IOTA enters Сhinese market

IOTA cryptocurrency starts its journey into the Сhinese market
24 July 2017   5655

A cryptocurrency designed for the Internet of Things, IOTA, enters the Сhinese market, as IOTA team reports on social media.

Blockchain

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

While Bitfinex, formerly the sole exchange of IOTA, operates in Hong Kong, and offers 3 trading pairs: BTC, ETH, USD, the chinese exchange Bit520 becomes the first exchange in mainland China to offer the CNY trading pare, hence "IOTA starts its journey into the Chinese market".

IOTA enters Bit520 exchange   IOTA enters Bit520 exchange  

That is another small, yet significant step for IOTA cryptocurrency, for which things have been going pretty good lately. 

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   109

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.