Blockchain Records: Industry or Blockchain-Specific Achievements?
5 hours ago by Julia Sakovich · 4 min read
Photo: Depositphotos
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Numerous projects, such as Tron, ETH, and others have already largely solved their scalability issues, which paves the way for the possibility of the ILcoin Blockchain network becoming the true solution to the Bitcoin network’s challenges.
The term ‘record’ is becoming increasingly biased in the blockchain industry in light of the power of media coverage that is proving to be capable of overshadowing real achievements in favor of lesser ones riding on the wave of hype. Fairness and transparency – the virtues of blockchain – are thus being corrupted by events of such a nature, ones best demonstrated by the recent announcement made by the Bitcoin SV team regarding their achievement of a record in block sizes.
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:
Currently, everybody is talking about the skyrocketing price of Bitcoin. Did you expect that Bitcoin would reach its all-time high by the end of 2020?
A: Frankly, I did not. I expected it to strengthen more by the end of the year, but nobody figured that it would happen at this pace. We analyze the forecasts a lot about the possible change in Bitcoin’s price with our team, but this pace was really surprising. For my part, I refrain from forecasts and I do not regard as realistic the theories which are forecasting a hundred thousand dollar prognosis within a relatively short time interval. I figure that the point is not in predicting exact prices, but rather in forecasting tendencies. I think that excessively rapid growth also has its disadvantages, just look at the present market.