Multisignature wallet for IOTA released

Bitfinex releases Smidgen - a multisignature wallet for IOTA
19 September 2017   1031

Bitfinex has announced the release of Smidgen - a multisignature wallet for IOTA cryptocurrency. 

According to the company, multisignature wallets add an extra layer of security. By using Multisignature wallets, it is possible to create addresses which require multiple seeds for each transaction, each seed owned by one or multiple persons.

Right now, Smidgen is in its final beta stage. Smidgen is beta software and supports many other handy commands, ranging from address generation to balance checking.

Bitfinex team also draws attention to the fact that seeds to create Multisignature wallets should be used for only one wallet.

It is reported, that Smidgen uses a file which is shared between seed owners. With this file, it is possible to manage the wallet, with its addresses and transfers. This makes it easier to keep track of the current state. Private keys are not part of the file. 

IOTA charts on coinmarketcap.com IOTA charts on coinmarketcap.com

Meanwhile, as shown, IOTA cryptocurrency price is now about $0.57, its market capitalization is $1,595,297,508.

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.