-
Notifications
You must be signed in to change notification settings - Fork 0
MultiChain summary
MultiChain is a platform for creation and deployment of private blockchains. MultiChain provides a direct interface with many blockchain parameters to facilitate permissioned networks. The major difference between MultiChain and other blockchaina is that there is no use of smart contracts which makes it basically to a distributed decentralized database. As you can regulate the rights of each node in the network, MultiChain fits good for use cases with administrative aspect, for example, transfer of assets. The blockchain stores a complete record of who owns how much of the asset and facilitate the transfer of it.
- MultiChain is based on distributed consensus between identified block validators, which is similar to Practical Byzantine Fault Tolerance.
- With management of user permissions MultiChain solves mining and openness problems. It ensures that the blockchain’s activity is only visible to chosen participants, as well as transactions are permitted and under control. Besides it enables secure mining without Proof-of-Work and its associated costs.
- MultiChain supports assets, which identifiers and quantities are encoded within each transaction output. It supports also currency usage. Every MultiChain node tracks and verifies the quantity of assets in transactions to be sure that outputs are exactly matched by the total in its inputs.
- Distributed consensus applies only to whitelisted (everybody can see addresses) identified block validators.
- Miner of the first “genesis” block automatically receives all privileges, including administrator rights to manage the privileges of other users which he can grant later.
- When changing the administration and mining privileges of other users, minimum proportion of the existing administrators must vote to make a change.
- The first few blocks of a chain define a “setup phase”, in which a single administrator can bypass this voting process.
- Privileges are embedded in the metadata of transactions, they propagate quickly to all nodes in the network, creating consensus regarding the current state.
- There are rules that define transactions order in a block:each transaction in a block must be valid according to the state of user permissions immediately preceding it. If a transaction in a block is disallowed according to this rule, the entire block is rendered invalid.
- Every block digitally signed by the creator. Only permissioned parties can mine it.
- Only one validator per block working in a round robin type of scheduling.
- MultiChain uses mining diversity, further explanation you find in parameters chapter.
- Block validity is proved as following: check and apply permissions, count the number of permitted miners, multiply it with mining diversity, if the miner mined previous block, this block is invalid.
- That's why round robin to create rotation between miners
- Scalability (you can create as many addresses and assets as you want)
- High performance (can process 1000 transactions per second)
- Easy API
- Adjustable permissions for every type of action
- No need for mining rewards -> no transaction fees
- Multiple assets
- No smart contracts
- Low interoperability (can be connected only to bitcoin)
- Not really decentralized
Is constrained by 0 ≤ mining diversity ≤ 1. This parameter defines the strictness of the scheme, i.e. the proportion of permitted miners who would need to collude in order to undermine the network. A value of 1 ensures that every permitted miner is included in the rotation, whereas 0 represents no restriction at all. In general, higher values are safer, but a value too close to 1 can cause the blockchain to freeze up if some miners become inactive. Mining diversity contributes to distributed consensus.