A crypto company which has been available for four years – even before Ethereum was launched – says it is focused on developing new technology after encountering setbacks in the early days of its business.
ILCoin claims it has now created a consensus mechanism which removes the risk of hackers infiltrating its network and compromising the security of its users.
Founded in 2014, the company’s founders estimate that there were only 80 cryptocurrencies in existence when it made its debut – a stark contrast to the many thousands brought to the market since. ILCoin says that its staying power, coupled with the achievements made over the past two years, is a testament to its determination to deliver the best experience for customers.
The backstory
The first ILCoin was mined back on Jan 29, 2015 – and on the day the platform launched, the price of a Bitcoin was just $244.62, a far cry from current levels where it is nudging $4,000.
It was a time before crypto media sites and initial coin offerings were in the mainstream, meaning ILCoin opted to select a network marketing partner for its project instead of seeking external funding. While these business models were commonplace at the time, many emerged to be scams. This presented image issues for ILCoin, as it says its legitimate business ended up being confused with sham projects.
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This was compounded by disagreements between ILCoin and the management of its partner Ilgamos, which began to have different ideas about strategies for the future. ILCoin also believes that the marketing and communication techniques used in 2016 and 2017 were not in step with what crypto users needed at the time – ultimately causing its business to “lag behind and fade into the background.”
ILCoin says that things truly began to change in November 2017, putting the startup in a position where it could start to develop and build foundations for future success. The project says 2018 delivered much more change and positive developments than in the past three years combined, with its team establishing meaningful relationships with exchanges and listing sites.
Next steps
ILCoin says that its newly developed consensus mechanism, C2P, will help deliver levels of security on blockchain that have never been achieved by other projects. After learning harsh lessons during the early stages of its business, the company’s founders are determined to focus on creating sound technology that can make a difference to the public. ILCoin says this is a stark contrast to other companies which have aimed to promote ERC-20 tokens through exaggerated and often slick-looking marketing campaigns, even though the product has little substance.
ILC, the platform’s native coin, has now been accepted by a total of 10 exchanges – and pairings with US dollars, Bitcoin and Ethereum are now available. Most of its users are based in Asia, but the project has bold ambitions to go global.
Over time, ILCoin believes that blockchain networks can be used for much more than they are now. Instead of executing basic operations, the project envisages a future where they are capable of running code in advanced programming languages – and it says that advanced smart contracts are going to be an instrumental part of achieving this milestone.
The company offers crypto wallets on the web, as well as Android devices and a plethora of operating systems: Windows, Mac, and Android among them. From this platform, ILCoin users have the ability to keep their coins safe and send it to their friends, family and business associates with little to no cost – eliminating delays along the way, the team says.
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