OKEx to Release Own Token

Exchange reported that the launch of the token does not imply an ICO
26 January 2018   424

The new token, released by OKEx, called OKB and was originally based on the ERC-20 standard.

As the exchange's message says, at the moment a significant part of the information regarding OKB is still confidential, and additional details will be disclosed soon.

Nevertheless, the exchange already declares that the launch of the token does not imply an ICO. In addition, in the future, OKB will be transferred to its own OKChain exchange. OKB will become a key part of the architecture and development of the exchange, while it will be accepted not only on OKEx, but also in other projects of the company.

In total, it is planned to issue 1 billion OKB tokens, 50% of which will be distributed free of charge to OKEx users, which will allow them to take a more active part in the further development of the exchange.

In addition, as the exchange explains, 20% of tokens (200 million) will be reserved for developers. During the first year they will not be available for withdrawal, after which they will be issued at a rate of 20 million per year.

Another 10% (100 million) of tokens will be sold to the world financial institutions at a price of 1ETH = 2000 OKB. 50% of them will be "locked" for the first six months. Another 10% will be transferred to early investors with a grace period of 2 years and the operational activities of OK Blockchain (3 years), respectively.

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.