Connect with us

Blockchain

Announcing the new MultiChain wallet

Published

on

An important step forwards for performance and scalability

After two months of intensive development and testing, we’re proud to release the latest alpha of MultiChain, with a completely rewritten in-node wallet. This new wallet transforms the performance and scalability of creating, receiving and storing transactions in MultiChain.

Before we get into the details, let me provide some context. When we began developing MultiChain, we made the decision to use Bitcoin Core, the standard node for the public bitcoin network, as a starting point. In programming terms, this means that MultiChain is a “fork” of the bitcoin software. Our primary reasoning was that bitcoin was (and continues to be) the highest valued and most battle-tested cryptocurrency ecosystem, by quite some way.

On the plus side, this decision helped us get to market quickly, compared to coding up a blockchain node from scratch. Despite the many differences between public and private blockchains, they share a large amount of technical common ground, including the peer-to-peer protocol, transaction and block structure, digital signature creation and verification, consensus rules, key management, and the need for a node API. Forking from Bitcoin Core allowed us to leverage its maturity and focus on what MultiChain adds to blockchains – configurability, permissioning and native asset support. As a result, we were able to release the first alpha in June 2015, just 6 months after starting development.

However, alongside these benefits, we also had to accept the fact that some aspects of Bitcoin Core are poorly architected. While they work just fine at small scales, their performance degrades dramatically as usage grows. With the public bitcoin network still restricted to a few transactions per second, this won’t be an issue for most Bitcoin Core users for a long time. But with private blockchains aiming for hundreds or thousands of transactions per second, we knew that, sooner or later, these bottlenecks would need to be removed.

Bitcoin Core’s wallet

The “wallet” within Bitcoin Core was always the most crucial of these pain points. Its job is to store the transactions which are of particular relevance to the node, because they involve a blockchain address which it owns or a “watch-only” address whose activity it is tracking. For example, every transaction which sends funds to or from a node must be stored in that node’s wallet. And every time a node creates a transaction, it must search for one or more “unspent outputs” of previous wallet transactions which the new transaction will spend.

So what’s wrong with the wallet we inherited from Bitcoin Core? Actually, three things:

  • All wallet transactions are held in memory. This causes slow startup times and rapidly increasing memory usage.
  • Many operations perform an inefficient “full scan” of every transaction in the wallet, whether old or new.
  • Every transaction in the wallet is stored in full, including any arbitrary “metadata” which has no meaning from the node’s perspective and is already stored in the blockchain on disk. This is very wasteful.

The consequence is that, with around 20,000 transactions stored, Bitcoin Core’s wallet slows down significantly. After 200,000 or so, it practically grinds to a halt. Even worse, since a MultiChain blockchain allows up to 8 MB of metadata per transaction (compared to bitcoin’s 80 bytes), the wallet’s memory requirements can balloon rapidly even with a small number of transactions.

It’s important to clarify that these shortcomings apply only to Bitcoin Core’s wallet, rather than its general transaction processing capacity. In other words, it can comfortably process and store millions (or even billions) of transactions which don’t relate to its own addresses, since these are held on disk rather than in memory. For example, many popular bitcoin exchanges and wallets use Bitcoin Core as-is, but store their own transactions externally rather than inside the node.

MultiChain’s new wallet

We could have made the same demand of MultiChain users, to store their own transactions outside of the node. However this didn’t feel like the right solution because it would greatly complicate the setup and maintenance for each of a chain’s participants. So instead, we bit the bullet and rewrote the wallet from the ground up.

How does the new wallet differ? If you have any experience with databases, the answers may be obvious:

  • Rather than keeping the wallet transactions in memory, they are stored on disk in a suitable format, with transactions of interest retrieved when necessary.
  • Instead of performing full wallet scans, the transactions are “indexed” in various ways to enable those which fulfill particular criteria to be rapidly located.
  • Any piece of transaction metadata which is larger than 256 bytes is not stored in the wallet. Instead, the wallet contains a pointer to that metadata’s position in the blockchain itself.

In other words, we’ve rebuilt the in-node wallet to be properly database-driven (using LevelDB), rather than relying on a naïve in-memory structure that can’t be searched efficiently. Unsurprisingly, the difference (as measured on a 3.4 GHz Intel Core i7) is rather dramatic:

MultiChain wallet transaction throughput

Memory Usage

The graphs show that, once the old wallet contains 250,000 transactions, its send rate drops to 3 tx/sec and it adds 600 MB to the node’s memory usage. By contrast, the new wallet sustains over 100 tx/sec and only adds 90 MB. We stopped testing the old wallet at this point, but even with 6-8 million stored transactions, the new wallet continues to send over 100 tx/sec, and it tops out at around 250 MB of RAM used (due to database caching).

These tests were performed under realistic conditions, with multiple addresses and assets (and therefore many unspent transaction outputs) in the node’s wallet. In an idealized scenario (one address, one asset, few UTXOs), the sustained send rate was over 400 tx/s. Either way, as part of this rewrite, we have also properly abstracted all of the wallet’s functionality behind a clean internal interface. This will make it easy to support other database engines in future, for even greater robustness and speed.

To reiterate, all of these numbers refer to the rate at which a node can create, send and store transactions in its local wallet, rather than its throughput in terms of processing transactions created by others. For general network throughput, MultiChain can currently process 200 to 800 tx/sec, depending on the hardware it’s running on. (Be skeptical of any blockchain software promising numbers like 100,000 tx/sec on regular hardware, because the bottleneck is digital signature verification, which takes real time to perform. If nodes are not verifying individual transaction signatures, a blockchain cannot possibly be used across trust boundaries, making it no better than a regular distributed database.)

To finish, I’d like to mention the next major feature coming to MultiChain, which required this wallet rewrite. This feature, called streams, provides a high-level abstraction and API for general purpose data storage on a blockchain. You can think of a stream as a time-series or key-value database, with the added blockchain-related benefits of decentralization, digital signatures, timestamping and immutability. We know of many blockchain use cases that could use this functionality, and we’re already hard at work on building it. Watch this space.

 

Please post any comments on LinkedIn.

 

Technical addendum

Starting in MultiChain alpha 22, you can verify which version of the wallet is currently running by examining the walletdbversion field of the getinfo or getwalletinfo API calls. A value of 1 means the original Bitcoin Core wallet, and 2 means the new MultiChain wallet.

If you run the new version of MultiChain on an existing chain, it will not immediately switch to the new wallet. You can upgrade the wallet by stopping the node and then re-running multichaind with the parameters -walletdbversion=2 –rescan. You can downgrade similarly using –walletdbversion=1 –rescan.

By default, when you start a node on a new chain, it will automatically use the new wallet. You can change this by running multichaind for the first time with the parameter –walletdbversion=1.

With the new wallet, all MultiChain APIs work exactly the same way as before, with the exception of the old transaction querying APIs getreceivedbyaddress, listreceivedbyaddress and listtransactions (use listwallettransactions or listaddresstransactions instead). In addition, the new wallet does not support API calls and parameters relating to Bitcoin Core’s poorly implemented and soon-to-be-deprecated “accounts” mechanism, which was never properly supported by MultiChain. These calls are safely disabled with an error message.

 

Source: https://www.multichain.com/blog/2016/07/announcing-the-new-multichain-wallet/

Blockchain

Hacked? Crypto Lending Platform Cred Suspends Deposits And Withdrawals While Cooperating With Authorities

Published

on

The popular cryptocurrency lending service Cred has announced that it has temporarily suspended all funds inflows and outflows. Without disclosing many details, the platform said it’s cooperating with law enforcement authorities to investigate an incident.

Cred Suspends Deposits And Withdrawals

The United States-based crypto lending platform, which recently announced joining Visa’s fast track program, updated its customers on Twitter regarding the latest troubling developments with a brief message.

“Unfortunately, we are unable to comment further at this time, but we will undertake to provide an update within the next two weeks. During this period, all inflows and outflows of funds will be suspended.” – read the statement.

Staying true to its fashion, the cryptocurrency community lashed out at Cred and its lack of details about what’s going on. This reaction prompted the lending protocol to comment once again. Firstly, Cred apologized for the concerns and inconveniences it has caused while it’s assessing the “business impact connected with a recent fraudulent incident.”

Furthermore, the post explained that Cred is currently cooperating with law enforcement authorities. However, it provided some reassurances claiming that “no client personal data or account information was compromised.”

It’s worth noting that Cred’s website reads that the platform works with “trusted security and insurance providers Fireblocks and Lockton to ensure that our customers’ digital assets have enterprise-grade security.” Nevertheless, several community members have questioned the state of their holdings on the platform, as they weren’t satisfied with Cred’s brief updates.

A Dissolved Partnership Saw This Coming?

Although it’s still unconfirmed if the so-called “incident” is indeed a hack, it seems that the issues have been transpiring for a while now. Days before Cred suspended deposits and withdrawals, one of its partners ended its relationship with the lending protocol.

The cryptocurrency wallet and trading platform, Uphold, announced on Sunday that users could no longer link their Uphold wallets to the third-party crypto lending provider Cred.

At the time of this writing, neither Uphold nor Cred have disclosed why their partnership agreement ended.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/hacked-crypto-lending-platform-cred-suspends-deposits-and-withdrawals-while-cooperating-with-authorities/

Continue Reading

Blockchain

Renowned Indian-American Author Deepak Chopra May Buy Bitcoin

Published

on

Deepak Chopra’s name is synonymous with meditation, mindfulness, and healing through healthy living. And according to the latest update, the world-renowned author and thought-leader is considering buying bitcoin. Mr. Chopra is also about to launch ‘Love in Action,’ his own blockchain-based token.

Deepak Chopra Officially Enters The Blockchain Space

It is important to note that Mr.Chopra had already stoked the ire of Ethereum bigwigs more than 2 years ago for being announced as a speaker at the Ethereal conference in New York in 2018. Vitalik Buterin himself blasted him as a ‘fraud’ publicly on Twitter. Nonetheless, the talk went well, as per Mr. Chopra.

Fast forward to 2020, the globally revered public speaker has announced his plans to officially launch his own token. Termed ‘Love in Action,’ its launch will coincide with Suicide Prevention Week. In the words of the Chopra Foundation, the token is a “worldwide campaign to heal the world.”

deepak_chopra_cover
Deepak Chopra. Image: CNBC

When the ex-United States (FDIC) regulator turned blockchain regulation commentator Jason Bretts tapped Chopra for technical details about the token, the latter said:

We are currently working on our strategic roadmap for the ‘Love In Action’ token. Our goal is to leverage the ‘proof of state/work’ on the Hedera platform to incentivize healthy behaviors and promote wellbeing via the token. We will initially leverage hbar as the currency and convert to our own coin in the latter part of 2021.

Mr.Chopra Also Considers Buying Bitcoin

Taking cues from Mr.Chopra’s famous interview with Oprah Winfrey, Jason marveled at the idea of Deepak sending some bitcoin to the popular celebrity talk show host. He contemplated mass adoption being sparked by that one event alone, recalling his prime goal to convince the meditation guru to buy BTC.

When the Value Technology Foundation President finally asked Mr. Chopra about his bitcoin holdings, the latter replied:

I have not bought any Bitcoin to date, but have been keen on cryptocurrency and how it can be used.

The mind-body healing practitioner also said that he doesn’t own any hbars, the native token of the blockchain protocol, which will power his own DLT project.

Brett, in his article, notes that it is not necessarily for everyone to buy bitcoin or any other cryptocurrency for that matter. It can also be just about leveraging the underlying technology for social good, which in Mr. Chopra’s case, involves improving people’s mental well-being.

Lastly, the ex-ConsenSys Policy Ambassador appreciated Mr. Chopra’s efforts at utilizing blockchain to help people live better. He said:

To the degree blockchain can be used by mental health professionals – or any professional – to help validate the truth of a person’s certification or to validate a person’s well-being seems like an excellent use of it.

Featured image courtesy of CNBC

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/renowned-indian-american-author-deepak-chopra-may-buy-bitcoin/

Continue Reading

Blockchain

Ripple Price Analysis: XRP Sees 3-Year Lows Against Bitcoin, More Downside Ahead?

Published

on

XRP/USD – Bulls Battling To Defend 100-days EMA

Key Support Levels: $0.24, $0.23, $0.228.
Key Resistance Levels: $0.251, $0.261, $0.271.

XRP struggled to break a falling resistance trend line at the start of the week – close to $0.26. As a result, the coin started to decline in the past few days. Although it has spiked lower, the buyers have defended the 100-days EMA at the closing price every day this week.

The previous triangle has been re-adjusted for the continued sideways movement and XRP is still trading within the boundaries. A break beneath this triangle is likely to send XRP back toward the September lows at $0.22.

xrpusd-oct29
XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, if the sellers push beneath the 100-days EMA and the lower boundary of the triangle, the first level of support lies at $0.24 (200-days EMA). Beneath this, support lies at $0.23, $0.228 (.618 Fib), and $0.22 (September lows).

On the other side, the first level of resistance lies at $0.251 (bearish .382 Fib). Above this, resistance lies at the upper boundary of the triangle, $0.261 (bearish .5 Fib), and $0.271 (bearish .618 Fib).

The RSI has now dipped beneath the mid-line to indicate that the sellers have taken charge of the market momentum. If it continues to fall, the selling momentum will increase and push XRP beneath the 100-days EMA.

XRP/BTC – XRP Hits 34-Month Low Against Bitcoin

Key Support Levels: 1800 SAT, 1780 SAT, 1755 SAT.
Key Resistance Levels: 1865 SAT, 1900 SAT, 1950 SAT.

The situation for XRP against BTC is in a totally different scenario. The coin dropped beneath the support at 1950 SAT a couple of days ago and headed toward the 1810 SAT level today. In doing so, XRP has now reached lows that have not been seen since December 2017.

With the coin looking so bearish, it is unlikely that the downtrend will stop here, and we are likely to see it heading toward 1700 SAT over the coming days.

xrpbtc-oct29
XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, once the sellers push past 1810 SAT and break beneath 1800 SAT, the first level of support lies at 1780 SAT. Beneath this, added support lies at 1755 SAT, 1730 SAT, and 1700 SAT.

On the other side, the first level of resistance lies at 1865 SAT. This is followed by resistance at 1900 SAT (July 20’ Low), 1950 SAT, and 2000 SAT.

Both the RSI and Stochastic RSI are incredibly oversold. A bullish crossover on the Stochastic RSI would be the first signal that the coin is ready to rebound.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/ripple-price-analysis-xrp-sees-3-year-lows-against-bitcoin-more-downside-ahead/

Continue Reading

Trending