What is Multichain in Blockchain?
There is another new features include blockchain parameter upgrading, assets and custom permissions, inline metadata and a binary cache for dealing with large pieces of data.
Objective of Multichain
The visibility of the Blockchain should always be actively maintained within the selected participants in order to avoid confusion in order to ensure stability and control over which transaction exists. With the help of proof of work and the costs associated with it, the mining process can be done more safely.
- Native multi-currency support
- Expected to be faster than Bitcoin
- Permissioned management
- Quick deployments
The MultiChain hand-shaking process takes place when the nodes in a blockchain connect with each other.
When two Blockchain nodes connect, MultiChain occurs. Each node's identity is represented by an address with a permissions list.
Consequently, each node it represents sends a message to the other users. If they do not receive satisfactory results from the process, the P2P connection will abort.
How does it works?
The MultiChain defines miners for an identifiable set of entities. It introduces a criterion known as mining diversity that binds 0<= mining diversity < = 1.
Block's effectiveness can be verified by doing the following:
- Apply the changes in transaction and block permissions, respectively. Count the total number of approved miners set in the block following these variations.
- By mining, diversity multiplies the number of miners and round up to achieve left spacing. In turn, this puts into effect the round-robin schedule.
- In this schedule, the miners create blocks in a rotation to generate a precise BlockChain. The criterion for mining diversity sets the rigidity of the scheme. The "one" value delineates that each allowed miner is included in the rotation, While zero result does not imply any restrictions at all.
- The transaction fees and the Block incentive are by default null in Multichain. However, in the params.dat file, you can name this value.
This file contains the entire configuration as follows:
- 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.
Multi chain fork solutions:
- Private Blockchain: control who connects, read and write
- Customize mining: configure diversity, block size and frequency
- No mining/transaction fees: due to the private blockchain
- Application specific chains: no irrelevant data
- Multiple asset support: from currency to financial instruments too.
- Automatic exchanges: prevent double spend and one-sided transaction