Private transaction verified on Byzantium testnet

A private transaction has been just verified on Ethereum's Byzantium testnet
20 September 2017   811

The effort to bring the privacy features of Zcash to Ethereum took a step forward today during testing for the upcoming Byzantium upgrade, as coindesk.com reports.

zkSNARK is a zero-knowledge succinct non-interactive arguments of knowledge, which is used to prove that data is valid without actually revealing what that data is. It is claimed that the technology sits at the heart of the Zcash network, and recent months have seen developers moving to integrate the privacy tech into Ethereum.

Thus, today, the zkSNARK part of a Zcash transaction was verified on the Byzantium testnet. While only a trial, the development is a critical step toward bringing that kind of functionality to the public ethereum network.

What is missing after that is basically everything that was missing on top of the Ethereum Virtual Machine in the early times of Ethereum: We need practical implementations of all the other components of a zkSNARK system (apart from the verification).
 

Christian Reitwiessner
Leading zkSNARKs developer for Ethereum

According to coindesk.com, testing on Byzantium is expected to continue into October. Byzantium's formal introduction will then introduce the gas-subsidised pairing checks and elliptic curve operations that make this kind of verification possible. This means that once Byzantium becomes the law of the land, a cryptographically privatized transaction can be verified on the network. 

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   109

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.