Multichain – Open Source Private Blockchain Application Creation?
MultiChain describes itself as an “open platform for blockchain applications”. Find out everything you need to know about the platform today in our MultiChain review.
What Is MultiChain?
MultiChain, found online at MultiChain.com, is a blockchain technology built for enterprise use. The technology was created by Coin Sciences.
The goal of MultiChain is to free banks from the more rigid options offered by competitors. With MultiChain, banks can “build their own blockchain”.
The technology launched in summer 2015. The latest version of the technology, MultiChain 1.0, was launched this past week.
Today, MultiChain continues to help organizations build and deploy blockchain applications with speed. It’s a customizable blockchain platform that can be built for a wide range of applications and industries. Users can add MultiChain to their ecosystem, then create a blockchain to suit their needs. Users can adjust 45 parameters and change protocol-level restrictions. It’s a “build your own blockchain” technology that can be catered to a wide range of uses.
Let’s take a closer look at the features offered by MultiChain.
In August 2017, Coin Sciences launched MultiChain 1.0. Like previous version of MultiChain, it’s essentially a modified version of the bitcoin blockchain. The main advantage of MultiChain 1.0 over previous versions is that it can be adapted for enterprise use across a wide range of verticals.
1000 Transactions Per Second:
The latest version of MultiChain, MultiChain 1.0, claims to be capable of 1,000 transactions per second.
Users can dynamically control who can connect, send and receive transactions, create assets, streams, and blocks. Every blockchain is as open or as closed as it’s needed to be.
You just take two simple steps to create a new blockchain, and three steps to connect to an existing one. Deploy unlimited blockchains on each server to facilitate cross-chain applications.
MultiChain allows users to issue millions of assets on a blockchain, with all assets being tracked and verified at the network level. Users can also perform save multi-asset and multi-party atomic exchange transactions.
MultiChain was designed to be customizable from the ground-up, and it’s been described as a “build your own blockchain” platform. Developers can create their own applications with minimal hassle or fuss.
Users have full control over every aspect of the blockchain with no cryptocurrency required. 45 parameters are available to be changed, and users can adjust protocol-level restrictions.
MultiChain extends bitcoin’s protocol, formats, and APIs, including full multi-signature support, allowing bitcoin to be integrated into the platform.
MultiChain Explorer is a standard blockchain explorer tool that was introduced in one of the latest MultiChain upgrades. It makes it easier for developers to store and retrieve information about when data was released to the blockchain, who wrote the data, and more.
MultiChain 2.0, by the way, is already in development.
Who’s Behind MultiChain?
MultiChain was launched by Coin Sciences in summer 2015. The company is led by Dr. Gideon Greenspan (CEO and Architect), Dr. Michael Rozantsev (CTO and Internals), and Simon Liu (Principal Software Engineer).
Prior to launching Coin Sciences, Dr. Greenspan had launched a number of successful websites – including the plagiarism search engine Copyscape and Web Sudoku, the world’s most popular Sudoku website. He holds a BA and PhD in Computer Science (from Cambridge and Technion) and an MA in Philosophy (London). He also teaches software entrepreneurship at two universities in his hometown of Tel Aviv.
Key investors in Coin Sciences include Mosaic Ventures and Zohar Gilon. Coin Sciences is registered in the UK.
Most of the company’s revenue comes from consulting fees. However, the company is planning to change that with the launch of MultiChain 1.0.
MultiChain is a customizable blockchain technology that allows users to change key parameters to suit their enterprise needs. Specifically, the latest MultiChain 1.0 release allows users to create a blockchain on MultiChain, then customize that blockchain with about 45 different parameters. Users can also adjust protocol-level limitations to suit their needs.
You can learn more about MultiChain by visiting the product’s official website at MultiChain.com. The official website allows you to download MultiChain and try it for yourself.