Waves launches Ether gateaway

Waves introduces a gateway allowing for trading of Ether on its lite client
20 July 2017   2416
Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Waves, one of the largest Russian blockchain projects, having successfully launched Bitcoin, USD and EUR gateways, has implemented an Ether gateway within the lite client, opening more possibilities for decentralised trading. 

Ethereum

Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements 

As reported, the gateway will enable users to store ETH and trade it against other tokens on the DEX, Waves' decentralized peer-to-peer exchange.

According to an announcement made by Gleb Kostarev, PR Manager at Waves, the Ethereum gateway will work in a similar way to the existing Bitcoin gateway: users will send ETH to the given address within the client and will receive a Waves token in return. These tokens will be backed 1:1 with Ether, and can be withdrawn and exchanged for ETH at any time.

While stored on the Waves blockchain, the Waves ETH tokens may also be traded for other existing Waves tokens, such as WBTC, or WAVES itself.

Ethereum is the foremost blockchain platform after Bitcoin itself, and it’s important to be able to offer users the opportunity to trade ETH on a decentralised exchange. In due course we’ll be adding more coin gateways, broadening our appeal and allowing not only trading but Waves crowdsales that collect a whole range of cryptocurrencies directly.
 

Sasha Ivanov
Waves CEO

This new trading feature on Waves gives investors yet another means to access and store value in Ether. The Ethereum (ETH) gateway is now live in the lite client.

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.