ILCOIN is a cryptocurrency that is built on a unique blockchain system and thus possesses such outstanding pieces of technology as C2P and the RIFT Protocol. The first ILCOIN was mined in January 2015. When ILCOIN was first launched, it was only a SHA-256 Proof-of-Work (PoW) system, i.e., a BTC clone. There have been several developments over the years, which can be seen in the roadmap. Today, ILCOIN is surpassing the capabilities of BTC and possesses solutions such as the Admiral Nodes system or the Mini-Block technology.
FAQ
The ILCOIN Blockchain Project is an innovative business that owns unique technologies and specific objectives. This FAQ section will help you gain a clearer understanding of the ILCOIN Development Team’s goals and give answers to fundamental questions that ILCOIN users who have recently joined the ILCOIN community might have.
All answers have been categorized in order to make browsing more fluid and help in performing a targeted search. In certain cases, some questions may arise at multiple categories since questions often include complex answers. With topics where it is not possible to adhere to an absolute category, we have aimed to divide the questions to a specific topic based on the frequency of interest.
The marketing department of the ILCOIN Development Team is continuously updating the content of the FAQ page so that there will be no questions left unanswered about technological developments or the newest business objectives and achievements.
Hundreds of articles have been published about the goals of the ILCOIN Blockchain Project that can help define the main objectives the project has set. The content of these articles is mostly the direct intellectual output of the media. Therefore, in certain cases, the articles do not give a complete and/or completely accurate picture of the project. This is why we believe it is important to consult and ask for information from the ILCOIN Development Team and its delegates through either the FAQ section or the official communication channels of the project.
Categories
General
In this part, we have aimed to collect questions that frequently appear when it comes to ILCOIN and the ILCOIN Blockchain Project. General questions do not give you the entire picture of the functioning of cryptocurrencies and blockchain technology, and they do not aim to help you understand the project’s business endeavors either. Therefore, we do recommend that you review the subsequent subchapters as well.
The ILCOIN Development Team is a brand that is currently owned by SYDYG. We use the term “ILCOIN Development Team” in several cases because this term includes all the independent core developers, companies, and strategic partners who are playing the most prominent roles in the success of the ILCOIN cryptocurrency and blockchain project.
Since we are operating with a decentralized approach, we refrain from highlighting one particular company or individual as the exclusive leader of the project. Both developers and the companies perform a variety of tasks; from social media to technical support, all the way through to developments such as the C2P or the RIFT Protocol.
To answer the question of where we use the term “ILCOIN Development Team”, the answer should be interpreted based on what has been explained above. However, in case of any specific questions, please reach out to us via the following email address: (business@ilcoinblockchainproject.com)
The ILCOIN Blockchain Project is an enterprise that has set the goal of creating a unique blockchain technology that no other project in the world currently possesses. The ultimate objectives of the ILCOIN Blockchain Project were most recently defined in 2019.
Many people have already joined the ILCOIN Community from different countries of the world. Currently, the majority of our users are from Asia as the popularity of cryptocurrencies is prominently high in this region.
The easiest way is through the Telegram site of the ILCOIN Blockchain Project or via the contact information available on the webpage.
Apple represents a very strict regulatory process in which the presence of cryptocurrencies is significantly limited. The ILCOIN Development Team is doing everything in its power to make ILCOIN-related applications available in the App Store as well.
ILCOIN was created by Umbrella IT Service Corporation in late 2014 as an innovative proprietary technology. The first block was mined on January 30, 2015. Furthermore, the first White Paper, the wallets, the blockexplorer, and all the initial design elements that helped people get to know ILCOIN were also created by Umbrella. Lastly, our first exchange and listing sites also became possible thanks to Umbrella.
The ILCOIN Blockchain Project has its own communication channels. In the case of every individual page, the creator is responsible. The ILCOIN Development Team is not responsible for any information that is not published on its own social media pages.
The ILCOIN Development Team does not have any effect on the internal operation of exchanges.
Listing sites convey project value based on different sorts of calculations. Listing sites do play an important role, but they fail to express project values accurately because the base numbers used in the calculations (maximum supply, circulating supply, daily volume, daily price) are not consistent with the economic and technological values of the projects. The choice of which listing site you use is totally dependent on your opinion.
The ILCOIN Development Team established it.
ILCOIN is a cryptocurrency, and the ILCOIN Blockchain Project was established to take advantage of the benefits of the ILCOIN blockchain’s technology.
ILCOIN is a hybrid system whose objectives are data decentralization and the protection of block generation. (See: Business Paper, White Paper) The practical problems associated with decentralization are yet to be solved. However, the protection of the technology is a priority in the endeavors of the ILCOIN Development Team.
The establishment of the ILCOIN Blockchain Project is not connected to a specific date but to events. The creation of the project was triggered by the events that took place at the end of 2017 and 2018. ICO frauds and continuous hacker attacks shed light on the fact that it is not enough to only think in terms of cryptocurrency. Unfortunately, market saturation and information distortion strongly prevent valuable projects from growth. Therefore, we have decided to create a technology that is truly unique; reinforcing our commitment to blockchain development and creating a healthy distance from those “crypto-projects” that rely too heavily on promises and fail to showcase any sort of unique or valuable solutions.
Business-Related Questions
This chapter is important for those who have definite ideas in connection with the use of ILCOIN or the utilization of the ILCOIN technology. We have tried to gather questions that help you understand the objective of the ILCOIN Blockchain Project and the business opportunities residing in its technology. The topics will obviously not address specific questions since they all require unique answers in every case.
The ILCOIN Development Team is the sole owner and creator of the ILCOIN technology.
The ILCOIN technology consists of mining-related tools, wallets, and all the development that has been created by the ILCOIN Development Team.
Innovations that make up the values of the ILCOIN technology, in every case, have been and always will be derived from the ILCOIN Development Team’s own resources.
Yes, you can. Everyone is provided with the opportunity to develop for ILCOIN based on the source code available on GitHub.
ILCOIN is currently available on several international exchanges. The possibility of purchasing or trading ILCOIN exists for everyone. We highly recommend that you visit the “Exchanges” section of our webpage.
With the help of the POS terminal, anyone can create a payment spot anywhere. The possibilities are unlimited. The application is available from the Google Play Store.
The ILCOIN Development Team is in a business partnership with Palo Alto Networks’ partner EuroDigital. This partnership covers server security and technology auditing.
Everyone is provided with the opportunity to freely develop for ILCOIN based on the source code available on GitHub.
ILCOIN’s mining is partly centralized to protect the security and technology of its blockchain. It is not in the interest of the ILCOIN Blockchain Project to openly share ILCOIN-related technological innovations. The technology is exclusively owned by the ILCOIN Development Team.
The ILCOIN Development Team is happy to be involved in all developments whose practical value is closely and exclusively connected to the success of ILCOIN.
The ILCOIN Blockchain Project is a member of the North American Blockchain Association and the Korean Industry Blockchain Association.
Of course, every project is open to investors. In case you are interested in utilizing ILCOIN technology for your own business, we recommend that you contact us via the contact details that you can find on our webpage. However, certain business aspects are available in the Business Paper and the Model of DCB. (See: download document tab)
The project’s operation and its developments are financed from ILCOIN sales, strategic collaborations and its equity.
There are several international companies behind the project which officially represent the ILCOIN Development Team.
The ILCOIN Development Team is a group of developers that have been building the ILCOIN technology and its market for many years. However, more people have joined the ILCOIN Blockchain Project over the past few years and they helped or are helping the utilization of ILCOIN technology with a special emphasis on decentralized applications.
Taking the maximum supply into account, the unit price of these two cryptocurrencies is not comparable.
ILCOIN underwent a significant transformation in 2018. Over the past two years, ILCOIN has made a tremendous amount of progress. In November 2019, based on CoinMarketCap, ILCOIN cracked into the top 70 cryptocurrencies.
ILCOIN is currently listed on more than 20 international exchanges. The number of exchanges is continuously changing. When it comes to exchanges, you need to take their liberty into account. In some cases, that liberty can be detrimental for cryptocurrencies. The challenge is trying to get exchanges to activate their own communities.
The ILCOIN Development Team is happy to list ILCOIN on Binance in the case that Binance provides ILCOIN with the right terms and a reasonable listing fee.
One of the most important developments of the ILCOIN Blockchain Project is the upcoming DCB and its related smart contract system. The DCB will be capable of widespread adaptation. Hence, the above-mentioned companies will also be able to use it. (See: Business Paper)
That depends on the type of negotiation you plan on proposing. For business-related proposals, please contact the ILCOIN Development Team through the email businessplan@ilcoincrypto.com. You can do negotiations with Norbert Goffa for marketing-related proposals in Telegram (@Norbert01). If you are a representative from an exchange, you should speak with Thor in Telegram (@usernameThor) or by way of email (support@ilcoinblockchainproject.com).
Yes, you can.
Technology and Operation-Related Questions
This part covers the most complex questions since the technological innovations and unique developmental solutions – the fundamental strengths of the ILCOIN Blockchain Project – represent the greatest value to the project.
The objectives of the ILCOIN Blockchain Project, which focus on the utilization and the widespread adaptation of the ILCOIN technology, directly assist the free-market strengthening of the ILCOIN cryptocurrency. Since the main purpose of the FAQ is to give fundamental information about the operation of the project for those interested, the questions do not cover the topics of technical structures and coding solutions.
General technical questions
ILCOIN is different from Bitcoin in several aspects. One of the most significant differences between the two can be found in transaction speed, security and the hybrid defensive approach. Bitcoin is the “digital gold” of the crypto-market, and it is evident that it does not seek to become a complex technology.
In certain aspects, the concept of the ILCOIN Blockchain Project is similar to the basic idea of Ethereum. The project also set the goal to use smart contracts and tokenization. However, the practical ideas of the ILCOIN developers are very different from the current concept of Ethereum. In other words, ILCOIN is using different standards for the usage of the systems, so its smart contract and tokenization also represent completely different practical utilization.
All wallets related to ILCOIN are available and can be downloaded from the website.
When ILCOIN was established in 2014, the goal was to create an alternative to Bitcoin. In the beginning, ILCOIN was a Bitcoin clone. However, we believe SHA-256 PoW algorithm to be one of the best, tried and tested methods of consensus.
The ILCOIN Development Team has decided to hold onto the PoW system based on a firm and conscious decision. With the help of miners, a system such as the DCB can be handled in a much more secure and stable manner in special consideration of RIFT’s outstanding capabilities in block generation.
The ILCOIN Development Team is a group of developers that have been building the ILCOIN technology and its market for many years. However, more people have joined the ILCOIN Blockchain Project over the past few years, and they helped or are helping the utilization of ILCOIN technology with special emphasis on decentralized applications.
ILCOIN’s mining is currently working in a closed system in order to protect the network. The number of malicious hacker attacks has increased quite significantly in recent years. A project with valuable technology, such as ILCOIN, must pay particular attention to eliminating all types of malicious abuses. Currently, there isn’t any technological solution that could simultaneously bring about decentralization and proper security. With cryptocurrencies other than ILCOIN, the size of the network is the only protection against abuses; though, it is still not entirely true since the potential for internal abuse is at least as a real of a threat as external attacks.
The essence of the hybrid system is that block generation is centralized while the data is decentralized. In most cases, projects promising decentralized data storage are centralized. The DCB is the only project on the market that ensures full decentralization for large amounts of data.
The QT wallet synchronizes the entire ILCOIN network. The security level of QTs is way higher than traditional wallets.
This may have several reasons. If you experience this issue, you are advised to contact the ILCOIN Wallet Verification telegram group or the official ILCOIN support email (support@ilcoinblockchainproject.com).
The ILCOIN Development Team operates its own telegram site for wallet-related issues. Alternatively, you could contact the ILCOIN Development Team by way of email (support@ilcoinblockchainproject.com).
Command Chain Protocol
The functioning of the technology is available on the website through the Blue Paper of C2P.
Command Chain Protocol (C2P) habilitates an immunity to 51% attacks for the ILCOIN Blockchain. Not even a quantum computer using superposition to create an infinite amount of hash could forge a block without proper permissions from our C2P nodes. (See: C2P Blue Paper and Certification of C2P)
Thanks to the operation of C2P, the potential of a 51% attack has become impossible on the ILCOIN Blockchain. (See: C2P Blue Print; Palo Alto Certification of C2P and C2P Test Process)
C2P is based on a three-level node system, which is mainly about the protection of block generation. The opportunity for joining Sync Nodes is given to everyone and ensures decentralized access. On the ILCOIN Network, only blocks that are validated by Admiral Nodes are authentic. (See: C2P Blue Paper)
The point at which we can start thinking about opening up mining is when we can be completely certain that, in terms of technology and network, ILCOIN’s technology cannot become misused/abused. Needless to say, its practical solution comes with significant challenges. The technology titled Command Chain Consensus protocol (C3P) appears on our website. C3P intends to represent a solution that allows us to eliminate possible abuses. However, full protection against abuses has not yet been established, and this is why C3P is not included in the Road Map. With that said, the theoretical potential of the technology is given, and the development team does not wish to give up on its practical implementation.
RIFT Protocol
The functioning of the technology is available on the website through the Blue Paper of the RIFT Protocol.
The number of mini blocks is not limited, therefore the RIFT itself does not have a limit either. (See: RIFT Blue Print)
The 5 GB block size is sufficiently large to demonstrate the scalability of the RIFT Protocol as well as large enough to handle the throughput of any cryptocurrency currently operating on the market. Yet, it isn’t too large as to cause any issues with today’s technology. At the time the block was mined, it officially broke the record for the largest block size forged on the live network.
Transactions speed depends on the weight of the transaction. The minimum amount of data necessary to govern a transaction is 232 bytes. To calculate the raw maximum number of transactions possible within a block, you need only divide the minimum transaction size against the maximum block capacity. However, this calculation will only produce the maximum number of transactions possible per block and doesn’t represent real-world usage.
The amount of ILCOIN being pushed through each individual transaction as well as the amount of sending and receiving addresses will determine how many bytes that transaction needs to occupy within the block. However, assuming each transaction is occupying the minimum number of bytes possible, each block may contain up to a maximum of 21551724 transactions. With an average block mining time of 3 – 5 minutes, that equates to between 71839 and 119731 transactions per second using a 5 GB block.
Thanks to the mini-block technology and its asynchronization, the RIFT Protocol is capable of transferring large amounts of data through the network. (See: RIFT Blue Print) Currently, no other project is able to handle this amount of data. Therefore, it is impossible to compare RIFT with any other technologies.
The RIFT Protocol is capable of managing large amounts of data on the blockchain. This can happen because of the mini-block technology and asynchronization. Thanks to these attributes, RIFT is able to solve the FIFO (first in first out) and the Bottleneck problems.
The goal of block 310280 is to showcase the 5 GB block. The ILCOIN Development Team used a particularly large tx weight for the demonstration. The purpose of block 310280 is not to demonstrate a high transaction number, but to prove the conditions needed for on-chain data storage. (See: Explanation of the 5 GB of RIFT Protocol)
Yes, it is possible.
The innovative approach behind the technology is universal, which means that it may be used in any blockchain. The adaptation would require further developmental work.
Decentralized Cloud Blockchain
The DCB is based on the RIFT Protocol; meaning it is capable of simultaneously handling large amounts of data within the blockchain. In both terms of speed and synchronization, it means that the Protocol does not require any off-chain based support, and yet it is capable of pushing extremely large amounts of data through the network in a short period of time.
The functioning of the technology is available on the website through the Blue Paper of the DCB. (See: DCB Blue Print)
The ILCOIN Blockchain Project supports the running of Full Nodes. Those who run Full Nodes will receive ILCOIN rewards. However, this option will only be available after the launch of the DCB through the Partner Nodes System. (See: Business Paper & DCB model)
Data transparency is ensured by Sentinel Nodes. (See: Business Paper & DCB model)
It depends on what the data storage would be used for. An on-chain system offers a much more secure and higher level of transparency and protection for the data. However, it is significantly more costly owing to the running of Full Nodes. On the other hand, the centralized solutions of the off-chain data storage are much more cost-effective than maintaining an on-chain network. With that said, off-chain based systems are much more vulnerable and can easily give the opportunity for data misuse/abuse. Therefore, it makes more sense to store very important information on-chain and use off-chain storage for everything else.
Before the launch of the DCB, all partners who take part in the project’s marketing activities can benefit from its economic benefits. Partners who search for and get other users to join the pre-DCB user program will be remunerated by the ILCOIN Project.
The utilization of the DCB will be implemented in multiple steps. All development-related milestones are available in the roadmap.
The DCB is the only blockchain capable of truly 100% on-chain based data storage. (See: DCB Blue Print)
Decentralized Applications & Games
The site was created by the ILCOIN Community with the aim to showcase DApp developments. Any person may contribute to the DApps by developing their own and presenting it to the ILCOIN Development Team. All apps on the ILCOIN tools site are open source so their code may be reviewed.
Age of ILCOIN was produced by the ILCOIN Development Team with the objective to unlock the doors between ILCOIN and the game industry. Age of ILCOIN is an introduction to the developments of ILCOIN with special emphasis on the creation of C2P.
Yes, you can. Everyone is provided with the opportunity to develop for ILCOIN based on the source code available on GitHub.
Everyone is provided with the opportunity to develop for ILCOIN based on the source code available on GitHub.
The ILCOIN Development Team is happy to be involved in all developments whose practical value is closely and exclusively connected to the success of ILCOIN.
Game development represents enjoyment and serves scientific objectives as well. When utilizing a VR-based game, we can collect a tremendous amount of valuable information that can help to contribute to the widespread utilization of blockchain technology.
The agreement with Clash is classified. However, the public plans of Clash and ILCOIN can be found in the Road Map.
The relationship between VR games and blockchain technology can open up new dimensions in the world of technological innovations that have not been discovered yet. For some gamers, the “fun factor” of VR games is shown to be higher than traditional games. Games that utilize ILCOIN’s technology bring ILCOIN not only value but also recognition.
Yes, it will.
Clash is one of the most highly recognized mobile game brands in the world. Through Clash, ILCOIN is part of a community of more than 500 million people.
Smart Contracts
The utilization of Solidity is important for us to make our technology easily adaptable. (See: Model of DCB)
The Smart Contract System of ILCOIN is under development, therefore the team has not yet specified its entire list of functionalities. The biggest challenge is how to simplify the utilization of the Smart Contract System so that we could contribute to widening the scope of utilization opportunities. Smart contracts are based on the modular approach, which means that different utilization areas will be realized on a differentiated basis. In other words, the specification will be determined by the form on purpose of utilization.
The ILCOIN Blockchain Project was built on different foundations with a different approach than Ethereum. Tokenization is currently not available on the ILCOIN Blockchain but will be in the future. (See: Business Paper)
All steps related to the development can be found in the roadmap.
The ILCOIN Development Team has made the decision to retain all technical information regarding the upcoming smart contracts until the first steps of the development become realized.
The essence of the modular approach is that the different business operations require different parameterizations. Thanks to the modular approach, users will be provided with the opportunity to create specific smart contracts.
The point of creating smart contracts is to provide basic business activities with smart contracts, by which we are helping the utilization opportunities of ILCOIN. However, this does not imply that ILCOIN’s Smart Contract System is not capable of being efficiently utilized in other areas. (See: Business Paper, Model of DCB)
