First SegWit transaction made on BitGo wallet

First Segregated Witness transaction carried out on a BitGo wallet
25 August 2017   759

Bitcoin wallet BitGo developers report on the first SegWit transaction in the main Bitcoin network. Notably, BitGo started the updating of the software, designed to provide support for Segregated Witness, even before the activation of the protocol. 

Benedict Chan, Director of Engineering at BitGo, shares the news on his social media:

According to the company's report, as SegWit activates on the Bitcoin network, BitGo is to start to roll out SegWit to all BitGo wallets. The plan is to immediately launch with a few select customers while BitGo observes production operation. Assuming it works as expected for a few days, the company will release final versions of our SDK and begin rollout of SegWit to all BitGo wallets. 

BitGo Web Wallet users do not need to do anything to take advantage of SegWit as it will be automatically enabled. BitGo API customers can activate SegWit at any time by upgrading their copies of BitGoJS, BitGoD, and BitGo Express once the final SegWit-activated versions are released.

BitGo support team

Among the benefits that BitGo users will receive as a result of SegWit activation, the developers highlight these two:

  • BitGo’s multi-signature transactions will cost about half the fee that they used to cost prior to SegWit.
  • By enabling SegWit, you will be reducing the transactional weight of your transactions on the blockchain, freeing space for other transactions and helping Bitcoin scale.

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.