Question

We need a currency and want to allow user to create account from UI and send/receive amount between wallet.

What is a client side requirements,

1. A secure currency

2. A logged in user can see thair balance.

3. User can send existing balance.

4. User can receive a currency amount.

Server Side Requirement

1. Should be secure

2. Proof of Work or any other work proof

3. Can add a transaction charge

4. Give some mining rewards

 

Please help me soon as possible, I am kind of confused that it can be possible or not  with multichain.

 

 

 

Answer 1

It's certainly possible with MultiChain but I'm not sure what value the blockchain is providing here. If the account database is entirely centralized (i.e. a single node, or all nodes under the server's control), you might as well use a regular database. Or are you planning to have multiple nodes which are running under the jurisdiction of different parties, as a way of creating security and transparency in this currency's transactions?

Comments

What would you recommend? Since the aim of our currency is to have multiple vendors use the currency as well as traded, we want to allow places like Coinbase to buy and sell the currency quickly.

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If you want to have multiple users of the currency, with genuine control over the assets, then it makes sense to use a blockchain.

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Okay fine,

Can you suggest me one thing ?
From the beginning,

Just suggest me

1. How to i create my own currency ? ( Is it possible with Multichain ?)
2. I want to create a currency like LiteCoin, Bitcoin or any digital currency.
3. I want to use this currency for exchanging and trading.
4. What is the first step to get all these above steps.
5. We want full control in our currency also anyone can mine or request/send a currency.

If all possible with multichain then it will be awesome for me. :)

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Yes, you can configure MultiChain to do this. Assuming you want a proof-of-work cryptocurrency, the most important thing is to set the following parameters:

anyone-can-mine=true
skip-pow-check=false
pow-minimum-bits=24
allow-min-difficulty-blocks=false

Also set target-block-time and target-adjust-freq according to what you want, and all the 'Native blockchain currency' parameters for the coin you want to make.

Please note that if you use the standard proof-of-work mechanism in MultiChain, your chain is vulnerable to attack by a very tiny portion of the total bitcoin mining capacity.

https://www.multichain.com/developers/blockchain-parameters/

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So what would you recommend to cover security as well?

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To be secure against attack from the bitcoin miner community, your cryptocurrency would need to use a different proof-of-work mechanism. This would require a change to the MultiChain source code.