Stellar Lumens goes down

Despite its recent optimistic developmet, Stellar Lumens fell 20% down during last week
31 October 2017   1553

Stellar Lumens tracked back by around 20% in the past 7 days reaching the price of $0,03 and market capitalisation of $488 million in comparison with $711 million marketcap on October 24.

Stellar Lumens Charts October 2017
Stellar Lumens Charts

Only two weeks ago the cryptocurrency saw 110% price jump which was linked to cooperation of IBM, Stellar.org and a number of banking partners announced on October 16. The cooperation aimed at cross border payments possible on the blockchain.

Within two weeks after the announcement it seems like the market euphoria in response to the news is calming, and the price of Lumens is going down.

Its price is expected to keep decreasing until the new Bitcoin fork Segwit2x which will be implemented in November 2017.

The coin price is currently remaining at the point of $0.029, which is far from the highest price it had in May 2017 costing $0.06, and it’s hard to predict if it will rise back or not in the nearest future.

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.