Bitcoin price to the moon despite hardfork talks

The price of the top cryptocurrency recovers and now tends to the mark of $5,000
02 October 2017   539

It’s been quite a tough time for the cryptocurrency community lately. The whole China-against-Bitcoin thing resulted in the top cryptocurrency price falling. Now, the largest Bitcoin exchanges, such as ViaBTC and BTCChina, are closed.

However, it seems that over the past week, the Bitcoin price has fully recovered.

Thus, today, on October 2nd, the price of the top cryptocurrency surpassed $4,437, nearing the target of $5,000.

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

Thus, lately Bitcoin has demonstrated a rapid rate of recovery, rebounding from $3,500 to $4,430 in a span of less than two weeks. On top of that, the market capitalization of Bitcoin has increased from $59 billion to $73 billion.

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.