Bitcoin Cash network under attack

ViaBTC reports on Bitcoin Cash network being under transaction malleability attack
07 August 2017   885
Bitcoin Cash

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

Last weekend, the Bitcoin Cash network was attacked. During the attack the unknown hackers took advantage of the vulnerability of transactions' plasticity, as reported by the Chinese mining pool ViaBTC on their social network: 

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Transaction malleability is the ability of someone to change unconfirmed transactions without making them invalid, which changes the transaction’s txid (an identifier used to uniquely identify a particular transaction), making child transactions invalid.

Bitcoin

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

The funny thing is that the problem could be fixed by the Segregated Witness protocol, which had to be activated in the Bitcoin network this month. The Bitcoin Cash supporters argued that SegWit was not so important as, for example, larger blocks, and the problem itself can be solved in other ways. Now these statements are the source for jokes for Bitcoin Cash haters: 

According to the updated information from ViaBTC, now the withdrawals suspended are resumed on the exchange.

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   109

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.