Premature Monero hard fork

Monero hard fork to happen sooner due to an increased hashrate 
09 September 2017   1001

A planned Monero hard fork is to happen sooner due to an increased hashrate. 

As reported by coindesk.com, the hard fork originally planned for September 21st, is now likely to occur on September 16th. The question of whether to adjust the block number to prevent a premature fork was addressed at the developer meeting. Thus, the developers have decided to change the hard fork schedule.

As detailed, the hard fork is to introduce the mandatory use of so-called "ring confidential transactions" (RingCTs) on the network, though the majority of Monero users are already utilizing the currently optional technology.

Cryptocurrency chart on coinmarketcap.com
Cryptocurrency chart on coinmarketcap.com

At the time of writing, Monero occupies the eighth position in the list of cryptocurrencies by market capitalization, which currently stands at $1.72 billion and its token is worth about $114.

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.