Lightchain promises millisecond transaction time for Bitcoin

Lightchain technology promises to shorten transaction times and help with blockchain performance issues
17 January 2018   651

Right now Bitcoin blockchain is congested with slow transactions and the fees are rising by hour. So, the Lightchain technology comes to the rescue. This double-layer blockchain aims to resolve this issues by implementing one master chain together with several sub-chains. The prime chain, like Bitcoin, will provide transparency and the overall control, while sub-chains resolve the transactions and synchronize the results on regular basis to the master chain. The developers promise the speeds up to 100 000 transactions per second with maintaining the current tamper-proof qualities of the blockchain.

This effect is achieved by implementation of “Proof of Machine” concept and using an in-memory database cache on the sub-chains. The in-memory cache reduces the time needed to fetch frequently used data, thus increasing total operating speed. The whitepaper goes on to explain, that there will be only one prime-chain, or mother chain, to provide decentralized distributed network that is immutable and transparent to public, while the number of sub-chains can be extended when necessary to increase performance.

This concept is one among many others promising to solve the existing Bitcoin blockchain problems. SegWit, Lightning Network, Schnorr signatures all devise their own way around the issues, and now Lightchain comes forward to expand the amount of possible solutions.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   114

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.