Record number of transactions in Ethereum network

 A record number of transactions has been recorded in the Ethereum network
15 August 2017   648

The Ethereum network, the second one in terms of market capitalization after Bitcoin, has experienced an unprecedented level of activity in recent days, as evidenced by a new record number of transactions. Thus, on Monday, August 14, it was equal to 410.061.

Ethereum transaction data on etherscan.io Ethereum transaction data on etherscan.io

Thus, Vitalik Buterin also draws attention to the new record, suggesting that perhaps it is the highest number of transactions ever recorded in public blockchains, which is, to tell the truth, quite a controversial statement:

Anyway, the new record is certainly noteworthy as it demonstrates the growing popularity of the platform, let along the huge amount of ICO held on the basis of Ethereum tokens.

Ethereum market cap on coinmarketcap.com Ethereum market cap on coinmarketcap.com

However, despite the increased activity, the price of Ether, according to Coinmarketcap, for the past day has decreased and is now around $ 298. Market capitalization of Ethereum is currently estimated at $ 28 billion, which is about 20% of the total capitalization of all crypts.

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   56

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.