Bitcoin Core works on a new scaling upgrade

Having SegWit activated, the Bitcoin Core team is now working on a new Bitcoin scaling solution
13 October 2017   824

SegWit, a process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transaction, has successfully locked-in the Bitcoin network. Still, it seems like Bitcoin's Core developer team isn't done scaling the cryptocurrency's protocol.

Thus, while a lot of users are looking for more aggressive scaling via the controversial Segwit2x proposal, Bitcoin Core team is working on other technology called "Schnorr signatures".  It offers another signature scheme option alongside Elliptic Curve Digital Signature Algorithm (ECDSA). One benefit is that it supports "signature aggregation" on the Bitcoin blockchain. Hence, the change aims to consolidate activity that already takes place on the network with each transaction. Under the ECDSA scheme, each piece of a Bitcoin transaction is signed individually, while with Schnorr signatures, all of this data can be signed once.

As a blockstream engineer, Jonas Nick, claims to coindesk.com, this method of mashing signature data together should be considered "low-hanging fruit for helping bitcoin scale". First, by decreasing the number of signatures, it increases the amount of transaction data that can fit into each block. Second, by merging signatures, the technology could enhance privacy by making it harder to determine where transactions are coming from. Third, it's believed the change could curb "spam attacks", where one entity sends a bunch of small bitcoin transactions that take up extra space in the blockchain, potentially making nodes more difficult to run.

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

Meanwhile, Bitcoin price is growing: at the time of writing, the first cryptocurrency price is about $5490.12 (to the moon!), its market capitalization is $91,244,625,004. 

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   98

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.