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.
Did Crypto Bulls Celebrate Too Early? Bitcoin Just Plunged by $600
The cryptocurrency market was filled with positivity throughout the past couple of days as all of the major coins were trading in the green. A lot of them scored double-digit gains, causing many to suspect that we had entered a new altcoin season. However, this notion was quickly dismissed, as today the entire market is bleeding red. Bitcoin plunged around $600 in a massive red candle, bringing all altcoins down with it.
Bitcoin Plunges $600 in an Instant
Bitcoin has seen a steep decline over the past 24 hours, marking a decrease of around 3.34% during the period.
As seen on the above chart, the cryptocurrency lost a large chunk of its USD value in a violent drop which brought its price to around $9,600. Even though it managed to bounce fairly quickly, BTC is still trading below $10,000.
Its current market cap is around $177 billion, while the Bitcoin Dominance Index, which tracks its relative share of the entire market capitalization, is hovering around 67.5%, slightly less than it was yesterday.
Bitcoin had managed to trade confidently above $10,000 over the past couple of weeks, and this sharp decrease suggests that the bulls were too early to celebrate.
Altcoin Season Postponed?
As CryptoPotato reported yesterday, altcoins saw some relief after Binance launched a platform for US-based traders. Registration opened yesterday, and this gave all the large- and mid-cap altcoins a serious boost, as most of them scored double-digit gains.
Today, however, the picture is entirely different.
The entire market is painted in red, and all the altcoins have declined during the past 24 hours. However, the BTC dominance rate is decreasing, which is something we haven’t been used to seeing in the past few months. As previously noted, it hasn’t much mattered if BTC is going up or down, as altcoins have suffered all the same. Now, however, Bitcoin is declining in both value and dominance, indicating that altcoins are comparatively stronger.
The steep correction comes after a few days of gains, and it will be interesting to see where the market goes from here.
Wells Fargo Accused Over Hypocrisy Over Recent Crypto Flip-Flopping
Multinational financial services company Wells Fargo has been accused of hypocrisy over its seemingly confused stance on crypto assets. Whereas the firm has previously stated that it does not allow transactions involving cryptocurrency, it now appears that the financial giant is experimenting with its own digital currency.
The third largest bank in the US announced yesterday that it will be working on its own stablecoin project. Naturally, the cryptocurrency community has enjoyed poking fun at the apparent double-dealing going on at the firm.
It’s Really Not a Crypto Though is it?
Wells Fargo first showed contempt for the cryptocurrency industry earlier this summer. In response to a question posted the banking giant’s Twitter, it replied that it did not support cryptocurrency transctions:
Of course, following yesterday’s revelation that the bank is working on its own stablecoin digital currency, many took the opportunity to call the bank out for apparent hypocrisy or to interpret the news as a bullish signal for the crypto asset market. One Reddit user joked that Wells Fargo was “FUDing” and FOMOing” at the same time
Meanwhile, popular podcaster and co-founder of Morgan Creek Digital, Anthony Pompliano, Tweeted the following about the stablecoin announcement:
Although it’s definitely fun to poke fun at banks, especially when it comes their own often hypocritical actions, it’s important to remember that banking giants are only experimenting with elements of crypto assets because their very survival is threatened. Faced with permissionless, borderless, almost free competition from the likes of Bitcoin, bankers must move fast to preserve their increasingly threatened and immensely privileged existence. Their efforts, in reality, are desperate attempts to stop people turning to real cryptocurrencies for improved financial services.
Had Bitcoin and other cryptocurrencies not started to represent a real threat to the banking status quo, it seems unlikely that any bank would be moving at light speed to create its own digital settlement currency. If the general public just assumes that value always needs to take days to travel the globe, why would it clamour for any improvement?
Cryptocurrency has changed this and has forced the banks into action. However, their closed network systems represent nought but a tiny fraction of the overall innovative potential of cryptocurrency. That innovative potential may well eventually do away entirely with much of the current banking business model.
Given the buzz around cryptocurrencies at the moment, it’s understandable that many media publications lump any effort by a business at creating a digital cash in with cryptocurrencies. The term is popular on Google Trends and accusations of hypocrisy or excitement from the cryptocurrency community make for even more clicks and more advertising revenues.
However, there should be a concerted effort to stop calling digital currencies like Wells Fargo’s cryptocurrencies. They represent little more than digitised versions of dollars. In designing their systems, banks will certainly be careful to strip away all the really revolutionary properties of crypto. This leaves just a faster, cheaper way for banks to send each other money. Hardly the kind of world-shaking change that Bitcoin advocates believe is on the horizon, is it?
Israeli Startup Creates Offline Crypto Wallet with Online Connectivity
Over the past two months numerous regulators have issued warnings against the use of digital currencies, and some have even taken concrete steps to halt trading, most notably China and India.
Israel, however, appears to be taking a different approach.
Israeli regulators are not ignoring digital currencies, they are simply waiting to see what the rest of the world does about them.
Certain Israeli financial institutions are engaged in bitcoin transactions, and they would like to see clear guidance from regulators. However, the Bank of Israel, the Israel Securities Authority and government ministries have not said a word on the matter. Yet, this may be about to change.
Lack of applicable legislation
According to Haaretz, regulators do not feel the need to prohibit transactions related to digital currencies at this time. Attorney Shiri Shaham, who specializes in banking law, told reporters that there is no legislation in Israel today that could address bitcoin and similar digital currencies.
Therefore, the use of digital currencies remains legal, or ‘unregulated’ to be more precise. Shaham said:
“Bitcoin brings with it a lot of innovation that has not existed until now. Consequently, it’s no wonder that it was not in the wherewithal of lawmakers in Israel and around the world to foresee this development and address it.”
Lawyer Guy Lachmann points out that currency is defined as the country’s legal tender and since bitcoin is not recognized as legal tender anywhere in the world, it should not be seen as a currency.
Although Israel can apply existing money laundering legislation to questionable bitcoin transactions, there are still a number of issues that need to be addressed.
Taxation is perhaps the biggest problem. Traders must report their trading income to tax authorities, but there are some exceptions that might attract tax dodgers. In addition, value-added tax does not apply to the purchase of bitcoin.
Shaham believes the Bank of Israel should not ignore digital currencies, but she cautions that it should not adopt a conservative position either. She argues that there is nothing lawmakers can do to prevent trading in bitcoins, even if such trades are outlawed. She said:
“People who want to get their hands on bitcoin will always succeed, and it would be a pity if it were to occur in the shadows and not under the supervision of the banking system.”