Vaultoro refused to support Bitcoin Gold and SegWit2x

Bitcoin exhange Vaultoro co-founder stated that the company will not support Bitcoin hard forks due to lack of users protection
25 October 2017   479

Vaultoro discarded its support for the New York Agreement (NYA) with Bitcoin, because SegWit2x developer Jeff Garzik proposed using opt-in replay protection, whether Vaultoro demands opt-out protection for its users. Opt-in replay protection means that it should be activated by users manually, and it is considered inconvenient and useless by the company.

What is more, Joshua Sigala wrote in Vaultoro blog on October 24 that at the moment the company does not support Bitcoin Gold hard fork either, because it is important for exchange platform to see that other platforms, services and wallets like, for example, BitPay support the hard fork too. Moreover, they are disappointed that the developers didn't make the code available for review so they will not be able to audit or review the code.

At the time of a fork, Vaultoro will snapshot every member's bitcoin holdings and if Vaultoro decides to support Bgold or any future altcoin released via a fork of bitcoin, customers will be able to withdraw the altcoin associated with their Vaultoro Bitcoin balances at the time of the snapshot.

Joshua Scigala
CEO, Vaultoro

It is also stated that they will continue to follow the development of forked coins and if new networks prove themselves to be safe and useful, Vaultoro may decide to support that asset at a later date.

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.