Kyber Network Partners with ICON

Kyber Network will connect its token conversion services to ICON’s inter-blockchain network
19 January 2018   501

ICON, an interconnecting blockchain network, announced on January 19 that it has partnered with KyberNetwork, a decentralized exchange and payment service, to help employ scalable protocol of KyberNetwork’s token exchange services and interconnect with other blockchains participating in the ICON network.

According to the announcement, Kyber Network’s role in the partnership is to connect its token conversion services to ICON’s inter-blockchain network. KyberNetwork will promote liquidity of crypto-assets in the blockchain ecosystem, and improve the perception of tokens as a tradable asset class to the greater public.

The token exchange system is a key component of inter blockchain ecosystem. Our partnership with KyberNetwork brings us one step closer to interchain token exchange. Down the road, we hope to connect and support additional blockchains and tokens, eventually taking the place of today’s centralized exchange regime.

 

J.H. Kim

Foundation Council, ICON

At the moment of press, these are the main market parameters of ICX and KNC:

ICON (ICX)

  • Average Price: $8,24
  • Market Cap: $3 130 822 144
  • 24h Volume: $91 504 000

Kyber Network (KNC)

  • Average price: $3,56  
  • Marketcap: $476 940 996
  • 24h volume: $35 824 400

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   55

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.