Bitcoin exceed $4.2k mark

First cryptocurrency regains its position by growing for more than 7% in last 24 hours
28 September 2017   736

On the night of Thursday, September 28, the price of bitcoin rose above $ 4200, thus returning to the two-week mark.

Last time at this level first crypto currency was traded on September 12, at the beginning of a period of protracted decline. The lowest point for this time period was reached on September 15, when the bitcoin price fell below $ 3000 on the background of news about the closure of cryptoexchange exchanges in China.

At the moment of press, average Bitcoin price is $4223.56 with market cap of $70,074,562,206 and 24h trading volume $1,898,680,000. 

Bitcoin price chart
Bitcoin price chart

All top ten cryptocurrencies demonstrate the stable price growth. 

Top ten cryptocurrencies
Top ten cryptocurrencies

Also, it worth noting that Zcash had grown for more than 35% in last 24 hours. At some point, it was traded for more than 400$. This is caused by the news about the forthcoming addition of this crypto currency to the largest South Korean exchange Bithumb.

Zcash price chart
Zcash price chart

At the moment of press, average Zcash (ZEC) price is $370.77 with market cap of $845,313,851 and 24h trading volume $205,636,000.

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.