The importance of having a big block in a vehicle motor means the vehicle will have much more power overall. There is much more space [more volume] for fluids to be contained within. If you can pump more fluids such as oil, gasoline, air, etc., you can produce a larger combustion which, in turn, cranks larger components.
With more power, the vehicle can do more work and do that work much more easily than that of a vehicle with a smaller engine block. ILCoin is the big block motor of cryptocurrency. At the end of November of this year 2019, the ILCoin Development Team will be rolling out its newest model: the big block RIFT Protocol.
This new, big block protocol will be primed and ready to take on much, much more work than its current 25 MB block. The maximum capacity of the block will be 5 GB; making it the largest functional block size to successfully operate on a live network. Up until now, Bitcoin SV [BSV] has the record for the largest mined block on the live network set at 128 MB.
RIFT Protocol is able to achieve these large block sizes due to the way it handles data synchronization. A 5 GB block will not have to synchronize all at once. The block’s information will be broken down into smaller Mini-Blocks which upload asynchronously.
Each Mini-Block is referenced not only to the primary block being mined but to the previous and next Mini-Block in the series using a highly unique hash. This referencing system allows for a completely secure sync as no block may be added or missing from the series less the block, nay, the chain become completely rejected.
What does this bigger block mean for cryptocurrency?
Put simply, room for expansion. The new block size will give enough room within each block to store much more than transaction data. Just one year later after the release of the RIFT Protocol,
The implications of which mean yet another blockchain first for the ILCoin Development Team; complete on-chain data storage. There are many types of cloud storage available today, but none of the storages may boast such a longevity and overall immunity to data decay as would an on-chain data storage network completely contained within mined blocks. The RIFT Protocol is priming the way for this new Decentralized Cloud Blockchain as well as other future developments.
Smart contracts are also in development by the ILCoin Development Team. ILCoin uses SHA-256 Proof-of-Work technology which will also make ILCoin the first SHA-256 blockchain to successfully utilize any type of smart contract.
Also, on the docket for evolution within the ILCoin blockchain is the Command Chain Protocol [C2P] itself. C2P, for readers new to this technology, is a security protocol integrated directly into the Proof-of-Work algorithm; effectively changing the algorithm from simply POW to POW/C2P.
C2P already makes ILCoin immune to 51% attacks [another cryptocurrency first] by automatically refuting unwanted miners even though the source code is open source. In its future update, when it becomes C3P, it will allow other miners to connect to the network.
However, it will limit miner participation hashrate to allow all miners who want to join the network a fair chance at mining while at the same time preventing any mining pool dominance; essentially it will even the playing field.
Big block engines have a downside. They consume much more fuel to operate. With the ILCoin’s RIFT Protocol, the energy consumption to produce the block will be minimal thanks to their closed mining policy as well as the RIFT’s programming. The 5 GB block is only the beginning.
As necessity dictates, the block size can be upgraded to a theoretically unlimited size. Therefore, as storage for the Decentralized Cloud Blockchain becomes more demanding, we could possibly see another record-breaking block size in the future to drive the powerhouse that is ILCoin.
Bitfinex Integrates Know Your Transaction by Chainalysis
Blockchain analysis firms continue to gain more attention. In the case of Chainalysis, the company will now collaborate with Bitfinex to keep criminals at bay.
It is crucial for any cryptocurrency exchange to ensure no illicit money streams pass through its order books.
CHAINALYSIS TOOL HELPS OUT BITFINEX
That is often easier said than done, unless one has proper countermeasures in place.
Bitfinex is seemingly stepping up its game in this particular department.
The company has begun integrating a new compliance tool developed by blockchain analysis outfit Chainalysis.
This tool is known as Know Your Transaction, and is designed to detect any and all suspicious transactions in real-time.
It is not the first major cryptocurrency
Both Bittrex and Binance took very similar measures earlier this year.
It has become more than apparent that cryptocurrency exchanges need to step up their compliance measures.
Identifying illicit money streams and ensuring they cannot be utilized in any way is crucial to bring more legitimacy to cryptocurrency. The big question is how users will respond to having their transactions scrutinized even further due to these new tools.
It is not unthinkable that a lot of users will look for alternative exchanges due to these new measures.
Given the current regulatory pressure, it seems tools such as Know Your Transaction will become the norm in the industry sooner rather than later.
CHAINALYSIS PARTNERS WITH BITFINEX FOR PRIVACY-SAFE COMPLIANCE
- Regulators Worldwide Start Looking at Blockchain Activity Directly
- Chainalysis Could Track Compromised Wallets
This week, Chainalysis announced the completion of a full AML solution applied on the Bitfinex exchange. The blockchain analysis is becoming the next frontier of verification, as the Financial Action Task Force (FATF) rules start to be unrolled from the summer of 2020.
REGULATORS WORLDWIDE START LOOKING AT BLOCKCHAIN ACTIVITY DIRECTLY
Chainalysis remarks that institutions are starting to scrutinize blockchains themselves. The startup is offering its approach to proving the origin of funds
Jason Bonds, Chief Revenue Officer at Chainalysis, commented,
Bitfinex is known as a destination for cryptocurrency traders seeking liquidity across various cryptocurrencies, and that volume requires an automated blockchain analysis solution in order to comply with regulations across the world…We are thrilled to work with Bitfinex as we mutually invest in supporting multiple cryptocurrencies
Bitfinex is not an exchange without controversy, and has faced multiple explorations into its activity. The market operator also had significant problems with its banking services, and has gone through periods of non-transparent banking. However, the exchange is taking up a significant reporting effort.
Chainalysis already tracks the biggest blockchains, as well as ERC-20 tokens, covering 41 top assets and multiple tokens. The Chainalysis KYT (know-your-transaction) system allows for the monitoring of multiple chains for suspicious activity.
BitMovio Announces Equity Crowdfunding, New Partnerships for Asia Expansion and Community Development, and New Product Feature Enhancements
BitMovio’s mission is to bring a Fortnite-style gamified experience to video entertainment. The platform aims to fundamentally change how content creators, viewers, and financiers participate, interact, and engage within the video content ecosystem.
Since launched its open beta in early 2019, BitMovio has attracted more than 1,000 creator channels on the platform with more than 7,000 hours of content uploaded.
Please Note: This is a Press Release
BitMovio Equity Crowdfunding is Live on Netcapital
BitMovio recently launched its equity crowdfunding on Netcapital and invites all global supporters to contribute while participating in its mission to redefine the video streaming market. Angel investors, partners, content creators, and fans can support the platform’s mission by pledging with as little as $100. Those who pledge before December 31, 2019 will also receive 20% worth of bonus tokens.
Featuring a freemium revenue model, BitMovio is a blockchain-enabled, gamified video entertainment platform built for the Fortnite generation. Democratizing investment in early stage companies is consistent with BitMovio’s core values as it allows anyone to invest in the company’s success and become brand ambassadors to help grow its community and advocate for its mission. The platform will use its crowdfunding resources to continue to bridge blockchain and the video entertainment free marketplace.
New Partnership with Singapore Management University
BitMovio announced a new partnership with Singapore Management University’s Business Innovations Generator (SMU BIG). This is part of the company’s continuing efforts to capture the rapidly growing entertainment and blockchain industry in Asia, particularly in Southeast Asia. SMU BIG is hosted by SMU’s Institute of Innovation
Ecosystem Partners for Product Enhancements and Community Development
To continue to enhance its hybrid video streaming infrastructure and gamified video streaming experience, BitMovio partners with world-class players in the ecosystem for product and community development.
Theta: Decentralized Content Delivery Network
BitMovio is in the process of integrating with ecosystem partner Theta’s Decentralized Content Delivery Network infrastructure. This will also allow the platform to access to Theta’s multi-million-strong community of users. BitMovio anticipates that the Beta version will be online by the end of December 2019 or early January 2020 at the latest.
Razer Gold: Fintech Solution for Emerging eSports Market
BitMovio has announced that it is in the process of finalizing partnership with Razer Gold, a fintech solution for the emerging eSports market by the eSports hardware and system provider Razer. This new partnership will introduce Razer’s community of over 80 million eSports fans to BitMovio, especially in the emerging market.
BitTorrent File System: Decentralized Cloud Storage
BitMovio is also in discussion to integrate with BitTorrent File System (BTFS)’s decentralized cloud storage protocol. It will also allow BitMovio to tap into the BTFS community of over 100 million users.
Recently Launched Usability Survey Campaign
BitMovio has recently launched a product usability survey campaign to continue to improve product usability and increase community adoption. Community members can directly provide feedback and suggestions to the platform’s developers. The first 1,000 respondents will receive 1,000 MoviBits as a token of appreciation. Respondents need to have an account registered on BitMovio to receive the reward.