How to check the reliability of a blockchain project?

Vietnam blockchain future

Last year was promising for Vietnamese blockchain projects. The Vietnam E-commerce and Information Technology Agency (VECITA) under the Ministry of Industry and Trade and the Vietnam E-commerce Association (VECOM) co-organised the Vietnam Blockchain Summit 2018 in Hanoi. It was advocated there that Blockchain promises to be a breakthrough for the socio-economical, transactional and data-related activities that require transparency and information-sharing. It will also help a lot in some of the weaker sectors of the Vietnamese economy such as logistics or traceability. The Vietnamese Prime Minister issued Directive №16 on enhancing the capacity to approach the fourth industrial revolution in May 2017. Acknowledging the challenges and opportunities of blockchain in the global digital economy and Vietnam’s economy, in particular, the VECOM stated that the country needs to accelerate research and application of blockchain in economic fields, seeing it as one of the fundamental technologies for the development of the digital economy.

The government, however, is not eager to embrace cryptocurrencies as financial assets, because of their high volatility and unreliability. The authorities issued a directive that banned the involvement of public companies, securities companies, fund management companies, and securities investment funds from taking part in activities related to cryptocurrencies. This was mainly a reaction to an unprecedented nationwide scam involving two fraudulent ICOs.

Quantum Resistance Blockchain

However, the best way to ‘skim the milk’ in a highly unpredictable digital environment is to do one’s own research on the desired assets. Nowadays proof-of-work and proof-of-stake systems on which most coins are working are no longer the most advanced blockchain proofing algorithms. The cutting-edge technology is Quantum Resistance blockchain – a brand new algorithm that uses command chain protocol (C2P) that prevents malicious entities from executing a 51% attack, a problem to which all the PoW and PoS currencies are vulnerable to. The only company that offers such protective technology at the present time is Ilcoin.

Quantum resistance blockchain uses C2P protocol which follows a set of rules and policies embedded in the source code that can filter certain types of activities. It helps to prevent any blockchain abuse such as double spending, the creation of fraudulent blocks and reversing transactions. In order to create a safe environment for the user, three different levels of security were implemented.
• The 1st type of node is a normal node that is used for synchronization with the network and wallet generation.
• The 2nd type of node is a uniquely designed validator node that validates the transactions over the network.
• The 3rd type of node is the Master node. In order to approve the block, the Master node must sign it with a unique digital signature.
The technology completely prevents the attack of 51% making the blockchain quantum resistant. Even if the strongest hash rate attack is performed on the network, it will be futile as the Master node will not be signing the block. This unique asset arguably makes Ilcoin the most secure coin that ever existed. Moreover, with these three levels, the stress is spread across the network by giving different tasks to complete to every full node, thus increasing strength, speed, and sustainability of the chain.

Reliability of the project

To check the reliability of a particular blockchain project, it is important to look into its history and how it is presented on the most trusted blockchain related digital sources. Only the best projects make it to CoinMarketCap listings. The coin must be present at at least two exchanges supported by CoinMarketCap. However, the source also evaluates many factors besides the basic criteria when deciding to add a new listing, such as community interest, trading volume, uniqueness and age of the project.

Moreover, the Ilcoin topic on BitcoinTalk has been active since December 28, 2017 meaning that the team has been working on the project for several years already and it is not a 1-month Ponzi-scheme with which all the new crypto initiatives are associated. Even more important is the fact that the development team published Ilcoin source code with the integration of the aforementioned C2P protocol on github.com – the largest host of source code in the world (28 million users and 57 million repositories as of June 2018). It is a highly respected source in the IT community as it helps the developers collectively solve issues or make improvements to the codes posted. The fact that Ilcoin team made their source code available for everybody stands as proof of their transparency and positive intentions. Its technological supremacy in terms of protection and speed will definitely get Ilcoin recognized among the strongest blockchain initiatives in the future.

To learn more about IlCoin and to keep up-to-date with new developments and exchange listings, you can check out the company’s website or join its Telegram community.

%d bloggers like this: