What makes Bitcoin (BTC) so strong? Is people’s trust in alternative coins fading away?
Over the past few weeks, Bitcoin’s price has significantly increased. Numerous articles have been published trying to forecast how far Bitcoin’s price could get this year. As for me, I would stay away from making any predictions, although, I do believe that BTC will make it to a higher price than ever before. However, the root cause behind this price increase is different from the market growth we experienced earlier; at the time, ICO had substantial control over the market and people had positive responses to quality ideas. Consequently, we might start wondering: What has changed?
With regard to alternative coins, it is safe to say that every one of them is losing considerable value to Bitcoin. When looking at the prior maximum prices of these altcoins, it is evident that the current circumstances and conditions are far from being appealing to the top cryptocurrencies. While BTC is still on the rise, — which aids tremendously to optimize its past losses — all other altcoins, when compared to BTC, have barely regained any from their previous prices.
How do we explain it? Clearly, there are several analyses on how these trends will change and how altcoins will become stronger. However, I think that these predictions are way more optimistic than they should be, and they also tend to ignore certain facts. In previous writings, I have touched upon why the market does not need this many cryptocurrencies and how the current condition of countless players is only beneficial for the speculative approach. All of these thousands of technological innovations without any promises are practically worthless. Bitcoin only serves as a point of reference for these coins — most of which typically do not possess any value to them.
By assessing the top cryptocurrencies, it is very clear that their performance in the past years, regarding innovation, is pretty much close to nothing. This means that the expectations set against technological innovations could not live up to their promises. The problem is that most cryptocurrencies put the emphasis solely on tx operations and speculation, instead of seeking after the widespread utilization of the blockchain technology, for which exchanges are offering an outstanding basis.
At the ILCoin Development team, we have an entirely different approach when it comes to the technology of cryptocurrencies. Over the past year, we have successfully increased the size of our block size to 25 MB along with creating C2P (Command Chain Protocol). The system of C2P has got tested by Palo Alto Networks’ Silver Partner and received the certificate of Quantum Resistance. With that said, I do believe that our project possesses technological innovations that allow for the establishment of a long-term, stable system. As for this year, we are also planning an additional fork that will contribute to increasing our block size to 1.5 GB. This step would not only make us a technology with the largest block size but also the first project that takes significant steps toward ON-CHAIN based data storage.
The intention of the ILCoin project is very clear, and obvious, that is, establishing a blockchain system that provides its users with the possibility of the widespread utilization of the blockchain technology. In contrast with today’s trend, we believe that on-chain based data storage is the only solution to safely storing data in the blockchain. Obviously, this approach comes with major and way more demanding technological challenges than its off-chain counterpart.
Published at Mon, 01 Jul 2019 18:14:17 +0000