Multichain is a platform that allows users to deploy both private and public Blockchains
within an organization or between organizations. They usually do make use of this technology
for conducting financial transactions.
within an organization or between organizations. They usually do make use of this technology
for conducting financial transactions.
What is Multichain?
Multichain is an open-source platform like the Bitcoin’s distributed ledger Blockchain.
But there is one thing that makes it a little different from the Blockchain is that here we
need to configure the Multichain at every node. In Bitcoin, anyone can get into the network
and transfer the assets on the chain.
But there is one thing that makes it a little different from the Blockchain is that here we
need to configure the Multichain at every node. In Bitcoin, anyone can get into the network
and transfer the assets on the chain.
Fig: MultiChain in Blockchain
MultiChain: An Overview
Major Characteristics of Multichain
- Multi-Currency Support
- Transactions are quicker than Bitcoin
- Permissioned Networks
- Deployment is faster
- Supported Languages: Python, C#, JavaScript, PHP, Ruby
In addition to the ones mentioned above, Multichain provides the users with a simple
API and command-line interface so that it helps the users to set up the Multichain nodes
with ease. The process of deploying new nodes in a Multichain network is called forking.
API and command-line interface so that it helps the users to set up the Multichain nodes
with ease. The process of deploying new nodes in a Multichain network is called forking.
Characteristics of Multi Chain Forks
- Private Blockchain : Multi chain blocks is restricted and can control who can connect, read and write.
- Customized Mining : It allows to configure diversity, block size and frequency.
- Zero transaction fees/ No mining : Multichain follows a private mechanism and hence there is zero transaction fees.
- Application specific Chains : No irrelevant data.
- Multiple Asset Support : Supports multiple assets like currency, and other financial instruments, etc.
- Atomic Exchanges : Makes sure that double spends and one-sided transactions are not there.
Read the blog on Public Blockchain vs Private Blockchain
MultiChain Use Cases
Permissioned Network: Validated by Consensus Algorithm and not Proof-of-Work
Full Asset Lifecycle: Issuance, transfer, exchange, escrow, re-issuance, redemption,
destruction
destruction
General Storage and Search: 64 MB of data per transaction
Streams: Key-value, identity, time series
Mining in MultiChain
The Multichain allows the miners to mine only if the following condition an identifiable set
of entities is met. The mining criterion, called mining diversity, is 0 <= mining diversity <= 1.
of entities is met. The mining criterion, called mining diversity, is 0 <= mining diversity <= 1.
Also, you will be required to verify the effectiveness of a block by checking out the following
things:
things:
- Each block and transactions will have already set permissions and values. Make sure that the necessary changes are updated respectively.
- Have a proper count of the miners that we have after making the above-mentioned changes.
- The total number of miners are multiplied by the mining diversity and the obtained values are rounded up to the next number for left spacing.
- This puts the round-robin schedule into effect. The miners will thus generate an accurate Blockchain. The blocks of the Blockchain are created in Round- Robin Schedule. When the value of mining diversity criterion is “zero” it means that there are no restrictions at all. If the value is “one” then only the permitted miners are allowed to access.
In Multichain, the initial values of the transaction fees and Block incentives are set to null by
default. Moreover, you can name these values in the file named params.dat.
default. Moreover, you can name these values in the file named params.dat.
Params.dat file will be consisting of the following configurations as given below:
- The protocol of the chain.
- The target time for the block.
- Active permission type.
- Mining diversity.
- Mining incentive.
- Approved type of transaction.
- Maximum block size.
- Maximum metadata per transaction.
Learn about Premining
The Future Of MultiChain
Some of the additional features that are expected to be added with MultiChain are as follows:
Blockchain Messaging
A private Blockchain like Multichain can be used for authenticated and attested messaging.
It can be related to the same approach as the CoinSpark protocol for Bitcoin. The messaging
facility can be used for two purposes. The first one is for adding relevant attachments for
various Blockchain financial transactions, like a receipt, invoice, or a contract. The other
use is for authentic communication purposes without any purchase of funds.
It can be related to the same approach as the CoinSpark protocol for Bitcoin. The messaging
facility can be used for two purposes. The first one is for adding relevant attachments for
various Blockchain financial transactions, like a receipt, invoice, or a contract. The other
use is for authentic communication purposes without any purchase of funds.
Decentralized Exchange
The transaction model followed by Bitcoin is known as per output transactional model.
The advantage of this model is that it makes sure that the assets are exchanged safely.
Then Blockchain treats this transaction as atomic, which means that every purchase will
be considered only as a success of failure as a whole. Hence, the chance of losing an
asset for a party is NIL as it will be completed only if both of them receives the
corresponding asset.
The advantage of this model is that it makes sure that the assets are exchanged safely.
Then Blockchain treats this transaction as atomic, which means that every purchase will
be considered only as a success of failure as a whole. Hence, the chance of losing an
asset for a party is NIL as it will be completed only if both of them receives the
corresponding asset.
Database Synchronization
In the decentralized world of blockchain networks, every participant will be provided with
equal treatment. But a slight disadvantage is that all these data are not appropriately
optimized for answering the questions related to the activities in the past. Or, in other words,
the data are arranged as a log of multiple raw data. Such data are stored in chronological
order, which is grouped by block number and without any additional indexes.
equal treatment. But a slight disadvantage is that all these data are not appropriately
optimized for answering the questions related to the activities in the past. Or, in other words,
the data are arranged as a log of multiple raw data. Such data are stored in chronological
order, which is grouped by block number and without any additional indexes.
So it will be a tough job to find out a particular report. We will need to scan the entire
Blockchain for matching transactions. Hence, in the future, it is expected that the Multichain
will be forming a tie-up with the relational database management systems like Oracle,
SQL, or MySQL. So if we need any reports from the past, it can be retrieved with simple
SQL queries.
Also read the blog on future of blockchain technology
Blockchain for matching transactions. Hence, in the future, it is expected that the Multichain
will be forming a tie-up with the relational database management systems like Oracle,
SQL, or MySQL. So if we need any reports from the past, it can be retrieved with simple
SQL queries.
Also read the blog on future of blockchain technology
Final Thoughts
The advantages of Multichain over conventional Blockchain technology are plenty. Multichain
is more organized and systematic, which is not the case with Bitcoin-based distributed
ledgers like Blockchain.
is more organized and systematic, which is not the case with Bitcoin-based distributed
ledgers like Blockchain.
The MultiChain White paper was presented firstly in the year June 2015 by
Dr. Gideon Greenspan. Later, it was revised on July 2015. This article has tried to include
the things mentioned in both cases. Well, hope you guys got a basic idea about the
possibilities of MultiChain.
Dr. Gideon Greenspan. Later, it was revised on July 2015. This article has tried to include
the things mentioned in both cases. Well, hope you guys got a basic idea about the
possibilities of MultiChain.
For more information, go through the full MultiChain White Paper given below!