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.
Mainstream Giant AT&T To Allow Bill Payment In Crypto
Colossal mainstream telecom provider AT&T announced it now accepts Bitcoin payments for bills, via BitPay.
AT&T Now Accepts Crypto
According to a May 23 statement on att.com, “AT&T* will now accept online bill payments through BitPay, a respected cryptocurrency payment processor. AT&T becomes the first major U.S. mobile carrier to provide a cryptocurrency payment option to customers.” BitPay will now appear as a payment choice when clients pay online or through myAT&T app usage, the statement noted.
AT&T Communications Finance Business Operations vice-president Kevin McDorman said in the statement:“We’re always looking for ways to improve and expand our services […] We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”
In the fall of 2018, the crypto space also saw Ohio take a shine to Bitcoin, allowing residents to pay their taxes in the asset, via BitPay.
Conceived in 2011, the crypto payment operation BitPay Inc. is “the largest bitcoin payment processor in the world, serving industry-leading merchants on six continents,” according to BitPay’s website.
Adoption In The Works
Mainstream adoption for cryptocurrencies is at the doorstep of the industry, with big businesses utilizing blockchain, mainstream entities looking to trade crypto and new entities, such as AT&T, now allowing bitcoin as a payment method.
Japan Scrutinizing Crypto Exchanges Ahead of G20 Summit
Japan’s Financial Services Agency (FSA) is said to be scrutinizing cryptocurrency exchanges in the country to ensure anti-money laundering (AML) processes are in place.
A report from the Nikkei Asian Review on Wednesday, citing an unnamed FSA official, said that inspections are being carried out ahead of the G20 summit next month. The G20 – the international forum of which Japan holds the presidency for 2019 – is planning measures to crack down on money laundering using cryptocurrency and, hence, the country aims to ensure that it has its financial house in order, they said.
Adding to the pressure, global money-laundering watchdog, the Financial Action Task Force (FATF), will review Japan’s domestic money laundering laws this autumn – an investigation that will include cryptocurrency platforms.
Cryptocurrency exchanges are, therefore, being asked by the FSA to clearly explain what measures they are taking to prevent money laundering, such as verifying user IDs to prevent anonymous transactions.
Last month, cryptocurrency exchanges Huobi Japan and Fisco were reportedly investigated by the FSA to assess their customer protection and AML provisions.
The FSA official said in today’s report:
“We’ll continue with the on-site inspections, and we’ll make sure everything is sound.”
Japan is also trying to make improvements after receiving the FATF’s lowest rating for customer identification processes at financial institutions in 2008, the official added.
The FATF published a draft document earlier this year, proposing a number of measures that national governments should adopt to more effectively supervise cryptocurrency transactions, and therefore lower money laundering risks.
Japan has already been making moves to tighten up the crypto industry. The nation passed a law in April 2017 that brought cryptocurrency exchanges under AML/know-your-customer (KYC) rules and mandated that such platforms must be licensed. The law also notably recognizes bitcoin as a legal method of payment.
Finnovating to Host Startup Competition at Barcelona Trading Conference
The global innovation consultancy is just one of the event’s local partners.
Finance Magnates and Ultimate Fintech are joining together to create the largest event dedicated to the crypto trading community, the Barcelona Trading Conference 2019 on July 1o1th to July 11th. Several regional partners, including Finnovating, an advisory group focused on promoting collaboration between startups, tech providers, and financial services experts will demonstrate why Barcelona is quickly transforming into one of Europe’s hottest spots for digital assets.
Finnovating Co-Founder Jésus Pérez Sánchez stressed how the Barcelona Trading Conference highlights “the progress in the Spanish crypto ecosystem, where we have worked in the first STO.”
He noted that companies like Finnovating can “analyze key tech sectors in Spain and Latin America, which helps big corporations adapting to new market requirements through collaborations.”
BTC 2019 expects to draw 200+ fintech professionals, 60+ exhibitors, and 70+ of the top crypto speakers for dozens of panels and workshops covering the latest developments and market trends. The sessions will be held on a single floor of the Barcelona CCIB, Southern Europe’s largest convention center.
Other local partners include the Generalitat de Catalunya, Lawyer, and VC Investments Advisor Vicente Ortiz Alonso, and Jesus Rodriguez, CTO at IntoTheBlock. Public blockchain platform NEO Global Development will also be hosting a Spanish language workshop for programmers.
BTC 2019 will feature a number of workshops offering insider perspectives on the evolving cryptocurrency marketplace, including key topics such as stablecoins, tokenized CFDs, and is expected to become the preeminent Crypto trade conference, with thousands of attendees and dozens of speakers.
Ultimate Fintech and Finance Magnates have already earned a reputation for running the financial services industry’s premier events, including the London Summit, the iFX EXPO International and the iFX EXPO Asia conferences.
The Barcelona Trading Conference takes place July 10-11th, 2019, and promises Crypto enthusiasts interested in regulation, technology, and asset management exceptional networking opportunities. Visit our website for more information and to register for tickets.