FIN555: Evaluate the Features of Bitcoin Blockchain, MultiChain, and Other Blockchains: Hands-on Lab with Multichain Assignment, SUSS

Question 1 Evaluate the features of Bitcoin blockchain, MultiChain, and other blockchains discussed in this course and answer the following questions: Describe the differences in characteristics between public blockchain, private blockchain, and centralised databases. Describe the strengths and weaknesses of a public blockchain, private blockchain, and centralised databases. Illustrate scenarios that are most suitable for …
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Question 1

Evaluate the features of Bitcoin blockchain, MultiChain, and other blockchains discussed in this course and answer the following questions:

• Describe the differences in characteristics between public blockchain, private blockchain, and centralised databases.
• Describe the strengths and weaknesses of a public blockchain, private blockchain, and centralised databases.
• Illustrate scenarios that are most suitable for public blockchain, private blockchain and centralised database to be applied.
• What is the difference between a native asset on MultiChain and a colored coin?
• What is the difference between MultiChain’s round-robin consensus protocol and Bitcoin’s proof of work protocol?
• Why is the mining of native currency not necessary for MultiChain?
• What is the name of the MultiChain permission that controls a node’s ability to only change connect, send, and receive permissions for other addresses?

Question 2

Answer the following questions about setting up the seed node for blockchain “chain2”.

• What is the default directory, parameter file name, and the parameter that you use to tell the node to stop mining after a certain number of rounds if there are no new transactions?
• What do the parameter and value “admin-consensus-admin = 0.6” mean?
• What is the file name of the file that contains the parameter for controlling the network IP addresses that can connect remotely to your node via RPC? What is the name of this parameter? What is the value that will allow any network IP address to connect via RPC?

Question 3

The group leader is the owner of Server1 and you are the owner of Server2. The group leader created a seed node for the blockchain “chain2” at IP address 20.184.11.138 and the default network port is 2020.

You are logged into Server2 and your objective is to run a multichain node on Server2 to connect to “chain2” via Server1.

Answer each question posted at the end of each independent scenario.

• Scenario A

You perform the following actions:

• $ multichain-cli create chain2
• $ multichaind chain2
• $ multichaind chain2@20.184.11.138. The result shows the error message “ERROR: couldn’t initialize permission database for blockchain chain2.”

What is the problem here? How to fix this?

• Scenario B

You perform the following actions:

1. $ multichain-cli create chain2
2. $ multichaind chain2@20.184.11.138
3. You are shown message “Node ready.”
4. $ multichain-cli chain2 getinfo. The result shows that node on server2 is running.
5. $ multichain-cli chain2 getpeerinfo. The result shows that node on server2 is not connected to any nodes.

What is the problem here? How to fix this?

• Scenario C

You perform the following actions:

$ multichaind chain2@20.184.11.138. The following message is displayed:

Please ask blockchain admin or user having activate permission to let you connect and/or transact: multichain-cli chain2 grant 13wWJEFYVw1B9122aoA1UvBoetDTUMWKraFAKF connect multichain-cli chain2 grant 13wWJEFYVw1B9122aoA1UvBoetDTUMWKraFAKF connect,send,receive

The group leader performs the following actions:

$ multichain-cli chain2 grant 13wWJEFYVw1B9122aoA1UvBoetDTUMWKraFAKF send,receive

You perform the following actions:

$ multichaind chain2@20.184.11.138

You are still not connected to chain2.

What is the problem here? How to fix this?

Question 4

Answer the following questions about connecting to the blockchain “chain2” from a new node via the seed node.

• What is the name of the file that is downloaded from an existing node when you perform a peer-to-peer handshake using a new node for the first time? Specify the names of any 2 parameters that do not contain the value “[null]” in this file.
• A new node tries to connect for the first time using “multichaind” and receive the error message “Error: Couldn’t connect to the seed node”. List down all the possible causes of this error.

Question 5

Answer the following questions about the use of MultiChain Command-Line Tool.

• How do you check the number of confirmations for a transaction on Multichain given a transaction ID?
• How do you find out what is the current number of blocks processed in the server?
• How do you check if an address is pending multiple approvers to grant permission?
• How to run multichain-cli to show the help for getinfo from commandline mode for chain2?

Question 6

Answer the following questions about MultiChain asset.

• Server1 is using an address “1AxZhpXvorakfAfbEKsTvj1ACeM2scSMmVWvXP” with “issue” permission to create a new asset called “Orange”. The asset is required to be reissuable.

Server1 creates the asset using this command:

Server1 then runs this command:

And the result displays:

What is wrong and how to resolve this?

• After Server1 has successfully issued “Orange” into its wallet address, it tries to reissue another 100 assets using this command:

The system returns an error.

Why? How to resolve this?

Question 7

Assess the features of atomic asset swap and answer the following questions:

• Server1 performs an exchange of asset A for asset B with Server2 using 2 transactions.

Server1 sends 10 units of AssetA to Server2.

Server2 sends 10 units of AssetB to Server1.

Why is this not an atomic swap?

• Server1 prepares to offer 5 units of Apple for the exchange by issuing this command:

The result shows:

Server1 later changes its mind about making the exchange, what command does Server1 use to cancel the offer for 5 units of Apple?

• Run the following on Server1:

Step 1:

get the {txid} and {vout}from the result and use it in the next instruction.

Step 2:

get {partial-raw-exchange} string from the result and use it in the next instruction.

Step 3:

What is the result of the last instruction? Why does the asset parameter of “offer” and “ask” return an empty list?

Question 8

Answer the following questions about using MultiChain streams.

• Server1 created a stream called “test-stream2” using the following

command: create stream “test-stream2” false

and asked Server2 to publish stream item into the stream. Server 2’s wallet address is “1bbWKCWgk7Hru5294exJH5kFLfP2GBdAdTCkHj”.

When Server2 ran the command

publish test-stream2 “key0” ‘{“text”:” hello”} it encountered an error message.

What is the error message shown?

How to enable Server2 to publish a stream item into “test-stream2”?

• Server1 published 5 stream items using the same key. How can you retrieve the second most recently published stream item?
• What is this command supposed to do?

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