8% of S. Korean Cryptocurrency Accounts Verified

8.21% of the total accounts had been converted to real-name bank deposits
06 February 2018   185

About 8% of virtual bank accounts for cryptocurrency trading have been converted to real-name bank accounts, a week after the government ended anonymous trading of cryptocurrencies, industry sources said Tuesday. It is reported that 143.300 virtual ledgers for cryptocurrency trading, or 8.21% of the total accounts, had been converted to real-name bank deposits.

The real-name trading system, which came into effect from Jan. 30, is part of the government's latest measures to prevent cryptocurrency from being used for money laundering and other illegal activities.

Currently, people can buy or sell cryptocurrencies through their virtual accounts, but they must comply with the real-name trading system if they want to pour new money into cryptocurrencies or withdraw money from these accounts.

We have recently reported that South Korean cryptocurrency exchange Coinpia suspended trading and deposits after it was unable to implement a customer identification system in line with a recently enacted government mandate.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   95

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.