Huobi exchange launches Ethereum Classic

Huobi, one of China’s largest exchanges, introduces ETC trading on July 13
12 July 2017   1420
Blockchain

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

Ethereum Classic finally gets the green light as one of China’s largest exchanges, Huobi, launches ETC trading later today.

Not only this might be considered to be great news for all ETC users, but also it indicates some significant changes in cryptocurrency market world since Huobi is not the first platform to recently add ETC trading.

Ethereum Classic

Is a continuation of the original Ethereum blockchain - the classic version preserving untampered history; free from external interference and subjective tampering of transactions

Huobi provides a system of incentives. Thus, bonuses are given to those who make a deposit of more than 50 ETC from 12 to 17 July. In addition, Ethereum Classic will be traded with low commissions for a while (from July 12 to July 16 - 0.01% and 0.05% - from July 16 to July 21).

The market reacts positively to the news as for the last day Ethereum Classic has grown in price in comparison with other crypto-currencies:

Ethereum Classic on coinmarketcap.com chart Ethereum Classic on coinmarketcap.com chart

It is evident there is a global demand for Ethereum Classic right now. Whether or not this is due to the ongoing Ethereum network issues, remains to be seen.

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.