BTC-e renounced relation with A. Vinnik again

BTC-e commented on the allegations made against the detainee Russian citizen Alexander Vinnik
14 September 2017   647

Well known cryptocurrency exchange BTC-e commented on the allegations made against the Alexander Vinnik, once again declaring that he is not the leader or the creator of the platform. This is reported by the RT.

We want to report that on September 6, 2017, we learnedabout the officially launched accusations by the US government against our company and Alexander Vinnik from public sources. In this regard, the BTC-e declares that since its inception the company has been carrying out its activities within the requirements and norms of the legislation of those countries where it was registered. Alexander Vinnik is not its creator or owner of the company. 

BTC-e team

The company noted that from now on BTC-e will take all necessary measures to protect its employees and its business reputation.

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.