BTCC mines first SegWit block

Segregated Witness protocol activated in the Bitcoin blockchain: BTCC pool mines the first SegWit block
24 August 2017   2924

Segregated Witness is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain. 

Today, on August 24th, the activation of the protocol finally took place at 01:57 UTC on the block 481,824 found by the BTCC pool.

SegWit activation: block details on coin.dance SegWit activation: block details on coin.dance

The community seems to be pretty excited about the news. Thus, Charlie Lee, the Litecoin creator and an active Twitter user also known as one of the most honest developers in the cryptocurrency world, congratulated Bobby Lee, Co-founder and CEO of YourBTCC, on the social media:

With the activation of SegWit, a number of problems connected with Bitcoin are to be eliminated. On top of that, the activation will enable the opportunities for significant network scaling and the implementation of various innovative projects. 

In addition, now it is possible to launch the Lightning Network protocol, a solution designed to perform microtransactions.

Is this it for Bitcoin drama, remains to be seen. At least there's still the possibility of SegWit2x hard-fork in November. 

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.