SEC-compliant ICO exchange announced by Overstock

Overstock is to open an exchange for legal token trading
28 September 2017   646

It seems like the regulated token trading is coming. Thus, Overstock's tØ is launching a first-of-its-kind alternative trading system (ATS) that will provide a platform for the exchange of cryptographic tokens categorized in the U.S. as securities.

As reported by coindesk.com, the new system is based on the already existing platform tØ in partnership with the fintech company RenGentt and Argon Group (an investment bank specializing in ICO capital raising). The ATS will be regulated by both the SEC and the Financial Industry Regulatory Authority (FINRA).

I think it's a historic event. We're opening a new type of capital market.
 

Patrick Byrne
CEO of Overstock

Until now, there have been no such platforms, and its creation can be seen as a major step in the development of the entire cryptoindustry. Today, ICO issuers either must attempt to create a token that does not meet the SEC's definition of a security, or they must meet that definition and give up the liquidity that comes from being publicly traded. Emma Channing, Argon's general counsel and interim CEO, argues that the new platform announced today will eliminate that choice.

We believe this is exactly what the SEC was asking for in the DAO report.
 

Emma Channing
Argon's general counsel and interim CEO

As detailed, Emma Channing believes her firm's new ATS could see $2 billion in trading within the next 12 months.

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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.