BTCC launches DAX cryptocurrency-only exchange worldwide

Chinese bitcoin giant BTCC launches global crypto-to-crypto exchange ‘DAX’ with Bitcoin/Ethereum Classic as its first trading pair
28 June 2017   943
Blockchain

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

The longest-running bitcoin exchange in the world, Chinese giant BTCC, introduces its first pure cryptocurrency exchange BTCC DAX, which allows customers to exchange their bitcoins for ethereum classic and other cryptocurrencies, and vice-versa.

BTCC webinterface

Ethereum

Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements 

A Twitter-based poll conducted by CEO of BTCC Bobby Lee in May showed that ETC was the most desirable currency to start trading with. Thus, the new platform started accepting customer deposits on Monday (June 26th) and trading was set to go live on Tuesday at the same time. BTCC also plans to list new cryptocurrencies on DAX in coming weeks: the next currency to be listed on DAX will be ethereum (ETH), which is to be introduced during the week of July 3rd, 2017.

The new platform «has a simple and easy-to-use interface that ensures a straightforward trading experience for beginning and advanced traders», - BTCC reports, adding that “the exchange is also fully responsive”, meaning that it is available on all desktop and mobile browsers. Signing up for the exchange takes less than five minutes to complete. On top of that, BTCC provides DAX customers with support, which is available round-the-clock for customer inquiries, with guaranteed responses within 12 hours.

BTCC DAX also offers customers a secure trading experience, with customers’ funds held in cold-storage.

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   110

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.