AUG 28 DIGEST: Major Mining Pools Support BIP100; Tree Signatures Proposed by Blockstream's Pieter Wuille

Bitcoin mining pools BTCChina, BitFury, KnCMiner and 21 Inc. are now publicly backing Core developer Jeff Garzik's BIP100 block size limit proposal, Blockstream and Bitcoin Core developer Pieter Wuille proposed the concept of Tree Signatures, and more top stories for August 28.

BTCChina, BitFury, KnCMiner and 21 Inc. Support BIP100 Block Size Proposal

Bitcoin mining pools BTCChinaBitFuryKnCMiner and 21 Inc. are now publicly backing Core developer Jeff Garzik's BIP100 block size limit proposal. Under BIP100, the power to set the block size limit is transferred from the Bitcoin development community to mining pools – up to a roof of 32MB. Combined with F2Pool, the first and biggest pool to support BIP100, Garzik's proposal is now backed by well over half of all hashing power on the Bitcoin network.

Blockstream’s Pieter Wuille Proposes Tree Signatures for Improved Multisig Transactions

Blockstream and Bitcoin Core developer Pieter Wuille proposed the concept of Tree Signatures, a multisig method with enhanced privacy features. Tree signatures can implement transactions that require more than one key-holder more efficiently than Bitcoin scripting.

Wuille explained:

“Merkle tree keys support very large 1-of-N. Schnorr signatures support very large M-of-M. This means that if we can write our spending conditions as a 1-of-(N possible M-of-M’s), we can build a Merkle tree consisting of Schnorr combined public keys.”

Bitcoin Company HashingSpace registers for US FinCEN regulations

Virtual currency firm HashingSpace Corporation has announced that it has filed its Registration of Money Service Business (RMSB) form with the US Financial Crimes Enforcement Network (FinCEN). The Bitcoin ASIC mining and hosting company’s decision was announced by HashingSpace Chief Financial Officer Terry Taylor.

Taylor said:

“Money laundering, terrorist financing and other illicit activity have no place in our financial system, and HashingSpace is committed to developing a comprehensive culture of compliance to ensure it stays off of our network.”

Leading Bitcoin Startups Integrate Vogogo Risk Management Platform

Vogogo has announced that leading Bitcoin companies - including BitPay, ChangeTip, Genesis Global Trading and Zinger - have integrated Vogogo’s risk management & compliance products onto their platforms. Vogogo’s services include customer verification, anti-money laundering and counter-terrorism finance compliance reporting, payment and rules engine and fraud mitigation.

Vogogo CEO Geoff Gordon said:

“Capturing those opportunities will help us drive revenue while we continue to move forward with our plan to be the dominant provider of risk management and payment processing services to the cryptocurrency industry.”

ChangeTip Integrates Gyft

Bitcoin tipping service ChangeTip is making it much easier to use their service by integrating Gyft into its system. ChangeTip users will be able to direct their balance into iTunes, Amazon, Starbucks or Xbox gift cards. If the program is successful, ChangeTip may add more cards over time.

VP of Communications at ChangeTip Victoria van Eyk said:

“One of the biggest push-backs ChangeTip gets is 'but what can I use it for?' People come into bitcoin then realize the friction around actually using it. Being tipped a coffee and actually being able to use that coffee is an incredible step forward for showing people the potential of bitcoin.”

Oxford Dictionaries Adds New Definitions for 'Blockchain' and 'Miner'

Oxford University Press online language resource has added the new cryptocurrency-related definitions “blockchain” and “miner”.

A “blockchain”, is now a noun defined as:

“A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.”

The updated definition for the noun “miner” includes:

“A person who obtains units of a cryptocurrency by running computer processes to solve specific mathematical problems.”

World’s First Blockchain-Based Startup Marketplace Set to Launch by Funderbeam

Data intelligence provider Funderbeam is set to launch the world’s first blockchain based investment trading platform over the next few months, through a partnership with colored coins developer ChromaWay. Funderbeam plans to process its settlements and verify its trades instantly without human input.

Funderbeam founder and CEO Kaidi Ruusalepp explained:

“ChromaWay breathes technology that’s been limited to cryptocurrencies, and is now making it serve a broader purpose […] Their technology expertise, flexibility, and knack for innovation play really well with our legal, regulatory, and financial know-how.”