Parity supports SegWit, SegWit2x and Bitcoin Cash

Parity Bitcoin client now supports SegWit, SegWit2x and Bitcoin Cash
31 August 2017   978

A full-node implementation of the Bitcoin protocol written in Rust, the Parity Bitcoin client, announces its recent upgrade that includes support for SegWit, SegWit2x and Bitcoin Cash.

Thus, according to the company, Parity Bitcoin does not favour any scaling approach or any chain fork rule over another. However, the company's users have to be able to decide which version of Bitcoin they wish to run. This decision received a great feedback from the community so far.

The way it should be. Thanks parity for allowing your users to decide what they want.

DeezoNutso user

However, as reported, Parity Bitcoin defaults to the Bitcoin chain with the majority of hashrate with SegWit enabled. Users supporting user activated hard-fork can use the --bitcoin-cash flag to synchronize the Bitcoin Cash chain. In addition, the client allows support for SegWit2x by passing the --segwit2x parameter.

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   108

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.