand future quantum computing attacks effectively, that poses enormous risks to current blockchain networks based on the Proof-of-Work protocol. Being familiar with that problem, they began molding a cutting-edge consensus algorithm called Command Chain Protocol (C2P) which has finally eliminated all risks associated with a possibility of 51% attack, double spending attack, and other. But, that wasn’t all.
Thinking about network’s capacity and future needs that may arise during intensive ledger usage, they have increased the block size to 25 MB which has resulted in a dramatic transaction speed growth accounted to 170,000 tx per block. The ILCoin C2P algorithm is based on the SHA-256 hashing algorithm which effectively protects the network. Moreover, this year they are planning to implement technologically advanced smart-contracts that will be very helpful in 5 different industries, which, at this point in time, don’t get disclosed by the team.
ILCoin is managed by an executive director Norbert Goffa, a professional who is very experienced in sales and marketing. Also, he plays the role of an official ILCoin’s representative, who is responsible for the project’s business and strategic development. He helps the team to drive the project, cooperatively taking important decisions with them on technological development and strategy. Norbert has successfully graduated from the Hungarian University of Pécs in 2008, getting a master’s degree in Management. In November 2017 he had joined the ILCoin, and working for less than 2 years has made a serious impact on the global market position of the project.Considering all efforts, the native cryptocurrency is already traded on more than 10 international cryptocurrency exchanges, and today, Norbert Goffa reveals additional facts about ILCoin’s past and future challenges.
Victories. Challenges. New Ambitions.
Interviewer: At the moment of ILCoin creation there were dozens of different crypto-assets that performed well, so why you have decided to create another virtual currency?
Norbert: First of all, it’s not another cryptocurrency, because in its inception time we were thinking carefully about future needs and challenges that the industry will eventually face. And one of the biggest concerns that we had back then was the possibility of a 51% attack, which was exploited multiple times across the industry in recent years. We wanted to create a system which is hardly prone to different attacks, cutting the hackers’ possibility to takeover the network. That’s why we started a long and challenging development process.
Very often, projects are concentrating their efforts on marketing for the sake of marketing itself, and I consider it as a wrong path. They were thinking about their projects in terms of financial incomes, and that’s why more than 80% of all the ICO projects were doomed to fail. We decided to go the other way. Primarily, we wanted to concentrate our efforts on the technology, and only after that – on the marketing. And that’s where we are now.
Interviewer: Could you please explain how you position your project on the market? And why there’s not too much information about you?
Norbert: From the very beginning we chose the development path, which required enormous human resources to mold an advanced technology. We spend years acquiring experience in this industry and understood substantial problems that should be resolved, and our team didn’t want unnecessary public exposure when all things were not in line yet with our development plans.
Our project wanted to release on the market the blockchain technology which would be capable of combating effectively quantum computing threats. We had to create something unique so that this technology could survive near-future problems, that most of the existing blockchain projects on the market don’t even think to address.
Interviewer: What currently makes your project unique on such an aggressive market?
Norbert: The underlying technology, that’s what makes our project competitive. Currently, there are more than a thousand of different cryptocurrencies and tokens on the market, but what percentage of them are ready to withstand future or even present problems? – Not too many of them.
We always aimed at the future, and quantum computing is one of those threats that should be addressed decades prior to the technology mass adoption. We have meticulously worked for a couple of years and have developed a Command-Chain-Protocol (C2P) that eliminates possibilities of quantum computing attacks.
Interviewer: Your development team designed the C2P protocol for ILCoin’s blockchain, but how does it work? What makes it unique? What problems you had to overcome when developing it?
Norbert: From a technical standpoint, our network works as the multi-layered Blockchain that consists of 3 node types, that synchronize the network, verify transactions and validate the network. The second and third node types are Bridge/validator and Admiral/Master nodes, they play a significant role in the network’s operation. Due to the fact that our network is multi-layered, the second layer can be considered as the separate blockchain that works in tandem with the main one. It is operated by the Admiral nodes, that create separate blocks containing digital signatures that are cross-checked with previous blocks and assigned to blocks from the primary ledger along with hashes.
In the end, Admiral nodes validate the block, and when they assign a digital signature to it, 51% attack becomes impossible. Because newly created fraudulent blocks will be automatically rejected because the block itself should have a digital signature from the second network’s layer, and if a block doesn’t meet these requirements it gets orphaned. That’s how we have protected our blockchain from future quantum computing attacks.
Norbert: When we started the project’s development process, we had to work on the absolutely new multi-layered blockchain concept, that wasn’t widespread back then. And the biggest problem that we had to overcome was the technical realization of the whole consensus algorithm process. But with time and extra resources, we were able to figure out the best way of how it should be working.
Interviewer: What notable milestones can you highlight in the project’s history so far?
Norbert: During the past years, we were primarily focused on the ILCoin mass adoption, working on the wallets intended for all mobile and desktop operating systems. Eventually, by the end of 2018 we have successfully covered Windows, OSX and Android platforms, and besides that we have forked the ILCoin, updating our blockchain.
Interviewer: Why was the ILCoin forked?
Norbert: Developing the C2P consensus algorithm, we met the hard development moments which had to be addressed deliberately. The infrastructure that was created is very complex, it requires high fault-tolerance, stability, and fast operating speeds. Due to the fact that our network consists of many different interconnected parts, we have to release our updates gradually, so that we could avoid critical problems. In the latest fork, we have increased the block size to 25 MB and have implemented new C2P consensus algorithm functionality, that effectively protects the network from future quantum computing attacks.
Interviewer: What are your plans for 2019? Do you have any upgrades or innovations planned for the future that will enhance the services you provide for your clients?
Norbert: Currently, we are focused on the development of the cutting-edge smart-contracts, that can be considered as one of the most advanced on the market. Its extended functionality will allow many businesses from 5 different industries to use them. At the moment we can’t disclose what industries exactly we are targeting at, but the initial release is planned on this year.