Bank of America to Win DLT Patent

Patent is about a mechanism that will allow large companies, including exchanges and custodial services, to store their clients' cryptocurrency assets
14 November 2018   552

Bank of America, a financial conglomerate, has developed a mechanism that will allow large companies, including exchanges and custodial services, to store their clients' cryptocurrency assets. According to CoinDesk, the bank received the corresponding patent on Tuesday, November 13.

The document says that a financial institution will need to have a single corporate account suitable for storing cryptocurrencies. For operations, the client will be credited with an equivalent amount of funds, while the cryptocurrency itself will remain in the vault.

At the same time, companies will need a processor and enough memory to store private keys for a cryptocurrency wallet. Transactions are possible with the appropriate authorization.

Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.

BoA Patent

According to the developers, the patented system imposes more moderate requirements for network and memory bandwidth, and also consumes less computing and energy resources.

Bitcoin SV Blockchain to Undergo Reorganization

This happened due to the fact that some blocks were rejected by Bitcoin SV blockchain
19 April 2019   104

Several blocks were rejected by the Bitcoin SV network after the addition, which caused the re-organization in the blockchain's history.

Almost each time someone is trying to produce a very large block on the BSV chain, there’s a reorg. Just an hour ago our Blockchair engine has witnessed a 3-block reorg (I think that's a record)! Blocks #578640–578642 got orphaned by a longer chain because they were too big

Nikita Zhavoronkov

Lead developer, Blockchair

The large blocks, about which Zhavoronkov writes, are no longer displayed by the blockchain browser, since they are not part of the main chain in which they were located until a certain moment, until they were replaced by another chain, which eventually became dominant.

This is basically exactly the problem the BU gigabock testnet identified. At sizes > 100mb the mempools were so out of sync that blocks were basically transmitted as full blocks.

BSV had ONE 128mb block and it caused a six block reorg. On the BU testnet sustained 128mb blocks caused a total breakdown of the chain where there were so many reorgs that every node had a different view of the state of the blockchain.

Chris Pacia

Developer, Bitcoin

Thus, Chris assumes that the problem is caused not by the malicious actions of the network members, but by its functional bug. 

This update is noticeable in the background of recent Bitcoin SV delisting campaign, which was started by the number of big exchanges as a reply to lawsuit by Craig Wright, BSV supporter, against anonymous critic.