SegWit locked-in on Bitcoin

The Segregated Witness protocol has finally locked-in the Bitcoin network
09 August 2017   675

SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain. 

The essential condition for SegWit activation is that 95% of the Bitcoin community have to agree to this new process and switch to the new Bitcore Core client for at least two weeks. Now, the conditions have been met and SegWit proposal has finally locked-in on the Bitcoin blockchain:

SegWit proposal activation countdown on segwit.co SegWit proposal activation countdown on segwit.co

The fixation took place at block 479,708. However, Bitcoin won’t be able to upgrade immediately. Because of SegWit’s two-week “grace period, " the change won’t “activate” until block 481,824, which is currently projected to happen on August 21.

The community is celebrating the proposal's activation. Charlie Lee, the creator of Litecoin (which activated SewGit way earlier than Bitcoin), congratulated the Bitcoin part of the community on such a great achievement for the industry:

 For now, the price of the first digital currency beats all the records and is about $3389. Bobby Lee, co-founder and CEO of YourBTCC, ran a Twitter survey asking followers to name a Bitcoin price once the lock-in occurs:

The results of the survey, which has so far received almost 3,300 votes, point to a further price increase over $3,500 after August 9th (35%), while 25% of respondents consider prices could go even higher - over $5,000.  

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.