Ripple price surge amidst Asian expansion

Ripple price soars following the FinTech startup’s announcement on opening an office in Singapore 
28 September 2017   575

This Wednesday, the FinTech startup announced that it had opened an office in Singapore as part of its continuing plan to penetrate the Asian markets. The news had a great resonance in the cryptocurrency community, e.g. Ripple's price has increased significantly.

It's also noteworthy, that Ripple itself has been making a concerted effort to establish a significant footprint in the Asian banking sector recently. Thus, the company opened an office in India, as well as a base in Singapore.

Now, the Ripple price has begun growing. According to coinmarketcap.com data, following Wednesday’s 9% rally, the Ripple price has climbed to $0.204. Ripple now has a market cap of $7.8 billion which has enabled XRP to come back into the 3rd-place position in the market cap rankings, leaving Bitcoin Cash behind.

XRP on coinmarketcap.com
XRP on coinmarketcap.com

On top of that, the vast majority of Ripple trading is concentrated on the three Korean exchanges that list XRP pairs, as cryptocoinsnews.com details.

XRP trading volume chart on coinmarketcap.com XRP trading volume chart on coinmarketcap.com

As shown, Bithumb’s XRP/KRW pair accounts for more than half of Ripple’s daily volume, and traders on Korbit and Coinone added another $57 million of liquidity to that currency pair.

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.