Crypto Project Takes on ‘Nonethical Hackers’ With Tech to Stop 51% Attacks
A crypto platform says “pioneering technology” known as command chain protocol (C2P) is going to be instrumental in ensuring the industry is protected with strong security in the future.
ILCoin says C2P was designed to prevent 51% attacks — one of the biggest risks that cryptocurrencies face today. This is when malicious actors acquire the majority of the computing power in a network, create a new chain and potentially double spend funds. As reported by Cointelegraph, Ethereum Classic fell victim to such an incident back in January.
In its white paper, ILCoin says this protocol consists of a “set of rules and policies carved in the source code which can allow or block different types of activities.” As well as helping to ensure that smart contracts are safer, the project believes this means “no one can double spend, roll back, or corrupt the network.”
The document adds: “C2P is the actual next step of security in the cryptocurrency world, in order to turn down the page for all the non-ethical hackers who always try to take advantage on some back doors for some faulty codes […] and in the same moment hurt a specific cryptocurrency and the trust of still cutting-edge technology.”
ILCoin says that the command chain protocol is one of the project’s “unique assets” — with the team saying it is upbeat that the technology will help its cryptocurrency to “become the most secure coin that ever existed.”
An established offering
The project describes its coin as a “modern alternative to Bitcoin using SHA-256 encryption,” adding that its cryptocurrency “is not dependent on the present banking system and has its own independent value.”
According to its white paper, the platform is “one step away” from becoming the first blockchain to create smart contracts using SHA-256 technology. By the end of this year, the project aims to expand the capabilities of blockchain by enabling them to “perform more complex operations defined in fully fledged programming languages” — with the ability to run code considered a massive development compared with the “small set of simple operations” that such networks were initially designed to do.
ILCoin says a series of improvements have been made to its existing services. The platform’s web wallet has been redesigned to address security issues by forcing all wallets to become encrypted, and consumers can now gauge the actual value of ILCoin by seeing its price in a fiat currency of their choosing. Meanwhile, dynamic graphs have been added so users can see how the cryptocurrency’s price has evolved over time.
A block explorer that enables ILCoin holders to monitor their transactions has been redesigned and given a security upgrade, with the addition of a firewall, VPN and SSL certificate. Improvements have also been made to the project’s Android wallets — delivering faster synchronization, a detailed transaction history, a QR code reader for sending ILCoin to others, and the ability to configure transaction fees.
Looking ahead, the project’s development team says it is eager to offer its coin through more exchanges, and subsequently ensure that it is available to a greater number of crypto enthusiasts.
ILCoin, which has more than 30 people dedicated to improving its “constantly developing coin,” says it has a philosophy of proving its worth through technology instead of “over-boosted marketing campaigns.” The project believes it is well-positioned as the industry transitions away from tokens that lack development value.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.