How to setup rules to generate additional currency through specific user activities (like steemit)?

+2 votes

I would like to start a blockchain project similar to steemit, where the currency is generated both by mining and by specific user activities.

One question I have: would it be possible, without even touching the code, to setup these extra rules governing activities that can generate the currency other than mining. Like, is it possible when setting up the server to do all that.

If not, where in the code should I start looking for setting up these rules. I have experience with C++ and Java, and I like that there is a Java wrapper (though I haven't tried much with it yet).

Any help getting started is appreciated, thanks!
asked Jun 1, 2017 by redbeastman
Hey, let me know if you get this site up and running. I'll be one of your first signups.

1 Answer

0 votes
You can use any language you want to communicate with the MultiChain API - either using one of the third party libraries developed, or directly using JSON-RPC. It's really your decision based on what you're most comfortable with, and it makes no difference at all from MultiChain's perspective.
answered Jun 3, 2017 by MultiChain
Hi, thank you for the response.

Is it possible to give me a little more guidance on customizing my coin so that the currency can be created both by mining and by specific user activities (like steemit)? What is the easiest route to achieve this?

If you want the coin to be created by mining, take a look at the blockchain parameters in the "Native blockchain currency" section here:

As for earning coin in response to specific user activities, this would be a matter of one of the current coin holders sending some to the recipient at the appropriate time.
By having one of the current holders sending coin to a recipient, I assume you mean just a regular transaction between users right?

When I talk about "user activities", I don't mean just one user transacting some currency to another user.

My understanding on the way steemit works (which might be incorrect), is that when the user engages in specific activities, such as blog posting / commenting / voting, they receive a payout of currency. This payout as I understand it is not from another user, but from a pool of funds that is created each year as part of the protocol.

See page 20 here on "Payout Distribution"

I apologize for the confusion, I'm still trying to understand how steemit works myself, and I have yet to really go through the entire 44 page white paper.

After reading that section of the whitepaper, I'll rephrase my question a bit:

I'd like to make a coin where some of the currency is generated by mining (like bitcoin). In addition, a certain amount is also generated on a periodic basis (perhaps yearly), and these funds are set aside to be distributed to users based on their activities, and there is an objective protocol built into the system that governs how these funds get distributed.

Would it be possible to use multichain to build such a system, and where should I start?
To answer that question, you need to look into detail at this "objective protocol". If it depends on new currency being issued to users based on some complex logic, you cannot do this with MultiChain, and should look at something like Ethereum. If it's just a matter of users initiating payments to each other, then you can use MultiChain.
Ok sounds good, thank you for the clarification