Roundup 07/09/2018 – Hacker Insurance, Sunny King improves PoS & more

Supreme Court of China rules that blockchain can be used in legal disputes

The blockchain can now legally be used as evidence in legal disputes in China. China’s supreme court ruled that such evidence is legitimate when the involved parties can prove that a blockchain was used in a transaction between the parties. The ruling is important as China has just recently started to remove the extralegal status of the internet. Last year China created its first internet court in Hangzhou. Right now the Chinese government establishes two new internet courts in Beijing and Guangzhou.

Hanwha offers ‘hacker insurance’ for crypto exchanges

Hanwha Insurance offers now insurance services for damages caused by hackers. Since Bithumb, one of the biggest crypto exchanges, and Coinrail have been hacked back in June the idea to offer such a financial service has become more and more viable. This service is not entirely new as there are many insurance services for enterprises in many sectors that cover digital security issues. However, the scale and the specific case of blockchain-bases assets is new to the insurance industry. Hanwha representatives stated already that “much coordination” will be required to set up an insurance plan. The enterprise is a subsidiary of one of South Korea’s biggest business conglomerates, the Hanwha group.

PoS-inventor improves the protocol with hardware-solution

Sunny King, the inventor of the Proof-of-Stake protocol has developed an improved version of the PoS consensus protocol which is called Supernode Proof-of-Stake (SPoS). Sunny King and his associates have not revealed a lot of details about the project but they announced that they reworked the algorithm. This allows processing transactions on the blockchain faster and even more energy-efficient. Another advantage is that developers can develop and maintain the blockchain easier. King helped develop SPoS for Virtual Economy Era. It is Hong Kong-based and King’s third cryptocurrency project after Peercoin and Primecoin. The communities of these coins have criticized King for having become a marketing figure for VEE. According to them, SPoS offers no new substantial solutions. Especially when compared to DPoS.