Monaco token falls 33% in a day

Bitcoin prepaid debit card operator Monaco token decreases due to removal of asset contract 
01 November 2017   679

Monaco token, which is currently traded at $6.54 and has a market capitalisation of $64,175,249 fell down by 32.71% within last 24 hours. 

Monaco fall charts novemberMonaco Charts

On november 1 there was made an announcement in the official twitter account of Monaco that asset contract is being removed from Monaco roadmap. The statement was made that Monaco's asset smart contract scheme would no longer feature in its future.

Kris Marszalek, a chief executive officer, released a video, giving an explanation for such a move and stating that reasons behind this decision are “legal” and “commercial”.

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.