Breaking: Bitcoin price set new record

Bitcoin costs $3183 now, while Bitcoin Cash continues falling rapidly
05 August 2017   824
Blockchain

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

On the morning of August 5, the price of the first digital currency beat the $ 3100 mark.

Below, on the Bitfinex exchange chart, you can see how for about two hours the price of bitcoin has made a dramatic upswing, reaching a maximum of $ 3,190. At the moment, the price of the crypto currency has already been adjusted a little and it's about $ 3120.

Bitfinex Bitcoin Chart
Bitfinex Bitcoin Chart

Over the past day, the weighted average price of bitcoin increased by 11.26%, and the capitalization of "digital gold" overcame the $ 52.5 billion mark:

Top ten cryptocurrencies chart
Top ten cryptocurrencies chart

Bitcoin Cash

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

Also, as you can see on the screenshot, the price of "alternative Bitcoin" hardfork Bitcoin Cash falls down rapidly. It lost almost 20% of it's price for last 24 hours.

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.