Bitcoin Cash price surge

A close up of Bitcoin Cash price surge and possible volatility
02 August 2017   1395
Bitcoin

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

Bitcoin Cash (BCH, BCC) is a hard forked version of the original Bitcoin, which is similar to the original cryptocurrency regarding to its protocol, same block times and reward system. However, the main difference is the blocksize limits, as from now on Bitcoin has a 1MB blocksize limit whereas BCC proposes 8MB blocks. 

Blockchain

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

As the Bitcoin blockchain hardfork was successfully launched on August 1st, a new cryptocurrency has entered the market. 

The community’s attitude to BCC remains a bit diverse. Thus, while some exchanges are not going to rush to add BCC trading to their lists, the others give a warm welcome to BCC tokens. 

Bitcoin Cash

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

One of the main reasons for such an ambiguous attitude towards Bitcoin Cash is BCC potential volatility. Although the cryptocurrency becomes the third-biggest cryptocurrency on the first day of creation, some experts predict extreme volatility for Bitcoin Cash. Firstly, it surged to $422 just after the first block was mined. Afterwards it dropped to $383. Then the price rose again up to $433.

Bitcoin Cash price chart on coinmarketcap.com Bitcoin Cash price chart on coinmarketcap.com

As the chart shows, BCC's price reached its peak so far at 13:50 UTC, that was 691 USD (so that the price has increased by more than 100% according to coinmarketcap.com). 

However, at the time of writing the price is again on the decline. It goes without saying that that's intriguing to observe the roller coaster of the brand new cryptocurrency, so we are lucky to be present at such a historical moment.

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.