China exchanges shutdown is just rumours?

Some cryptocurrency enthusiasts speculate that the China exchanges shutdown might be just a conjecture
08 September 2017   679

Nowadays, China's cryptocurrency exchanges shutdown is a real hot potato. It is believed that the regulators are seeking a shutdown of exchanges as a part of the ICO ban imposed earlier this week. Due to this news, Bitcoin and other top ten cryptcoins are falling down.

However, some cryptocurrency enthusiasts, such as Charlie Lee and Samson Mow, speculate that the China exchanges shutdown might be just a conjecture.

Samson Mow, CSO of Blockstream and CEO of Pixelmatic, supports his statement saying that "PBOC [The People's Bank of China] isn't exactly shy about making official announcements", so if the news were correct, the community would know it from the firsthand.

Would you believe news on CNN saying Bitcoin is banned in the US without any statement or source from the SEC or CFTC? or NYDFS?

Samson Mow
CSO of Blockstream and CEO of Pixelmatic

The man concludes claiming that real or not, he doubts "anyone wants to go down in history as the person who tried to ban Bitcoin".

Whether the news is true or false, 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   56

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.