ViaBTC started the closing process

According to the official statement of Chinese cryptocurrency exchange, new users registration and depositing is stopped
25 September 2017   418

On Friday, 22nd of Septembr, the ViaBTC exchange notified its users about the termination of new registrations and the stopping of deposits. Users must withdraw funds before September 30, after which the exchange stops working.

The announcement says that the processing of "hanging" deposits and the termination of registration will start today. Trading will be stopped on September 25, and by September 30, users must complete withdrawal of funds.

In addition, the company notes that due to bank restrictions, processing of withdrawal requests in yuan, made on non-business days, is postponed to the nearest business day. On crypto currencyrequests these restrictions do not apply.

Top ten crypto exchanges
Top ten crypto exchanges

As you can see on the screenshot above, according to the Coinhills, none of the Chinese crypto exchanges is among the top ten in terms of trading volume.

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.