Soundchain finally solved issues with Poloniex

Last Soundchain's transactions at the Poloniex exchange unblocked 
24 August 2017   816

Russian blockchain startup Soundchain reported on problems with the Poloniex cryptocurrency exchange. Thus, the company can not withdraw their funds after the change in the Poloniex’s policy towards citizens of the countries against which the USA sanctions are imposed. 

According to the statement of Artem Abaev, Soundchain Founder, Poloniex ignored all messages from Soundchain for a while, the founds was literary "frozen". 

Artem Abaev’s post had a great resonance in the community, thereby causing a mass funds withdrawal of Russian Poloniex customers.

Probably, that’s why the exchange’s administration promptly contacted Soundchain and argued that they did not stop working with Russian citizens.

Today, 24.08.2017, new information appeared - good news now. According to the Abaev's Facebook post, last Soundchain transactions were "refrozen" and team starts withdrawal of funds

I'm glad to announce that the epic with Poloniex is coming to an end, last night we were able to unblock the last frozen transactions. Today we will start the withdrawal. Due to the media hype, the Poloniex support service also reacted to other tickets of those who had their funds frozen.

Due to political risks, we are not going to work with American exchanges, which include such terms in their agreements.

Artem Abaev
Soundchain, founder

Also, Artem explained why funds were kept at the cryptocurrency exchange.

We have drawn up a financial plan for the project for the near future and made calculations. Due to the fact that BTC is very volatile on the market, we've fixed in the crypto currency dollar at the exchange. If, for example, BTC lost about 20%, it could seriously disrupt our plans. We are trying to do all payments and calculations in the crypto currency, but with some periodicity Tether USDT will be converted back to BTC. To solve this issue for a Soundchain.org project users, we actually came up with the mastercash.org project, wrote WP and will develop it as soon as we scale the team.
 

Artem Abaev
Soundchain, founder

Well, it' s a good ending for such a difficult situation. We hope that Soundchain team will not face any issues in the future.

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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   110

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.