Exclusive with Executive Manager of ILCoin: Behind the scenes of SHA-256 and ILC networks, Fortune 500 partnerships and SegWit
By Posted by Brown and Community Contributor
Jun 12, 2019 | 9:27 AM
Did you know that one firm has been working on blockchain system development already since 2014? A lot of crypto companies launch new coins in matter of days but this one had a well prepared strategy behind it already 5 years ago. An ambitious blockchain project, ILCoin, has already launched Quantum Technology digital wallets and is publicly traded on various exchanges. I interviewed Norbert Goffa who is an executive manager at ILCoin to find out more about the project and what is happening behind the scenes.
You have started your project's development already in 2014 by working on SHA-256 POW. Was your long-term vision eventually to go crypto or was there another idea in the beginning of SHA-256 POW?
Our objective, from the very beginning, has been the development of the blockchain system whose value could be expressed via our own cryptocurrency; that being ILCoin . The crypto market, however, developed different needs and approaches which resulted in a controversial market. Fortunately, blockchain development has become separated from cryptocurrency. The end goal should be the utilization and evolution of the blockchain. We can identify with those projects that are advancing this frontier, either with their own cryptocurrency or as a blockchain developer. We do both.
SHA-256 PoW was tested by time and thousands upon thousands of blocks. Don't forget that Bitcoin has more than a decade of runtime, and that means the tech is solid. Developing smart contracts and other applications is not impossible on a platform like this. So, our goal is to continue building a one-of-a-kind platform to this strong environment. It is our belief that cryptocurrencies need to produce useable technological innovations, otherwise their values will be nothing else but a number on the exchanges. Basically, we developed a blockchain system that provides real value with a cryptocurrency to reflect said value.
Based on the current findings, the advantages of ILC is that you are using Quantum Technology and SHA-256 POW looks like a big deal. What is the original idea behind SHA-256 POW and what exclusivity do you think it gives you when differentiating from global competition?
We cannot get attacked with hash power; other PoW systems can. Our technology, Command Chain Protocol (C2P) is a great technology that any cryptocurrency which could suffer a 51% attack could benefit from. ILCoin is not based on quantum technology, it is only resistant to the attacks that use quantum technology for producing a hash rate. An independent party, California-based world-renowned cybersecurity expert Palo Alto Networks Partner, issued a certificate confirming that consensus algorithm, C2P technology is safe and resistant to attacks. That is proven by experts. Could you show me anyone on the market who has received any similar certificate?!
With quantum technology, we provide our users with security that no other PoW based system can. In fact, neither PoS nor any other solutions possess any defensive systems or security protocols similar to ours. Our exclusivity comes from the fact that C2P, coupled with our policies, ensures there will be no forks, rollbacks, 51% attacks, etc. This technology can be made suitable for protecting other systems, as well.
Many new crypto companies often take codes and whitepapers from their rivals. Could SHA-256 code be copied or pirated by another blockchain firm or does C2P protocol somehow protects ILC from showing its source code?
ILCoin's source code is available on GitHub, however, C2P is not accessible to anyone..
Have you considered partnering with international companies such as Fortune 500 companies and licensing SHA-256? Is SHA-256 ready for the next step to adoption?
SHA-256 is a public algorithm that may be used by anyone. The base for our technology was inspired by Bitcoin. C2P was developed by us. It is our own technology which is exclusive to ILCoin for the time being. We have combined the two technologies to develop our own system with the purpose of creating the best SHA-256 PoW blockchain in the world with most secure blockchain technology. For those who have set similar goals for themselves, we would be delighted to work together with them to help improve their technology as well.
Based on ILC whitepaper, ILC blockchain could handle SegWit issue which Bitcoin could't handle. Now, SegWit was a big thing, what do you think are the chances that a major event such as SegWit would take place on ILC network?
I would go as far as to say SegWit is not an issue for our network. Due to our policies, we can modify the blockchain quickly and easily without the need for a fork. This allows us to try out different approaches to any problem that may arise; not just a future SegWit-like issue. There will always be some kind of issue, imperfection, or need for improvement, and some problems will always be reoccurring. Scaling is a good example of one such reoccurring problem that will never be solved indefinitely. For the time being, we have solved the SegWit issue on the ILCoin blockchain but later this year there will be much more to come.
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