GitHub to be sued over libelous BTC-e claims

OKpay online payment system threatens to sue GitHub
02 August 2017   1059

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

OKpay financial service's CEO Sergey Mayzus claims he is preparing to sue GitHub over "libelous" accusations.

Thus, a post on GitHub contains a very certain information concerning Mayzus (as well as other people and organisations):

Mayzus and OKPay are working closely together with BTC-E.

The information on

Mayzus, in turn, hastened to post an official statement on Okpay website refusing the information provided by GitHub:

In connection with the closure of one of the largest cryptocurrency exchanges (BTC-E) by US law-enforcement agencies, false information was posted by anonymous person(s) on the website about alleged involvement of myself (Sergey Mayzus) and my companies OKPAY CY LTD and MAYZUS Financial Services Ltd. with the BTC-E exchange. I hereby declare that neither myself (Sergey Mayzus) nor the companies OKPAY CY LTD and MAYZUS Financial Services Ltd. that I own are in any way related to the BTC-E exchange, its owners, or employees.

Sergey Mayzus
CEO of OKpay

As Mayzus details, on July 26, 2017, a request was sent by the lawyers to GitHub Inc. as well as to unidentified owners of the website demanding that the libelous content be immediately removed. However, a response has never been received. That's why, Mayzus claims, the lawyers of his companies are to start preparing a lawsuit against GitHub Inc. and the owners of the website

Yet, it's worth mentioning that Mayzus did acknowledge his company "might" have counted among its clients "legal entities who could be operators of the BTC-E exchange or private persons who could be owners or employees of the BTC-E exchange":

However, all accounts of legal entities or individuals whom we considered as possibly related to the BTC-E exchange, are blocked, which was properly reported to the financial regulatory authorities.

Sergey Mayzus
CEO of OKpay 

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.