Bcash scam alert

Scammers are developing an altcoin with the same name as Bcash
07 August 2017   992

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

The Bitcoin blockchain hard fork finally happened: SegWit opponents launched a user-activated hard fork (UAHF) to create Bitcoin Cash, a cryptocurrency competing with Bitcoin. 

However, the vast majority of the community is still confused by the abbreviation to use in order to refer to the brand new cryptocurrency: whether it is BCC, BCH, BTX, Bcash, etc.

Bitcoin Cash

A new cryptocurrency representing a hard-forked version of Bitcoin, different from it in the blocksize limits

Thus, as Vitalik Buterin notices on his Twitter, it is profitable to create a cryptocurrency with the name like this in such a situation: 

A great deal of jokes has been played upon the Bitcoin Cash abbreviation:

Bitcoin Cash abbreviation debates on Vitalik Buterin's Twitter account Bitcoin Cash abbreviation debates on Vitalik Buterin's Twitter account


Zcash is the first open, permissionless cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography

Thus, as the report on Bcash (referring to the Bitcoin and Zcach collaboration) argues, "Bcash is a new cryptocurrency that uses the existing Bitcoin ledger combined with Zcash privacy technology" and it is to be launched in the first quarter of 2018. The authors of the article also claim that Bcash is not related to Bitcoin Cash by any means and it is the entirely different project. The Bcash developers also warn their potential customers:

There are a number of scammers trying to cash in on the Bcash name. Be very cautious of anyone using the ‘Bcash’ name at this time. Bcash is not available for purchase or sale at this time.

Bcash team

A popular Internet-resource @WhalePanda also sheds light upon such a problem by retweeting this post concerning some scams alert as soon as scammers, of course, did not hesitate to take their chance to confuse people even more and make some profit of it: 

Whether Bcash is scammers' tricks or a real new cryptocurrency, as always, remains to be seen. The only thing known for sure is that the community has to finally come up with the single idea about Bitcoin Cash abbreviation to avoid the mass confusion. 

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   102

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.