Wednesday, October 30, 2019

RIFT-Protocol Is the Future of On-Chain Data Storage

The blockchain is a distributed ledger, meaning that everyone running a node in the network has this ledger stored on his local machine. This ledger contains all transactions that have been validated and added into a block. A transaction basically contains the information about who sent what to whom under which conditions. Storing information on the blockchain means storing information that is accessible to everyone.

Cloud storage has been the go-to system previously but it has its setbacks, namely:

Syncing expenses– The cloud’s pay-as-you-go model can turn out to be expensive if calculations are made in the long run despite the flexibility and lower hardware costs. Constant syncing of all users and their devices to the cloud can also lead to increased bandwidth overhead.

Configuration complexities– Switching between cloud platforms can lead to configuration complexities, additional costs, and downtime. Compromises made during the migration process can lead to security and privacy vulnerabilities.

Single point of failure– Since cloud computing services are internet-based, service outages can happen anytime and can occur for any reason and you have very little control over the whole situation. If a central controller is compromised, your data could be compromised as well.

Broader threat surface– Sensitive data and important files stored on servers belonging to external service providers are risky. Back-ups by cloud service providers, unfortunately, create multiple copies of files in various servers in various geographies exposing a broader threat surface.

Data Leaks– It’s a daily occurrence for server misconfigurations that lead to data leaks. One recent such example is the leak of a Dow Jones Watchlist Database, containing identities of government officials. As long as there is a human factor involved in data transfer, these situations cannot be avoided but part and parcel of centralized cloud storage.

Privacy concerns- Providers like Amazon, Google, and others storing information on the centralized cloud servers are required by the CLOUD Act legislation to submit evidence of details to law enforcement on the strength of a warrant. This legislation is enforced on stored data of organizations including the details if it’s stored in another country or server. Compliance and management are handed over to the provider and totally outside of user control even for GDPR, HIPAA, SOX, and similar regulations.

RIFT Protocol solved the Problem

A simple way to avoid the costs and contamination of the blockchain is to store hashes instead of data. But off-chain data storage comes with its own set of flaws. To ensure secrecy and security for certain use cases, the data should be encrypted before hashing it.

But the biggest problem which confronts blockchain systems is not only storage but scalability. The good news is RIFT Protocol, which defines ILCoin’s Decentralized Cloud Blockchain (DCB) has already solved the scalability problem while it solves on-chain storage.

These are the features of the DCB and RIFT which allows on-chain storage of files in unlimited volumes.

  1. Bigger blocks which allow more storage.
  2. Unique replication of files by the second layer of Mini-blocks which are processed independently of the mined blocks.
  3. Mini-blocks are not mined but have a reference to the transactions, in the same way as the mined blocks have.
  4. Security of the DCB is ensured by the Command Chain Protocol (C2P)

5.  Mini-Blocks are the same as the traditional blocks except they are not mined. They are replicated in the same way as fractals.

A Mini-Block hash is generated automatically by the code which eliminates the need for them to be mined. They are contained as a layer inside the traditional (parent) block by way of a reference system. RIFT makes possible the processing of a huge amount of transactions through the Mini-Blocks which expands the capacity of the parent blocks.

Rift-Protocol is the foundation and basis of DCB. Setting up an on-chain based data storage system like Decentralized Cloud Blockchain cannot be done without the Rift-Protocol.

Rift-Protocol has an enormous transactional capacity, it is capable of even faster transactions that the system of VISA is. In case of a 1.5 GB block size, its speed is 33,888 TX/s, if block generation is realized in every 5 minutes.

The post RIFT-Protocol Is the Future of On-Chain Data Storage appeared first on Live Bitcoin News.

RIFT-Protocol Is the Future of On-Chain Data Storage

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.

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