Breaking: Bitcoin split on 478558

Bitcoin hard fork activated: the split happens on 478558 height
01 August 2017   1135
Blockchain

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

The Bitcoin blockchain hard fork finally happens: SegWit opponents launch a user-activated hard fork (UAHF) to create Bitcoin Cash, a cryptocurrency competing with Bitcoin. 

Bitcoin

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

Reports on the fork happened began to come immediately:

Bitcoin split on reddit.com Bitcoin split on reddit.com

Bitcoin split on reddit.com Bitcoin split on reddit.com

The cryptocurrency exchanges' reaction was not long on coming as well:

However, at press time, the Bitcoin blockchain is six blocks ahead of the Bitcoin Cash blockchain. Jameson Lopp, BitGo engineer and CoinDesk contributor, tweeted:

It's likely going to take at least several hours.
 

Jameson Lopp
BitGo engineer and CoinDesk contributor

Yet the split is far from complete.

Bitcoin Cash

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

Since Bitcoin Cash has about 1% of the computing power that the main bitcoin network has, it might even take 24 hours to mine a new block, argues Jeff Garzik, a former contributor to Bitcoin Core:

Thus, the key question from Tone Vays, a consultant in the realm of Economics, Finance, Blockchain and Bitcoin, remains:

How long do you continue mining Bitcoin Cash without collecting rewards?
 

Tone Vays
Consultant in the realm of Economics, Finance, Blockchain and Bitcoin

The Bitcoin Cash network now has more than a thousand nodes, with the chain-split seemingly going through smoothly at this stage. What the future has in stock for it, remains to be seen.

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.