Vitalik Buterin Left Fenbushi Capital

On the website of the fund, Vitalik is still listed as the general partner of Fenbushi Capital
16 January 2018   184

Co-founder of Ethereum Vitalik Buterin resigned as a general partner of the Chinese venture fund Fenbushi Capital, specializing in investing in blockchain start-ups. This is reported by TechCrunch.

On the company's website, Buterin is still listed as the general partner of Fenbushi Capital. Nevertheless, he himself confirmed that he no longer holds this post, but he will retain the role of adviser to the fund.

Fenbushi Capital Team
Fenbushi Capital Team

2017 really has been the year where hype in crypto, including financial hype and social hype in general has far exceeded the reality of what existing blockchain systems can offer. There is a lot of attention, and a lot of eager expectation, but as far as reality goes the practical usability of blockchains has in some cases even regressed due to rising transaction fees.

I expect 2018, at least within the Ethereum space that I’m best able to speak about, will be the year of action. It will be the year where all of the ideas around scalability, Plasma, proof-of-stake, and privacy that we have painstakingly worked on and refined over the last four years are finally going to turn into real, live working code that you can play around in a highly mature form in some cases on testnets, and in some key cases even on the public mainnet. Everyone in the Ethereum space recognizes that the world is watching, and we are ready to deliver.

Vitalik Buterin
Founder of Ethereum

Founded in 2015, the Fenbushi Capital fund with assets of $ 50 million was one of the first to provide seed investment to blockchain startups and participate in the ICO. During its existence, the fund invested in dozens of companies, which, of course, facilitated communication with the creator of Ethereum. 

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   108

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.