In the blockchain world, a block is as a collection of transactions, each requiring validation before the network can accept it. Each block features a “block size” with a default number of transactions. The current block size of Bitcoin is currently 1MB, and in case a block exceeds the limit, the network will reject it. The purpose of a block size is to help prevent denial of service (DoS) attacks. In theory, no block size could lead to an attack where one hacker floods the network with more transactions that the network can handle, bringing it down.
Two of the main problems of blockchains using the SHA-256 proof-of-work (PoW) consensus, such as Bitcoin, are network lag and increased transaction fees. Although several attempts have been conducted to help fix the problems - SegWit and Lightning Network - none have managed to fully succeed. To help solve a real industry issue, which is scalability, the ILCOIN project claims to have succeeded where others have failed.
A modern alternative to Bitcoin with a block size of 25MB
ILCOIN is a high-quality cryptocurrency that uses SHA-256 technology and a next-generation PoW to solve the original SegWit problem within the Bitcoin network. The 1MB limit caused many delays...