Due to the limited scalability of existing blockchain solutions, storing data inside the chain was not possible - up until now. In the second part of November 2019, ILCoin Blockchain Project released RIFT, a next-generation protocol that has the potential to kickstart the revolution in data storage.
What Are the Benefits of Decentralized Data Storage?
Databases lie in the heart of every product and every company out there. And even though most of traditional enterprises refuse to admit it, data storage as we know has become outdated and increasingly susceptible to hacker attacks.
According to RiskBased recent report, from January to September 2019 organizations have reported over 5,100 data breaches with attackers exposing a total of 7.9 billion records. Compared to Q3 2018, the total number of data breaches has grown by 33.3%, while the number of exposed records rose by 112%. In the course of the largest data breach in modern history, 3 billion Yahoo user accounts were hacked.
These statistics show that traditional data storage have a fundamental issue with the security of. These solutions store information centrally, on servers, thus creating single points of failure. An enterprise can use the most advanced security measures, but if a hacker manages to get past them, nothing will stop him from breaching the system.
On the contrary, blockchains operate in a decentralized way, utilizing a massive network of computers to store data and maintain the ecosystem. As a result, compromising data is significantly harder for hackers as the single point of failure vulnerability is eliminated.
RIFT: A New Solution
While blockchains can efficiently store small-sized data chunks on the chain, the storage of large amounts of data has been thought to be impossible for years.
There are two reasons for this. First, it was too expensive to operate large amounts of data on the chain. The other reason is the limited scaling capabilities most blockchain projects are struggling with. Without proper scalability, large data chunks could congest the network, resulting in very slow and expensive transactions.
However, with the release of the RIFT Protocol, this has changed. RIFT uses a unique two-layer architecture, with standard mineable blocks on the first layer and non-mineable mini-blocks on the second. Mini-blocks contain transactions. Besides that, they are connected with references both to other mini-blocks and to their parent standard blocks.
Furthermore, RIFT utilizes an advanced parallel sync process - that replaces the First In, First Out (FIFO) approach. Now latest block in a sequence would synchronize at the same time, regardless of their size - so the larger blocks are not in the way of smaller ones. RIFT's unique structure and sync mechanism not only boost network speed, but also enable the effective operation of big blocks and the storage of any type of large files on ILCoin's blockchain.
These technologies allowed RIFT to operate large blocks and achieve tremendous transaction speed. With 5 Gb blocks, transaction weight of 232 bytes, and three-minute block generation time, it can process 23,140,987 transactions per block. Since the end of November, advanced blocks are live and can be checked out in ILCoin Block Explorer (block #310280).
RIFT is the first-of-the-kind technology that finally makes it possible to create a viable decentralized storage solution - with enough potential to service millions of users all around the world. Below are the key benefits a RIFT-powered on-chain data storage solution will have.
Enhanced Security:
One of the advantages of decentralized data storage is increased security, as records are kept inside of a network that consists of thousands of computers. Blockchains are immutable by its nature, meaning that it's almost impossible to delete, forge, or modify on-chain data. As RIFT is based on ILCoin's Command Chain Protocol (C2P) - a defensive three-node system that has been certified to resist both 51% and quantum attacks -, the storage solution will be well protected from the industry's most feared threats.
Convenient Network Access 0-24/36:
While banks close their operations every working day in the late afternoon with no access to their payment systems on weekends, blockchain networks are operating in 0-24/365. This means you can manage your data and initiate transactions whenever you like.
Also, the risk for a possible downtime is significantly reduced as, unlike traditional servers, the network of a blockchain remains operational even in the case of computer malfunction.
Lack of Centralization:
Blockchain networks are decentralized by nature, meaning that there's no central authority who can interfere in the system or change its policy.
Borderless transactions:
Blockchain technology provides global access for all users and an ability to make transactions without any geographical restrictions.
Reduced Fees:
Another benefit of on-chain data storage is reduced fees. Even storing large amounts of data is inexpensive due to the lack of intermediaries as well as the effectiveness of the system itself.
High Network Speed:
Due to its unique architecture and advanced parallel sync process, RIFT allows its users to manage even large files without any delays. The massive scaling capabilities of the protocol eliminates any risks for network congestion in the future.
Revolutionizing Data Storage
RIFT is only the first step on ILCoin's road to disrupting data storage. The project's next development will be its Decentralized Cloud Blockchain (DCB) platform, which will feature an on-chain service for storing data. RIFT and C2P will form the base for DCB, which is expected to be released in 2020.
The good news is that RIFT is not exclusive to ILCoin's blockchain, as the can be implemented by other projects. With the characteristics of the blockchain technology and the capabilities of RIFT, each of us gets access to the secure new-generation data storage, as the industry itself is entering an advanced technological level that meets each and every one of our requirements in speed, data safety, and usability.
If you want to learn more about ILCoin, you can do so by visiting the project's official website. You can also join the conversation via the ILCoin Development Team's Telegram channel.
