Wayniloans leaves SegWit2x NYA Bitcoin agreement

Another company withdraws its support for SegWit2x leaving NYA Bitcoin agreement 
20 September 2017   454

Segregated Witness is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain. 

Now, SegWit has locked-in and the Segwit2x working group has announced its roadmap for the next several months. The team of developers have detailed they are going forward with the 2MB block size increase that miners and businesses agreed upon at the New York Agreement.

However, another company withdraws its support for SegWit2x leaving NYA Bitcoin agreement. Thus, Bitcoin peer-to-peer lending platform Wayniloans made the announcement indicating a change in their minds. Wayniloans co-founder Juan Salviolo claims that, when they signed the NYA, they did not realize how contentious the scaling proposal would be. Specifically, they cited concerns that Core developers universally oppose it and that it is unpopular in Latin America.

On Wayniloans part or our business is achieved thanks to Bitcoin, and on May we agreed to a sentence to reach consensus for the good of the ecosystem….At the time we didn’t know that existing developers wouldn’t support it, or that most Latin American Bitcoin users, our customers, would view it as an contentious proposal. <...> Also, without mandatory replay protection (not opt-in) on SegWit2x, we wouldn’t be able to operate the crypto part of our business without risk of missing funds or legal actions.

Juan Salviolo
Wayniloans co-founder

Wayniloans criticizes NYA proponents for not implementing mandatory, opt-out replay protection, which would prevent attackers from broadcasting transactions on both blockchains and stealing coins from unwitting victims.

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   109

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.