Crypto tech startup jumps on the journey to improve scalability and security with new quantum resistance blockchain.
The benefits of Bitcoin, “patient zero” of the cryptocurrency world, are indisputable. However, it presents scalability flaws mainly concerning speed and transactional fees. To combat these concerns, a four-year-old tech startup ILCOIN has developed an upgraded alternative to Bitcoin; an independent cryptocurrency that seeks to build a “global digital currency-based economic system” for the community.
With vast experience in development and various programming languages, the ambition of ILCOIN’s development team is to improve the crypto world by launching the first SHA-256 blockchain that can handle smart contracts. Since inception, the startup has been committed to creating an all-in-one platform where users can access a wide spread of different online wallets for storing and trading ILCOIN [ILC].
Different wallets for different applications
At the core of the ILCOIN blockchain lies a variety of wallet solutions meant for different applications. Some of the wallets currently available on the platform are ILCOIN Web, Android/iOS, Windows/Mac QT, and Android ILC/BTC. A unique feature of ILC cryptocurrency is the centralized nature of its mining process via the SHA-256 encryption technology. According to the team, a centralized system that makes sure blockchain development is kept under control nuances the decentralized concept. The team further stated,
“Becoming decentralized is not equal to just publishing your source code on GitHub. Allowing everyone to mine won’t make you decentralized either, as the 51 percent attack can happen in case of proof-of-work [PoW] as well. The real power comes from the ownership of nodes, which means that our concept of being decentralized is more nuanced.”
On the ILCOIN platform, ILC’s are stored safely on cloud-based, OSX, Android and PC-based wallets. Trading can be done instantly without chargebacks or banks and without fees. To track and monitor all transactions, users can use the ILCOIN block explorer, a system that manages close to 170k TX/block. Regarding main security features, the explorer includes VPN, SSL Certificate 256 encryption, SSH key implementation, and more.
The first PoW blockchain protocol with smart contract implementation
In Bitcoin’s case, the SHA-256 hash function serves two purposes: mining and creating addresses. Developed as a modern, upgraded version of Bitcoin, ILCOIN plans to implement smart contracts on its blockchain in quarter four of 2019. The team mentioned that in the initial stages they will add five types of personalized smart contracts in five business sectors.
Scalability concerns mostly related to speed and security are linked to many types of blockchains, including Ethereum and Bitcoin. To combat such concerns, ILCOIN has built a Quantum Resistance Blockchain, a unique protocol that is meant to help scale the SHA-256 protocol by increasing the block size. The team at ILCOIN emphasized that their new approach will be a C2P consensus that will eliminate malicious attacks. At the same time, the consensus is said to speed transactions and make them happen almost instantly, without compromising the security levels of the blockchain.
The ILCOIN platform has a supply of 2.5 billion ILC’s, currently listed on more than ten international exchanges. Three of the most recent ones are Bit-Z [March 15], CoinTiger [March 28], and DigiFinex, where trading will start on April 10. Regarding future development plans, the team at ILCOIN plans upgrades for its existing wallets, as well as further wallet improvements in connectivity and security for enhanced user experience.
In Q4 of 2019, ILCOIN plans to launch its proprietary “buy ILC with BTC” module, which will allow buying and selling orders of ILC/BTC pairs from various exchanges. To learn more about the development team at Ilcoin, the project’s official social channels are Telegram, Facebook, and Twitter.
India’s proposed crypto ban is ‘corrupt’ says Tim Draper
- India’s proposed bill is “pathetic and corrupt,” Tim Draper.
- Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies.
Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin support and investor in Tezos has come out to condemn the move. The outspoken investor has recently advocated Bitcoin to the government of Argentina. He refers to India’s proposed bill as being “pathetic and corrupt.”
He wrote on Twitter:
“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”
His comments have not been received well by the people on Twitter with some saying that Draper has not confirmed the developments and is acting on hearsay only. Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies and does not support government involvement in terms of regulating the space.
As reported by FXStreet, a lawyer in India shared what he referred to as the evidence of a draft law that could be used to ban cryptocurrencies in India except for the ‘Digital Rupee,” a digital asset that will be issued and backed by the Reserve Bank of India.
More on India’s leaked draft bill: India’s battle with crypto ban continues: “Digital Rupee” to be only the digital currency
France’s Financial Watchdog Proposes ‘Voluntary’ Regulatory Framework for Crypto Firms
The Financial Markets Authority (AMF), France’s top financial organization, plans to release an experimental regulatory framework for crypto firms later this month, according to a Reuters report.
The rules will include capital requirements, tax mandates, and consumer protection protocols – which “crypto-related firms will voluntarily abide by” in exchange for regulatory approval, reports Reuters.
Anne Marechal, executive director for legal affairs at the AMF, called the experimental arrangement a “precursor” for international crypto-specific legislation, rather than the mismatched application of financial regulations written prior to the advent of the asset class.
This is not the first time France has unveiled a “tit for tat” regulatory scheme. In April, the AMF released a requirement for banks to open accounts for crypto firms that “opt in” to being regulated. Part of the PACTE law, crypto exchanges and custodians were also extended the “option” to attain an operating visa.
At the time, Finance Minister Bruno Le Maire suggested the European Union follow “the French experience” by using the PACTE guidance to set up a “single regulatory framework” for digital assets in the EU single market.
These relatively unrestrictive legal measures were taken to promote the growth of small and medium-size businesses. While some governments, organizations, or industry leaders call explicitly for self-regulation or no regulation, many believe clearer rules regarding the sale, distribution, trading of cryptocurrencies would stimulate, rather than hamper, the industry.
Frederic Montagnon, the co-founder of LGO, a crypto exchange looking to expand into France, told Reuters, “When you are an entrepreneur, the worst that can happen to you is to set up your business where there is no regulation, to see an adverse regulatory framework later imposed that jeopardizes your whole business.”
Marechal said “several” crypto exchanges, custodians, and hedge funds are in dialogue regarding the regulatory framework with the AMF, which is also set to approve “three or four” ICOs.
Specifics will arise when the watchdog publishes the regulatory guidance.
For each U.S dollar in BTC spent on the darknet, $800 is laundered, says report attacking Steven Mnuchin’s claims
Following the crypto-focused briefing by the U.S Treasury Secretary, many have drawn conclusions that best fit their financial interests. But, with Steven Mnuchin linking Bitcoin to enabling illegal activities, hardcore crypto-enthusiasts have taken the criticism personally. In an attempt to dispense of this notion, Messari.io published a detailed report to compare the top fiat’s contribution towards fraud, in comparison to the world’s leading cryptocurrency, Bitcoin.
In the report titled, “Bitcoin in the grand scheme of things,” BTC’s contribution toward illegal activities was dwarfed by the strongest of fiat establishments. Through a combined analysis of data from Chainalysis and United Nations Office on Drugs and Crime, the report claimed,
“For each $ (U.S. Dollar) in BTC spent on the darknet, at least $800 is laundered.”
While this revelation may come as a shocker to traditional financial giants, it is important to note that messari.io has considered the total volume of BTC spent on the darknet, which largely comprises of legitimate transfers.
Further, the one-on-one comparison also showed that global economies recorded an explosive increase in their stock of narrow money [M1] i.e. physical money and digital assets. With the European Union leading this race with 0.87 billion in supply, it’s currently 98% higher than BTC’s total supply expected to be recorded sometime in 2020 (considering BTC’s price to be $10,000).
The report also considered the Federal Reserve’s balance sheet from 2009, the year when BTC was launched. The report revealed that the Fed’s balance sheet showed a currency issuance rate of 13,664%, against BTC’s modest 12 billion.
This report was shared by, @fmoulin7, over a tweet directed towards Mnuchin, which read,
“Just a quick reminder… @stevenmnuchin1”
Most leaders within the cryptoverse expect the U.S. government to allow the use of crypto within the limits set by the nation’s ruling government. The remaining however, retain their optimism for a BTC-dominated future, with or without the support of the government.