Q: What do you think about the situation that Bitcoin SV has reached a block size of 638 MB on the bitcoin network? Is this really a world record?
A: Congratulations to them, it is a big success. However, I wouldn’t call it the world record, since on SHA-256 PoW base ILCOIN had already reached 5 GB blocksize on the live net in November 2019. The data can be checked on https://ilcoinexplorer.com/ by searching block 310280.
Of course, I can understand that BSV’s opinion is that ILCOIN has nothing to do with Bitcoin and their result is important, since they achieved it on the bitcoin network, but I think that this is only a half-truth. Since BSV is a FORK so it has nothing to do with Bitcoin. If so, then tomorrow we will fork Bitcoin with the RIFT Protocol and then BSV will admit that ours is the biggest blocksize? I don’t think so…
Q: Are you saying that BSV’s statement is not valid?
A: It is the question of the point of view, from whose basis we examine a particular statement. If I take it strictly and if I take as a basis Bitcoin base (SHA -256 PoW), which has the biggest working blocksize in the market, then the winner is the 310280 blocksize on the ILCOIN network. If we accept BSV’s peculiar reasoning that their block is on the bitcoin network, then we can give them a credit. I think we should be objective, and objectively ILCOIN is the winner in this battle.
Q: Particular individuals from the BSV’s team have claimed that ILCOIN’s result is not authoritative, since it has a market share of no account. What do you think about this statement?
A: ILCOIN was among the top 100 cryptos in November 2019. Since then we do have some difficulties. We are experiencing a kind of counterblow against us, on which I would rather not go into detail here. We are not the only project who is having a hard time right now. Filecoin, Waves, and several other projects have had easier and harder periods.
Nevertheless, to relativize technological excellence and results only because the market of a given coin is large or small is not a very intelligent point of view. It is nothing but rhetoric and demagogy. We don’t care about it. The truth is clear and it reveals for those who are seeking it. I can understand that a billion-dollar project is hurt when a project which is much smaller managed to reach a more serious technological result, but whether they like it or not, RIFT is still capable of a lot more than any other solution in the present market.
Q: There are statements about the non-functionality of RIFT. What is your opinion?
A: I think it’s not worth commenting. You should just download ILCOIN QT wallet and then we can discuss what’s working and what’s not.
Q: Bitcoin and ILCOIN have the same base since both of them are SHA-256 PoW. Why don’t you fork Bitcoin? Wouldn’t it be an easier business solution to build a Bitcoin fork than an own network?
A: I think you cannot decide on this ground what is easier or harder. It is a fact that a good FORK brings an existing community, with which it is easier to achieve success than building from scratch. Otherwise, ILCOIN’s visions are not the same as BSV’s or BCH’s. Since 2018, ILCOIN has drawn different goals from those which Bitcoin FORK represents. Actually, we are more of a blockchain project with long-term goals, than a classic crypto project. We put emphasis on blockchain developments. It can be seen from the results. We have several unique innovative solutions.
Q: So you are choosing the hard way. Are you not afraid that the project will not receive enough attention, because it is known by the minority?
A: I think you cannot look at it like this. In 2018 and 2019 everybody was talking about the block size. We certainly did it. Today it is not an important issue. It is only a topical question in the case of Ethereum since everybody expects the lowering of TX fees. In a word, the trends are changing. Today, DeFi and NFT projects are in the focus. Sincerely, I think it is the right path.
The Blocksize increase solely is not enough. It is significant to find practical values. ILCOIN is capable of more than 100.000 TXs, but there is no need for it. Neither Bitcoin needs it, nor this TX race. Of course, it is necessary to have low-cost, fast and stable blockchain systems. However, today it is not the most relevant challenge of the market.
Q: So the on-chain data storing is not your main goal anymore? Previously you created the RIFT Protocol so that it could serve as a base of your DCB platform.
A: Certainly not, DCB is still an important goal. There are only short-term and long-term goals. Presently DCB is not our most important goal, since we see that the market is not open to a solution such as DCB. Nevertheless, we are still working on it, and we believe that within a few years DCB will be the technology of the future. Anyway, you shouldn’t imagine DCB as a concrete solution, since DCB will be capable of quite a few things. From digital libraries through decentralized social media to blockchain-based solutions of different auction platforms, DCB will be perfect for countless fields. Therefore, it’s not worth talking about factual things. We do have our visions and we are working hard on them, but it is a complex project where we have to adapt to a lot of things.
Q: If not DCB, then what is the most important for you right now?
A: This year we released a VR game, which is available on Steam and other sites as well. We created a DeFi project with WILC, with which we would like to enhance the interoperability between Ethereum and ILCOIN networks. Soon we will have a new mobile game named Clash of ILCOIN. So there’s plenty for us to do.
We plan to dedicate more attention to NFT projects because we figure that the challenges in the NFTs are fitting for us. Our users know us. We rather focus on technological innovations than short-term marketing goals. Of course, it has a disadvantage, as it’s very hard to compete with the marketing of the DeFi projects.
Q: You mentioned DeFi projects and the relating marketing. How do you see the present cryptocurrency market and what is your vision on the future of cryptocurrencies?
A: It is very hard to predict and I even don’t like to do so. It’s enough to take a look at BTC’s price above 64K USD. A few months earlier there weren’t many who would have thought, that Bitcoin would have had this rally. I didn’t expect it either. DeFi project had also quite a time, and certain NFT projects are starting to have a serious market position. So let’s move from predicting to analyzing the market.
I think that again, there are way too many projects on the market with the same goal, which only favors speculative trading. The big exchanges are ruling over and influence the market. I don’t think that it is all right, but I wouldn’t like to be seen as a naïve individual with this opinion. I know that the crypto market is speculative and unregulated. In a word, it is possible to pump up the price of certain projects and then wait for the better or for the worse to come. This will not always be the way. The decentralized exchanges are getting stronger day by day. On the whole, this centralized power center, represented by the TOP exchanges, will not be immortal. What will happen afterwards, I don’t know, but the era, where the actual accomplishment will be the value and not the pumping, should not be favorable for the marketing project with the same goals and values.
The market will be diversified. It would be also necessary right now since you cannot compare Brave project with Enjin or Yearn.Finance project. I’d like to add that it is not necessary to do so since it they are not comparable. If I take a look at them from the stock market’s angle, then every project is worth exactly the same, regardless of its developmental or other market success. Of course, it is also changing but very slowly. We will see what will be the outcome of this. You have to adapt to the present whether it’s easy or not, but in the meantime, you have to take care not to give up your own visions. We at ILCOIN Development Team see in the long run, a more important market than the current speculative market dominated by centralized exchanges. Fortunately, both our persistency and our knowledge are more than enough to wait for the market that will favor us. Until then we do our job and try to create more and more values for our users. Naturally, they are also needed for this, since the coin is in their hands, which is not our responsibility.
For more information about ILCoin, please visit: https://www.ILCoincrypto.com/