Japanese giants DMM and GMO to mine crypto

Japan's GMO and DMM reveal their plans of getting involved into cryptocurrency mining
15 September 2017   1068

GMO, a Japanese digital services firm, unveils its plans for its forthcoming cryptocurrency mine and the $90 million budget backing it, as detailed by coindesk.com.

Thus, on Wednesday the company held a presentation on the plan following the announcement last week. GMO is to begin mining in the first half of 2018.

GMO to start mining
image credit: techwave.jp

The company will begin testing a new 7nm semiconductor chip by the spring. As reported, GMO has already spent $3 million out of an expected 10 billion yen (worth approximately $90 million).

Besides mining at our company, we also plan to sell the mining board with the 'cloud mining center', so that anyone can participate in mining.

Masatoshi Kumagai
GMO President

Besides, the Japanese e-commerce giant DMM is also planning to join the mining race. 

According to the company, DMM will launch its "Virtual Currency Division" that is to oversee operations of the "DMM Mining Farm", in October. DMM has also confirmed its intention to press ahead with full production by the end of the year.

However, the announcement underlines Bitcoin and Ethereum as two virtual currencies “expected to be the currencies of the next generation” without explicitly stating it would mine either cryptocurrency.

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   108

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.