A few years ago when the Altcoin enthusiasm grew exponentially, a few platforms came to the market for people to create their own Altcoins, like the now defunct application Coingen. Fast forward to now where the topic of conversation has left the Altcoin arena with the cry for “private blockchains” Now with a new service called “Create A Private Blockchain in 90 Seconds” or “MultiChain”, anyone not just Blythe Masters can enjoy making their own permissioned chain.
Also read: ShapeShift.io Adds Tether USD To Its Instant Exchange
“Ever wondered what Bitcoin with native assets and permissions might look like? If so, check out this short demo of MultiChain” — MultiChain website
The white paper written by Dr. Gideon Greenspan Founder and CEO, Coin Sciences Ltd is a 17-page report on the project. Within the background in the paper’s opening statements, the author reveals a few flaws with the Bitcoin network. Including slow adoption, irreversible transactions, volatility and more. With MultiChain, someone can take this forked code and create their own permissions possibly creating something more prosperous. The author reveals many separate Altcoin blockchains as well, but none of them have lived up to Bitcoin’s reputation. The author writes, “Despite this proliferation of innovation (and, in many cases, pumpanddump schemes), bitcoin maintains its position as the predominant cryptocurrency.” As the paper continues it shows multiple problems Greenspan finds wrong within these existing cryptocurrency networks. MultiChain he claims it may be able to solve this issue:
“MultiChain solves the related problems of mining, privacy and openness via integrated management of user permissions.”— Dr. Gideon Greenspan, MultiChain White Paper
Will the custom private blockchain maker work and create multiple chains like the Altcoin days in the past? It seems like a greater possibility now with MultiChains do-it-yourself platform. There could be a creator of a private chain that beats out the banks vested in these permissioned ledgers, and that person could come out of nowhere with a new concept. Time will tell if new private blockchains will be produced in a fervent manner like so many Alts created with Coingen. Despite the many Altcoins built with that specific platform mostly all of them were not taken seriously by the community because of how they were created.
What do you think of the private blockchain maker MultiChain? Let us know in the comments below.
Images courtesy of Wiki Commons, MultiChain’s Website, and Redmemes
SIGN UP FOR LIGHTCHAIN 2025 - BUY NOW