Cryptocurrency market capitalizations overview

Ethereum falls below $300 due to ICOs issues
26 June 2017   965
Blockchain

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

Bitcoin and the most of the altcoins had a new downturn this weekend and left investors wondering what this week will bring to their capital.

This Monday, Bitcoin had fallen to an average $2530 on Coinmarketcap, -5.15% in 24 hours.

Ethereum (ETH), due to three ICOs with network issues last week, fell considerably even, returning below $300 to currently trade around $283.

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ETH’s sudden network issues meanwhile is leading analysts to forecast continued losses into this week.

Tone Vays highlighted weak lines of support versus BTC, and argued prices “might drop another 40%” before “strong support” appears.

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.