MultiChain Private Multicurrency Blockchain

Dr Gideon Greenspan Founder and CEO Coin Sciences Ltd

Banking on Bitcoin 2.0?

•  Low capacity •  Poor governance •  Unknown costs •  Anonymous miners •  All activity public •  No AML/KYC •  One bloated ledger •  Poor asset support

So what do banks want?

•  Private ledger •  Control of capacity + cost •  Designated miners only •  Collective admin •  Focus on assets •  Hide the details

Introducing MultiChain

•  Off-the-shelf private blockchains ü  Easy to configure and deploy

•  Permission management ü  Private and tightly controlled

•  Native asset support ü  Tracked at network level

•  Target: internal/intercompany R&D •  Free now, open source once in beta

Blockchain parameters (some)

•  Blockchain name and port •  Protocol: bitcoin, private blockchain •  Block time e.g. 10 seconds •  Role (if any) for native currency – Mining rewards, transaction fees

•  Permitted transaction types •  Required mining diversity •  Maximum block size

MultiChain permissions

•  Admin – Control other permissions by voting

•  Connect to network •  Create asset •  Send transaction •  Receive transaction •  Confirm (“mine”) transactions •  Permissions enforced in blockchain

Assets in MultiChain

Signed by Alice

Alice $5, £3 Bob $1

Alice $4, £3

Miner nil

Mining in MultiChain

•  All blocks signed by miner •  Only permitted miners ⇒  no impersonation attacks

•  Mining diversity constraint •  No native cryptocurrency required

MultiChain roadmap

•  Version 1.0 alpha available now – Parameters, permissions, assets

•  Solid beta by Q4 2015 – After extensive automated testing

•  Future features – Notarized messaging – Document storage – Decentralized exchange

MultiChain and Bitcoin

•  Analogy: Intranets and VPNs – 10 to 20 year transition?

•  MultiChain forks Bitcoin Core – Code changes localized – Enjoy future bitcoin enhancements

•  Backwards-compatible API – New functions = new commands

•  Also connects to bitcoin network

Questions?

Visit www.multichain.com for:

MultiChain 1.0 alpha Getting started guide

Developer documentation White paper (not just for techies!)