what could be the best approach to transfer currency without creating a new asset every time?

+1 vote
Hi, I am developing a "currency transfer system" using multichain. Can you tell me what could be the best approach to transfer currency without creating a new asset every time?
asked Jun 16, 2016 by John Doe
Can you please elaborate on the question? I didn't understand what you mean by transferring currency without creating an asset.
We have a multuchain setup of 3 nodes and each node will have some balance. One way to show that balance can be through creation of an asset and distributing the asset among the 3 nodes. And then transfer can happen among the 3 nodes.

What could be the other way of simulating this use-case where we simply want to represent some currency transfer like thing among the nodes? I mean is there a way to implement this without creation of an asset?

1 Answer

0 votes
Thanks for the clarifying comment. You can also use the native blockchain currency, which is disabled by default but can be reactivated using the blockchain parameters: http://www.multichain.com/developers/blockchain-parameters/

For example you can set just the first-block-reward parameter to a non-zero value, in which case the node that creates the chain (and its first block) will start with all the native currency, and no other block validators will earn any of that currency. The native currency can then be sent between nodes.
answered Jun 20, 2016 by MultiChain
If we have to use a native currency, then do we need to specify mining reward for each block as well? Or can we just reward the first block and then after that mining reward can be zero?
I already answered this question above :)
Yes there was a doubt, so wanted to re-clarify?
If you set first-block-reward to a non-zero value, but leave all the other reward-related parameters on their defaults, it should behave in exactly the way you want.
I have set first-block-reward to 100. I am trying to send some amount to next node.

multichain-cli chainname sendtoaddress address amount

I am getting this error:
error code: -6
error message:
Insufficient funds
What does getinfo show for your balance?
"balance" : 0.00000100

Is it the correct way to transfer? How to use "sentoaddress" without creating asset?
You can just use this for example:

multichain-cli [chain-name] sendtoaddress [address] 0.0000001

Note that the display/API units and the underlying raw units are not the same, and they are connected by the native-currency-multiple blockchain parameter.