Colu launched new local digital currency

New digital local currency helps to support local community and economy
22 June 2017   1051
Blockchain

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

Colu, enthuisiasts of a Blockchain, developers of a platform for creating digital, localized currencies, announced today the launch of its second currency in the UK – the Local Pound, East London.

Using the Blockchain technology, Colu develops digital currencies for territorial communities. By the mobile app-based platform, peer-to-peer and cutomer-to-business transactions are being held in safe environment. It supports local economies, independent bussines and trade, creates social capital. 

Colu has offices in London and Tel Aviv, gains funding from Aleph and Spark Capital.

Digital wallet app by Colu supports local economics by creating an easy and safe way for instant payments from a phone. Local Pound, East London provides local citizens with a digital currency to create stronger local economy and community.

Digital payments provide more safe and seamless transactions. Due to this fact, digital currencies and local payments are growing trends in the UK. The company creates a closed-loop economy that bolsters both the economic well-being and social fabric of the community.

Colu used an open-source and blockchain infrastructure to create digital version of "cash". It can perform large amount of safe transactions in real-time As a final result, Colu creates a true peer-to-peer economy.

When a customer supports local business, he supports his own neighborhood. Colu gives local businesses a digital toolbox to help them better compete with large retailers, including a business dashboard that replaces the need for point-of-sale systems. 
Since the start of Local Pound, Liverpool in 2016, over 16000 locals begun to use Colu app daily, making purchases at small local businesses such as bars, fitness clubs, etc. 

Colu has an experience in creating digital, local currencies in Israel and Barbados. It has around 50000 worldwide users that spends almost 1000000$ at local business thru the app.

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.