Blockchain
Palo Alto Networks Partner Successfully Certifies ILCoin’s 5GB Block on Live Network
A Palo Alto Networks Partner has recently announced that it has certified a 5G block from the ILCoin project after successful testing on a live blockchain network.
The production of a 5GB block became possible through the use of the RIFT protocol, which allowed ILCoin to significantly increase the block size while maintaining transaction speeds.
“RIFT protocol disrupts the very concept of blockchain: mainly with the idea that simultaneous asynchronization is, in fact, technically possible. With RIFT, we are able to solve both the FIFO and the bottleneck problems and manage large blocks at unprecedented speed,” explained Norbert Goffa, the Executive Manager of ILCoin.
The 5GB block generated by the ILCoin project can be verified through the ILCoin Block Explorer under number 310280 on the ILCoin live network (BlockHash: 000000000000027b27a4df36d444336756ba14c71d2bbd6af91442166447dcdc). The open-source Qt-wallet, available for Windows, also allows verifying its validity. The verification procedure requires users to install the Qt-wallet and synchronize the blockchain before opening the Debug window, selecting the Console tab and entering the “getblock” command to retrieve the information on the block hash.
The RIFT protocol relies on a 2nd layer blockchain solution based on mini-blocks with their own block numbers pointing to the last mini-block added to the network and the parent block. The references included in mined parent blocks point to mini-blocks, which, in turn, contain references to transactions. The automatically generated mini-blocks, which are not mined, result in the creation of separate blocks, thus allowing for increasing block sizes and solving many of the issues associated with scalability.
The properties of RIFT allow it to effectively solve the scalability issues and establish a reliable technological basis for economically efficient use of distributed ledger technologies. The RIFT protocol bypasses the First In, First Out method, which resulted in network bottlenecks, as larger blocks congested the system with smaller block queues in expectation of confirmation.
The successful production of a 5GB block, as well as the launch of the RIFT protocol by ILCoin allow the project to offer entirely new decentralized, asynchronous solutions that have already outpaced speeds of VISA by over ten times. Equally notable is the fact that RIFT has resolved the issues associated with scalability and transaction speeds, making it the solution of choice for many industries.
More details about the certification can be found on the project’s website and in Telegram channel.
SOURCE ILCoin
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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