Now available to view, review, compile and fork
Two years after starting to develop MultiChain, we’re delighted to release its source code under the GNU General Public License (GPLv3). The code, along with compilation instructions for Ubuntu, is now available at Github. You are free to browse and review it, compile it for yourself, or fork MultiChain in accordance with the GPL license.
The code was originally scheduled for release with the first beta of MultiChain 1.0, but we decided to bring it forwards, as source code access has become crucial for many of our users and platform partners. Releasing the code allows enterprise users of MultiChain to perform independent security audits, and guarantees freedom of choice in the unlikely event that we stop developing the product.
So why did we wait so long? First, we needed to invest time in tidying up the code for public consumption, and preferred until recently to focus our efforts on pushing the product forwards. With the feature set for version 1.0 nearing completion, we could spare the distraction. Second, we didn’t want to be too helpful to some of our competitors who seemed rather desperate to see MultiChain’s code, judging by the (ahem) peculiar phone calls and email requests we’ve received. Now that the product is reasonably mature and well known, this is less of a concern.
If MultiChain is open source, how will we generate the revenue necessary to support its long-term development? To start with, we are already offering Service Level Agreements (SLAs) to customers who need guaranteed response and solution times for their questions and problems. Even though MultiChain is still officially in alpha, we already know of cases where it’s being used in production in the finance and government sectors.
In parallel to offering SLAs, we’ve started preparing the groundwork for a premium version of MultiChain, which will include extra features relating to security, scalability, analytics and performance. If you’re already working with the free version of MultiChain, there are two important things to know about the premium product. First, it will be possible to connect free and premium nodes in a single network, so each participant can independently decide which version to use. Second, any applications built on MultiChain today will work unmodified on the premium version – all APIs and parameters will remain backwards compatible.
Roadmap to 1.0 beta
In the meantime, we still have more to do before MultiChain 1.0 reaches beta. A full list can be found in the TODO file inside the source code repository, but here are some of the most important items:
- Add support for automatic “checkpoints” in a node, to permanently lock down changes in a blockchain’s governance model (admin and mining permissions).
- Allow control over the mining of empty blocks. This is useful for minimizing disk usage in blockchains with periods of low activity.
- Add a “mining turnover” parameter, which balances between (a) all permitted nodes mining blocks at random, and (b) round-robin mining which prevents forks but can still recover quickly if a mining node goes down.
- Finish the mechanism for notifying external processes of new transactions relating to a wallet address and/or subscribed stream/asset.
- Increase the maximum size of transaction metadata (whether raw or as part of a stream item) from the current limit of 8 MB to at least 32 MB (and hopefully more).
- Review and reduce the size of logs and other files whose primary purpose is to help with debugging.
- Complete the port of MultiChain to Mac OS.
The first three of these have already been implemented (see the development branch on Github). We’re hoping to complete the rest, along with smaller tweaks and changes, by the end of Q1 2017.
The beta phase
We define a “beta” version as “without known shortcomings”, i.e. when we’re not aware of a single bug or important unaddressed issue in the product. So the purpose of the beta phase, which will probably last 6 months or so, is to enable any hidden problems to be discovered through our user base and internal test suite, both of which continue to grow. No doubt we’ll also receive feature requests during this period, but we’ll only implement those which are very low risk in terms of product stability. Major new features will have to wait until MultiChain 1.1, 1.5 or 2.0, as appropriate.
However, one aspect of development will continue during the beta phase – performance optimization. MultiChain’s transaction throughput, which can reach 800 tx/sec under ideal conditions, is already more than enough for most blockchain applications. Nonetheless, some use cases require more, and there is no reason why MultiChain cannot reach thousands of tx/sec with the appropriate optimizations. Naturally, we won’t be making any significant architectural changes during the beta phase. Instead, we will focus on local optimizations, such as caching intermediate results.
Beyond 1.0 and Premium
Apart from the well-defined path to MultiChain 1.0 and its premium version, what’s the longer term roadmap for the MultiChain platform? How do we see the product developing over the next five to ten years?
I should start by clarifying that, as a technology, we don’t see blockchains as specific to banks or the finance sector. While platforms such as MultiChain can indeed be used to implement shared ledgers of financial assets, their applications go far wider. We view blockchains as a fundamentally new type of database, which can be directly shared between separate companies or organizations, without requiring a central intermediary. This ability to span trust boundaries sets blockchains apart from today’s common database platforms, whether they are of the SQL, NoSQL or NewSQL variety. Indeed, in the long term, we should probably call these “peer-to-peer databases” rather than “blockchains”, because a product’s purpose is more important than a description of its underlying technology.
Version 1.0 of MultiChain provides three high-level abstractions for peer-to-peer database application development: permissions (to control access and activity), assets (ownership tokens that are transferred or exchanged), and streams (general purpose data storage and retrieval). Over the coming years, we’ll be studying the strongest use cases for this new type of database, to see what else should be added to this list.
We already know of some obvious possibilities, such as virtual machines and zero-knowledge asset transactions. But the more interesting abstractions will probably be those that we can’t yet imagine. What is the blockchain equivalent of foreign keys in relational databases, map-reduce in big data stores, or the HyperLogLog of in-memory databases? As we continue developing MultiChain in conversation with our users and partners, we intend to find out.
Please post any comments on LinkedIn.
Standard Custody takes new route to ‘qualified custodian’ status
It’s the first digital asset firm to receive approval on a de novo application for a New York trust license.
The post Standard Custody takes new route to ‘qualified custodian’ status appeared first on The Block.
Standard Custody received its license to operate as a New York state-chartered trust on May 4, and it’s already making a play to gate-crash the institutional custody space.
Just days after its licensing, the firm announced the close of a $53 million Series B round for its parent firm, PolySign.
Cowen Digital Asset Investment Company led the round with a $25 million strategic investment. The two will also partner, with PolySign providing digital asset custody solutions for Cowen clients through its newly licensed trust arm, Standard Custody. Blockchain.com and Race Capital also participated in the round.
Through Standard Custody, PolySign is looking to fill a gap in the custody space. While many crypto firms are attempting to build all-in-one services, with exchange, brokerage and custody housed under the same roof, CEO Jack McDonald says Standard Custody plans to differentiate itself by focusing solely on custody-based services for institutions.
Though Standard Custody plans to expand its range of services, McDonald says it will stop short of being an exchange unlike others in the custody space.
“We think that ultimately the institutions that are wading into the space, more and more of the traditional institutional asset managers, are going to want to see a segregation of duties there between exchange activity and custody activity,” he said.
That could mean hedge funds, family offices, endowments and exchanges could make up its client base going forward, but not retail-facing activities. Others serving the retail market have expressed interest in Standard Custody’s services, mostly due to its recent licensure. It’s the first to get approval for a de novo trust application in New York, and that’s positioning it to emerge as a favorable partner for a variety of clients, according to McDonald.
To build out custody and escrow services, Standard Custody needed to be a qualified custodian. There’s more than one way to gain the distinction, but some fit better than others. To be a qualified custodian, firms can either become a registered broker-dealer with the Financial Industry Regulatory Authority (FINRA), a futures commodities merchant regulated by the Commodities Futures Trading Commission (CFTC) or you can be a federally or state-licensed trust bank.
For firms mainly looking to custody, it makes the most sense to become a trust but it’s recently become unclear how far a trust license extends outside state borders. The Securities and Exchange Commission (SEC) is currently seeking comment on how it should view state-licensed qualified custodians in the wake of a letter from Wyoming’s regulators. On the national level, Congress is still debating how much power the Office of the Comptroller of the Currency (OCC) should have to designate digital asset firms as national trusts and therefore qualified custodians.
Still, a New York trust license from the New York Start Department of Financial Service is the gold standard of state licenses. It’s the highest barrier of the state licensure frameworks, and also has more reciprocity than other states, meaning some other states recognize the New York trust charter and don’t require an additional license. Standard Custody is the first to receive a de novo approval, meaning it’s operating a new business as opposed to converting a previous entity like Gemini and Coinbase. That’s made it more attractive to businesses looking to set up shop in the U.S. without going through onerous regulatory frameworks.
“We do have a lot of interest in our technology from some of the more retail-oriented strategics out there and specifically wanting to tap our capabilities to business in New York and more broadly in the U.S.,” said McDonald.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
How will ‘Ethereum killers’ affect the ETH rally?
Many in the crypto community didn’t anticipate this altcoin’s rally. Several questioned Ethereum’s move comparing it to its biggest competitor, Bitcoin. Looks like the evergreen debate of ETH vs BTC is going to resurface again. Can Ethereum actually flip Bitcoin anytime soon? This is the latest hot topic.
ETH, the world’s largest altcoin, has had an amazing start to this year. It commenced its journey at $720 on the charts to just under the $4000 mark at press time.
Ethereum’s market cap is now half the size of Bitcoin’s. The ratio between the assets is 0.08. Here’s a glimpse of the Flippening index.
The premier altcoin was the topic of discussion during a recent interview hosted by Unchained podcast with Jeff Dorman, the chief investment officer at Arca. The investor stated:
“With ETH almost hitting the $4k mark, other ‘Ethereum killers’ can’t just take its throne.”
He reiterated that the $4k mark directly pointed at the increasing institutional interest from different firms which were once only devoted to Bitcoin. He added:
“We are witnessing the early innings of institutional adoption beyond Bitcoin with Ethereum.”
In a note titled “The Rise of The Institutional Adoption of Ethereum,” Eliézer Ndinga, a senior research associate at 21Shares expressed his optimism towards the surge in the Ethereum market. Furthermore, a recent discussion, by Su Zhu and Hasu with CryptoCobain too portrayed a prevalent bullish ETH mindset, indicating that the bull case for Ethereum is stronger than ever.
With respect to the upcoming Ethereum developments, the CIO remained critical of some of them. According to him ETH was still in ‘the event and catalyst-driven bucket’ stage. Talking about the EIP-1559 proposal, he stated:
“…..speaking about the transition, it actually hasn’t happened yet. things can go wrong, can be bugged. It’s too early to say about its effects, but ETH will still rise even if there are issues with this transition.”
However, Dorman also stated that:
“A lot of applications that are built on ETH are seen by traditional investors as better places to put their money than Ethereum itself, it made more sense.”
Sign Up For Our Newsletter
Chainlink price prediction: Chainlink retests $41, set to move higher?
TL;DR Breakdown LINK tests $44 resistance overnight. Support retested at the $41 level over the past hours. Next support at $40. Today’s Chainlink price prediction is bearish as the market moved lower after setting a lower high around $44. Currently, LINK/USD retests the $41 support, once it is broken, we should see further downside over […]
- LINK tests $44 resistance overnight.
- Support retested at the $41 level over the past hours.
- Next support at $40.
Today’s Chainlink price prediction is bearish as the market moved lower after setting a lower high around $44. Currently, LINK/USD retests the $41 support, once it is broken, we should see further downside over the next 24 hours.
The overall market trades with mixed results as Bitcoin trades flat around 0 percent, while Ethereum has lost almost 3 percent. Stellar (XLM) is among the best performers with a gain of 5 percent.
LINK/USD opened at $41.5 after bearish close yesterday set a lower high at $48. Earlier today, another lower high was set around $44.5 after a retest of $41 support. Therefore, the market trades in an increasingly tighter range. Once the range is broken, we will see where the market is headed next week.
The LINK/USD price moved in a range of $41.08 – $44.61, indicating a moderate amount of volatility. 24 trading volume has decreased by 13.92 percent and stands at $2.2 billion. Meanwhile, the total market cap stands at $17.7 billion, ranking the cryptocurrency in 13th place overall.
LINK/USD 4-hour chart – LINK
On the 4-hour chart, we can see the Chainlink price pushing to break the $41 mark once again.
Overall the market continues retracing from the all-time high set around the $53 mark on the 10th of May. The new all-time high was set due to a 70 percent upswing from the previous major support level around $31 set on the 23rd of April. Therefore, we could see similar performance over the upcoming weeks once the Chainlink price stops retracing.
Earlier this week, Chainlink made two separate waves lower, resulting in a total retracement of around 25 percent. The support around the $40-$41 mark has already been retested twice. Therefore, we could see the support break later today as bears continue pushing LINK/USD lower.
Once the support is broken, we could see LINK/USD move towards the next minor support, around $38. From there, the market could potentially start to reverse in a similar way as during the middle of April.
Alternatively, if a further downside is rejected over the next hours and the $40-$41 support holds, we could see LINK/USD move sideways over the next 24 hours as it prepares a base from which to push higher early next week.
Chainlink price prediction is bearish as the market continues trading in a bearish momentum over the past days. Earlier today, another lower high was set around $44.5, indicating that bears are still in control, and we are likely to see LINK move below the $41-$40 support area early next week.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Billionaire Druckenmiller says ledger-based system could replace USD worldwide
Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries
XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?
First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US
Raze Network Kicks Off Testnet Phase With UI Community Voting
dotmoovs Raises $840,000 From Strategic Investors and Partners
The challenges with designing a CBDC, explained
Casper Network’s CSPR Spot Trading Now Open on OKEx
How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?
When dollars meet the hype: The biggest NFT hits from celebrities
PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain
US Investment Bank Cowen to Offer Crypto Custody Services
Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think
Polkadot, Cosmos, Bitcoin Cash Price Analysis: 11 May
DeFi lending platform Aave reveals “private pool” for institutions
From cypherpunk to state contracts: the changing face of blockchain
TA: Ethereum Overcame Odds With New High, Here’s Why ETH Could Test $4.5K
MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations
eBay Now Allows the Sale of NFTs on its Platform
Griff Green: Doge-loving hippy hacker steals crypto before bad guys can
Blockchain1 week ago
Crypto Market Cap Added $300B in 7 Days as Altcoins Explode: The Weekly Recap
Blockchain5 days ago
Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet
Blockchain1 week ago
Ray Dalio’s Bridgewater CFO leaves to work on Bitcoin full-time
Blockchain1 week ago
Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder
Blockchain1 week ago
CFO of World’s Largest Hedge Fund Joins Institutional Bitcoin Firm NYDIG
Blockchain1 week ago
Banking Giants Goldman Sachs and Citi Warm Up to Offering Bitcoin (BTC) Services
Blockchain1 week ago
Ethereum (ETH) Hits $3800 ATH As Coinbase Premium Shoots With Institutional Interest
Blockchain1 week ago
Crypto Banter Will Give Away Over $500K To 10 Eligible Community Members