5GB Block Processor ILCOIN Criticizes Bitcoin SV’s Statement Regarding Setting New 638MB Block Size Record

2021-4-22 21:00

The Bitcoin SV network stated in a March 16 announcement that it achieved a world record by processing a 638MB block, claiming it to be the first and largest of its kind. The developers of the Bitcoin SV network have also claimed that no other blockchain to date is capable of processing transaction blocks of such sizes or higher at acceptable transaction fees that would make their use for business applications scalable and feasible.

Though the announcement resulted in a major rally of investors towards Bitcoin SV in the days following the mining of the 638MB block, the statement of it being a record is false, as the ILCOIN Blockchain Project successfully created a 5GB block on its live network as early as in November of 2019.

The existence of the 5GB block size can be verified on the ilcoinexplorer.com resource. Incidentally, many of the numerous articles highlighting the event have been removed from the Google search engine’s queries, especially those detailing the block size of the RIFT Protocol.

Though over the past few years, Bitcoin SV had announced a gradual increase in block sizes several times, proclaiming each to be a record, ILCOIN and Bitcoin SV share the same foundation, which is based on the SHA256 PoW algorithm. The RIFT Protocol is a technology with vast untapped potential, which would allow the ILCOIN network currently using it to achieve even larger block sizes than 5GB, if necessary. The project’s development team has not yet seen the need to create larger blocks, but is not denying the possibility of such releases in the near future.

The Bitcoin SV network development team also states that by reaching 9,000 transactions per second, they achieved a major market advantage. However this statement is also overshadowed by the 5 GB block size and its transaction speed achieved by ILCOIN, as transaction speed considerations must also take into account factors, such as the weight of the transaction, which fundamentally defines the number of transactions in a given block size. The ILCOIN network is also capable of technically achieving speeds of 100,000 transactions per second if scaling requirements arise.

It is most likely that the solution of the Bitcoin SV network for block size enhancement is not the same as the RIFT Protocol solution of the ILCOIN Blockchain Project.

Though the ILCOIN Blockchain Project development team is delighted with the achievement of the Bitcoin SV network, it is also necessary to refute statements that contradict the truth of the state of affairs and technical achievements on the blockchain market. The ability of the ILCOIN Blockchain Project to achieve block sizes of 5GB is a proven fact that highlights the network’s capabilities of acting as an even more scalable and cost-effective solution for businesses and organizations as a major transaction throughput gateway.

The advancement of blockchain networks is the main goal of the ILCOIN Blockchain Project as it reiterates its statement regarding the achievement of a 5GB block size as the sole, and currently unbroken, record of such kind on the market.

The post 5GB Block Processor ILCOIN Criticizes Bitcoin SV’s Statement Regarding Setting New 638MB Block Size Record appeared first on NullTX.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Blocknet (BLOCK) на Currencies.ru

$ 0.061991 (+1.38%)
Объем 24H $0
Изменеия 24h: 2.15 %, 7d: 12.58 %
Cегодня L: $0.061991 - H: $0.061991
Капитализация $0 Rank 7385
Цена в час новости $ 1.5548 (-96.01%)

block bitcoin 638mb record network 5gb processing

block bitcoin → Результатов: 126


‘Faketoshi’ Craig Wright Fails Bitcoin Block Calculations

Craig Wright, an Australian computer scientist and self-proclaimed creator of Bitcoin, took to Twitter Aug. 28 to state miners unable to mine 32 MB Bitcoin blocks deserve to “go bankrupt.” ‘Bitcoin Creator’ Speaks Out Needless to say, the broader cryptocurrency community was not amused with Wright’s comments, with some enthusiasts even highlighting that the “Faketoshi” […] The post ‘Faketoshi’ Craig Wright Fails Bitcoin Block Calculations appeared first on CryptoSlate.

2018-9-1 03:00


Craig Wright challenges Bitmain CEO, Says Bitcoin Cash a split and not a fork of Bitcoin

There has been debate in some quarters among the major shareholders of bitcoin cash(BCH) a fork of bitcoin that is also known as ABC, which came into existence in August 2018, after the scalability challenge of bitcoin and the high gas fees paid to miners resulted in this fork with larger block size and cheaper […] The post Craig Wright challenges Bitmain CEO, Says Bitcoin Cash a split and not a fork of Bitcoin appeared first on ZyCrypto.

2018-9-1 20:12


Фото:

Корейский телеканал запустит реалити-шоу для поиска «нового Сатоши»

С 19 октября на корейском телеканале Asia Economy TV стартует реалити-шоу под названием Block battle — Who’s Next Satoshi. Участниками проекта станут разработчики блокчейн-решений. Об этом пишет Bitcoin.

2018-8-27 16:54


Фото:

U.S. Tax Policy Is a Stumbling Block for Bitcoin Adoption

George Popescu has come down hard on the American Internal Revenue Service (IRS) and the U. S. tax code in general as stifling instead of enabling innovation through cryptocurrency adoption. In a Medium post published on August 22, 2018, the founder of crypto industry publication Blockchain Times and augmented reality startup Lampix stated that tax policy is effectively blocking crypto payments.

2018-8-25 01:00


Фото:

Bitcoin Core Announces Hard Fork a Success, Claiming BTCC Is Faster Than Bitcoin Cash [BCH]

The team behind Bitcoin Core (BTCC) announced that the latest update, its one-minute block hard fork (HF), was a success. Bitcoin Core Marks Hard Fork a Success In an official post on Twitter, published August 16, the BTCC team stated that after the successful hard fork, BTCC has now more on-chain blockspace per 10 minutes […] Bitcoin Core Announces Hard Fork a Success, Claiming BTCC Is Faster Than Bitcoin Cash [BCH] was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-8-22 13:45


Фото:

Halve The Reward, Halve The Price? New Chart Forecasts $3K BTC By 2020

Bitcoin price (BTC) could continue dropping for the next two years, a new forecast which takes into account the possible effect of the next block reward halving has revealed. The Halving Factor To Hit Bitcoin? Uploaded to Twitter August 13, the chart, which “factors in” Bitcoin’s third halving in May 2020 suppressing prices, shows BTC/USD ‘bottoming’ at $3000 just before the event.

2018-8-18 19:00


Фото:

Bitcoin Trend Chart Predicts 2020 Block Halving Could Be Massive For Price

The next Bitcoin block reward halving event could prove to be a watershed moment for its price, according to data currently circulating around social media. $10 Million By 2023? A summary of Bitcoin’s price at the first two block halvings uploaded to Reddit by Telegram news channel What’s On Crypto notes that Bitcoin prices increased by orders of magnitude in each period.

2018-8-18 01:00


PR: BodyOne Blockchain Ecological Network Energizes the Fitness Industry

No one can defeat me as I am the one in full of oriental power”. - the classic and domineering lines in The Legend of the Swordsman - reappeared in Beijing City - the east of the world. Bin Li, who is known as a godfather of fitness club in China, InterValue, which is a leading block chain technology company with the world’s first practical Blockchain 4.

2018-8-4 12:30