Cryptopia Halts NZDT Deposits due to Banking Issues

Cryptopia, being famous for trading New Zealand dollar tethered crypto, announced the halt of NZDT deposits due to their current bank closing Cryptopia's NZDT account on Feb 9
31 January 2018   314

The Cryptopia exchange is a currency trading platform which allows users to deposit, trade, and withdraw Bitcoin, Litecoin, and over 400 other crypto currencies. The users of the platform have always been able to convert New Zealand dollars to crypto by despositing to NZDt, and trading it for the coins.

On January 30 Cryptopia exchange announced that their current bank has notified them that they intend to close Cryptopia's NZDT account on February 9. Due to that Cryptopia had to announce an immediate halt to NZDT deposits from COB. The cryptocurrency exchange recommended its users to stop sending NZD deposits to their NZDT account.

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   102

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.