Will developers choose ILCoin over Ethereum?
Going back to our question, ILCoin is adapting to the developer’s needs by supporting the best-known programming language on the market, Solidity! Smart contract developers that are currently building using Ethereum developers have the choice to switch to ILCoin’s DCB (Decentralized Cloud Blockchain) platform, just as front-end developers had the choice to switch from jQuery to React.
Why do developers consider DCB superior to Ethereum?
Let’s take the DeFi (decentralized finance) case as an example, where founders and developers are building decentralized financial services that are meant to replace the current traditional ones. If their decentralized vision becomes a reality, blockchain utilization will face more than a 1,000x increase. That’s A LOT! To give you a bit of perspective, with the recent yield-farming trend, Ethereum has seen a mere 10x increase and it resulted in an exponential increase of the fees and wait times, making most DeFi platforms unusable.
What’s the solution for DeFi?
Ethereum has remained unchanged for years. ETH 2.0 has been under development for a long time, but the tests aren’t too optimistic due to their high centralization. Some already gave up on waiting for the upgrade to happen, building new protocols based on off-chain solutions. However, this defies the whole purpose of blockchain and decentralization as the non-blockchain part can be corrupted as easily as traditional centralized software.
ILCoin’s protocol is different, however, as they propose a hybrid-decentralized approach where the dependence on external factors is minimized and direct emphasis is placed on safety and efficiency. The Command Chain Protocol (C2P) and RIFT protocol technologies are used as the foundation of the DCB platform, resulting in a system ready for real-world usage.
While all other protocols are trying to understand how they can move digital coins from one wallet to another, ILCoin already has a proven solution for on-chain based data storage. Any asset that can be digitized can be stored on the ILCoin blockchain, such as photos, videos, texts, and large databases!
The possibilities become endless with such a solution, especially in the DeFi space. Right now, founders and developers have a way to store their users’ data safely through an easily accessible system that is openly available to anyone. Solidity developers can use their current skills to start building on DCB right now. The switch is already happening, and you can see the progress made for yourself at ilcointools.com.
Over time, more and more applications will take advantage of ILCoin’s scalability. Think of:
Blockchain-based social media
Blockchain-based data trading
Blockchain-based data storage
The blockchain space is in need of decentralized applications that work the same way as their traditional counterparts. For cryptocurrency to reach the mainstream, we, as entrepreneurs and developers, must show the world that blockchain, privacy, and decentralization are not expensive at all. ILCoin has the lowest transaction fees; you can check the transactions for yourself on the explorer. Plus, the average transaction confirmation time is a few seconds. Even some web pages are taking more seconds to load than a transaction to go through on ILCoin! That’s the decentralized future that we all want to achieve through our DeFi efforts, but we need to choose the proper tools to reach it.