ICECHAIN - Solution to the Blockchain Scalability Problem, ICO Review

supertar78 (8)in #ico • 6 years ago

Hello everyone!!!
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This year there have been many improvements regarding technology related to super-sophisticated technology, "Blockchain". This technology continues to be connected by several sophisticated platforms.

And since 2008 has made a major contribution to the cyber community. The scope is not about traditional internet services and other cyberspace platforms but about new technologies. Blockchain technology has been a huge success in all the benefits that already exist. However, one feature that is lacking is ability to conduct concurrent transactions without lags. This and some other underlying reasons had been the reason why the technology is yet to be adopted. To this end, IceChain is disrupting the current scenario and is bent on making the blockchain a place to be.

Let's look at my writing below, about one of the projects that uses that advanced technology.

Token Specification

Ticker: ICH
Platform: Ethereum
Token Standard: ERC-20
Token Type: Utility Token

Introducing IceChain

Thousands of digital assets had been curated after Bitcoin and more are still coming. IceChain is one of such but this time, the tide is meant to turn against current limitations of the blockchain technology.
The project on ground wants to make transactions faster and make use of less power for that. To this end, there is set to be ease of transactions on decentralized platforms.

Support for Multiple Transactions

If you have been trading on cryptocurrencies and have had contact with the blockchain technology, you must have realized that the platform is not entirely free of hitches. Currently, there have been continued delay in transactions and this had necessitated platforms that want to make the system faster.
IceChain is perhaps better than other viable solutions and few citations will suffice to lay credence to the assertion. Most times, there has been comparison between crypto coins and fiat currencies as well as payment solution such as VISA. The reason for this was because blockchain transactions were quite slow.
The solution pioneered by IceChain features the popular shard technology. This allows multiple transactions to be conducted at the same time. When compared with Bitcoin’s, it is crystal clear that IceChain will be able to support concurrent transactions and still have ability to scale all in real-time.

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.