Despite all the achievements in the world of cryptocurrency over the past 10 years, some problems of the industry, in particular, providing protection against attacks of 51%, remain relevant to this day.
There are currently more than ten consensus protocols on the market. Some of them are well-known thanks to the world-famous cryptocurrencies that use them, some are practically unknown. However, regardless of the scale of the application, all of them in one form or another remain vulnerable to hacker attacks.
The problem of attacks 51%
If a miner or a group of miners control more than 51 percent of the computing power of the network, they can interfere in the process of forming blocks, cancel transactions that have already been completed and thus carry out double spending, a crypto-analogue of fiat money forgery.
51% of the blockchains and start-up projects are not insured against attacks by 51% – although the high cost of attacks, their design and consequences directly depend on the scale of the project.
Attacks on known cryptocurrencies cost much more because of the high hashrate, but the profit in case of success is more: it will be about millions of dollars. Thus, the damage from the attack on Bitcoin Gold in May 2018 amounted to more than 18 million, and on January 7, 2019 Coinbase announced an attack on Ethereum Classic, where double spending exceeded 1.1 million US dollars.
Advances in technology also do not always play into the hands of blockchain projects. New trends in the production of processors – first ASIC-chips, and now new developments in the field of creating quantum computers – contribute even more to the monopolization of mining and increase the level of threat to PoW-blockchains.
ILCoin creates a new generation consensus
At the end of February of this year, ILCoin, a cryptocurrency with a four-year history, was completed by the first fork in its history. The ILCoin Dev Team development team has set a goal to solve topical issues of the industry and create a new generation consensus that would meet all the user's needs and modern digital security requirements.
“To reliably protect our blockchain, we completely reworked the source code. This process required great care, but our developers' extensive experience helped them successfully cope with the task. The new consensus will allow us to increase the security level of the blockade ILCoin to an unsurpassed level and become the most secure cryptocurrency, ” commented the project director Norbert Goff .
C2P working principle
If in the standard blockchain each block contains a hash of the previous block, then in the new blockchain ILCoin the blocks also contain a set of certificates that allow the nodes to check and double-check the validity of both the block and the data recorded in it. The new consensus C2P (Command Chain Protocol) is based on a unique three-tier architecture.
C2P provides three types of nodes that perform specific functions and communicate with each other. For example, a regular first-level site generates user wallets and synchronizes with the blockchain. The validator node confirms transactions with a digital signature, and the master node verifies signatures and, in turn, verifies new blocks.
Each new block must be signed by each master node, and if at least one node does not confirm, the block is considered invalid. Thus, block falsification becomes impossible regardless of the hashrate used. Due to these features, the new blockchain ILCoin has both quantum and ASIC-resistance.
The developers of ILCoin also provided a reliable mechanism for blocking funds, which helps to prevent the theft of coins in case the user loses access to his wallet. The blocking works like this: the address of the compromised wallet is placed on the blacklist. During transaction validation, the master node checks the blacklist — and, if a match occurs, blocks any movement of funds.
Future plans
ILCoin positions itself as an alternative to Bitcoin, but is not a direct competitor. “Nowadays, all bona fide projects face the same tasks. We must work together to solve industry problems, and look for ways to ensure maximum user security and transaction reliability, ”adds Goff.
All tests confirmed: the introduction of the new algorithm was successful. C2P raises the general level of crypto-security by setting a new standard for the effectiveness of consensus: in addition to a high level of protection against threats, it also evenly distributes the load across the network and provides a high rate of block creation.
In the nearest plans of the project – the development of smart contracts based on the new blockchain. Details have not yet been disclosed, but it is already known that it is planned to introduce 5 different types of smart contracts for 5 different business areas. If the integration is successful, then ILCoin will become the world's first cryptocurrency on the SHA-256 algorithm with the function of its own smart contracts.
More information about the new C2P protocol, ILCoin cryptocurrency and the latest developments of the ILCoin Dev Team can be found on the official website of the company or in the Telegram community . The source code of the coin is published on GitHub .
Publication date 03/04/2019
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