South Korea bans ICO

Following China, South Korea bans an initial coin offering campaigns; top coins fall
29 September 2017   1010

South Korean authorities will ban all types of initial coin offering (ICO) due to the risk of scam and fraud. This is reported by the ZdNet. 

The Financial Services Commission (FSC), the country's finance regulator representatives noted that the ICOs are a popular tool for raising funds by start-ups and individuals. However, at the same time, they carry the high risks of "financial bubbles", various market manipulations and do not promote the protection of investors' rights.

Also, state representatives say, ICO is often held for purely speculative purposes.

Separately, it is noted that FSC has not yet "institutionalized" the exchange of digital currencies. Currently, the agency is carefully examining the situation on the market in order to further improve the effectiveness of regulatory measures.

At the same time, there is still no clarity about the scope of the ban. So, according to News1, FSC "bans all types of ICO in Korea." At the same time, the JoongAng publication informs that the ban will concern only ICOs conducted by South Korean start-ups, and also refers to officials who claim that the restrictions do not apply to private investors.

Top cryptocurrencies price chart
Top cryptocurrencies price chart

As you can see from a charts above, market's reaction is quick as always. In top ten, only IOTA continues to grow.

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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   95

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.