Altcoins Talks - Cryptocurrency Forum
Learning & News => Announcements [ANN] => Topic started by: Rottip on November 20, 2018, 09:45:44 PM
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Blockchain Technology has sparked substantial interest in recent years with a central focus being on the decentralized payment systems. A lot of interest in Blockchain Technology has been attributed to its merits of distributed ledger, value transfer, and resilience to fraudulent activities.
In a sense, the application of smart contracts has led to increasing decentralization and democratization of contractual relationships, effectively leaving no place for the interpretation of the fine-prints in the agreements and generating dramatic cost advantages. Because of this, there has been arising in various tokenized investment platforms such as currency trading, venture capital funds and other tokens that are pegged on assets such as gold and fiat currencies.
Blockchain technology implementation is being explored by a large number of industries, ranging from supply chain to financial services. While there is no doubt that distributed ledger technology is one of the greatest innovations of recent times, it is likely that it will take a substantial amount of time before the technology is adopted widely. That is because there are several challenges associated with blockchain adoption that must first be mitigated before widespread integration can happen.
The technology is somehow now the shadow of its former self or what it was meant to be, due to the vast amount of its adoption. Current blockchains suffer from several limitations that are inhibiting usability and adoption. Overcoming these limitations will be necessary if the technology is to meet its true promise. However, several platforms have emerged to solve these problems, but the result has not been really fruitful, so a group of cryptocuurency expert take it as a responsibility to provide an ecosystem which everyone ached for.
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lceChain is an innovative digital platform that is scalable and which provides secure, decentralized technology. lceChain has created a system which can handle large amount of transactions guaranteeing high level of security, as well as leveraging permissionless mining and transactions secured by at least 50% hash power at one
time sent to the head chain to prevent double spending. The platform can also issue cross transactions and be confirmed in a few minutes. The number of cross transactions at any one time will act to increase the response speed.
Using the various models, I’ll outline below, lceChain will be able to offer high-throughput blockchain which users are already looking for; something safe, fast and cheap (if not free) to transact on. Since the platform will run on a distributable network, it will allow the ICH coin to integrate into common purchase transactions, offering a decentralized and fast service.
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Shard Technology
The reason behind IceChain’s shard technology was to become viable option to Bitcoin’s proof of work (PoW) algorithm. The idea here is that transactions that were hitherto delayed on other blockchains because of longer time taken to save information in blocks will now be facilitated by the shard technology that does not necessarily require a ledger to store data.
Reduced Power and Costs
Another downside being solved is hash power rates and transaction costs. On other chain networks, much hash power is often required to process transactions and there is also the cost to be considered. On IceChain, fees might even be waved off (depending on the transaction) and the incidence of using much power might be non-existent as transactions are ongoing without lags. Therefore, there won’t be need to have extra power to complete lagged transactions. It also has capability to conduct 100,000 transactions every second.
Technology
As part of its mission to the blockchain decentralized and faster, IceChain has double layers that allows for high throughput. There is also security against double spending just as its smart contract will be powered by the Ethereum Virtual Machine.
Chain Networks
IceChain operates dual chains. The first is the head chain that will be model for decentralizing the system. It has the capability to attain 100% hash power rate and when this becomes the case, the platform will then be patterned as a blockchain of its own. There are about 10 smaller blockchains that will help the head chain in its operations.
Solution for Double Spending
It is pertinent to note that double spend attacks are possible on other platforms because there was obvious centralization of hash power. This allowed miners form pools and obtain hash powers that are in turn used in double spend attacks on the system.
On IceChain, there is outright decentralization that redistributes 50% hash power across the network. This makes sure that no one has monopoly to take over the system by virtue of having more hash power in his possession.
Perfect Blockchain
From the foregoing of its solutions, there leaves no doubt that IceChain might just be the perfect model of what a blockchain should be. For instance, there is complete decentralization and securities that will prevent double spend attacks.
Additionally, transactions fees will be reduced just as the system can be able to conduct transactions in real-time and fast too. Interestingly, IceChain has future prospects as multiple platforms such as IoT, Retailers and financial platforms will find it useful; thereby leading to its faster adoption.
For more information, visit:
WEBSITE: https://icechain.io/
WHITEPAPER: https://icechain.io/icechhain_whitepaper_v0.1.pdf
FACEBOOK: https://www.facebook.com/theicechain
TWITTER: https://twitter.com/theicechain
LINKEDIN: https://www.linkedin.com/company/iceblockchain/
TELEGRAM: https://t.me/theicechain
STEEMIT: https://steemit.com/@icechain
REDDIT: https://www.reddit.com/user/theicechain
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the project has an Asian team is always a plus for me, I try to take part in such projects, such projects are very much in demand today from investors I will follow your project
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A lot of specific terms in the description. I for example, do not understand what shard technology is and what is it eaten with?
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ICECHAIN has not paid the bounty until the end. Violates all development terms. The idea is quite viable, but the weak activity of the team inspires fear. Nothing is what we have for January. 30 ETH were collected at the ICO ... Perhaps nothing was collected at the Pre-ICO.
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Sounds pretty scary. Badly believe it. And such honest Chinese faces of this team. Maybe this is a mistake? Weak activity? But, they have Chinese New Year. Celebrate while probably.