MultiChain Developer Q&A - Recent questions tagged native-currency

Native currency related queries

Tue, 17 Mar 2020 11:45:10 +0000

Hello team
I would like to know about the native currency in details.
Mainly I have doubts about the following topics:
1) Why should we use native currency for rewards instead of assets?
2) How is the native currency useful to the miner, I mean where the miner can use the native currency they received by mined transactions?
3) Is the native currency transferable as the miner can transfer this amount of native currency to another wallet address / node address?
Could you please provide guideline.

Can coinbase transactions be filtered?

Sat, 31 Aug 2019 01:26:00 +0000

I'm trying to set up some mining addresses but not rewardable.

I've read filters can not be applied to the output of coinbase transactions.

Is there any way to reject such transactions or redirect native currency output to another ( i.e. burn ) address?

Regards!

Cannot send native currency / Asset not found

Thu, 22 Aug 2019 03:14:19 +0000

I am working on an automated solution that relies on the creation of a native currency. The native currency has been created and when I run listassets i get

{"method":"listassets","params":[],"id":"60385047-XXXXXX","chain_name":"demoChain"}
[
]

But if I specifically ask for a wallet balance using:

getaddressbalances 1NYNSkfDcWMrkCESLvbPamUa19e6XafgE64bZu

The response is :

{"method":"getaddressbalances","params":["1NYNSkfDcWMrkCESLvbPamUa19e6XafgE64bZu"],"id":"38421608-1566442653","chain_name":"demoChain"}
[
{
"assetref" : "",
"qty" : 50,
"raw" : 5000000000
}
]

If I try and send the native from one address to another (global send, receive) using

sendassetfrom 1NYNSkfDcWMrkCESLvbPamUa19e6XafgE64bZu 19ycRXuYttRQeQ318Utt6hXmVYk6N1gfGZKhMa "" 0.005

The request fails with:

method":"sendassetfrom","params":["1NYNSkfDcWMrkCESLvbPamUa19e6XafgE64bZu","19ycRXuYttRQeQ318Utt6hXmVYk6N1gfGZKhMa","",0.005],"id":"95668556-1566442594","chain_name":"demoChain"}
error code: -8
error message:
Invalid asset reference

no idea what is going on. Have tried all the forums with no luck. I am fairly certain this is a noob question.Probably using the wrong method but any help would be appreciated.

ASSETS + NATIVE CURRENCY

Sat, 30 Mar 2019 08:58:38 +0000

Hello,

Just reading, you are unable to create any more native currency other than that from the initial setup? Lets say I don't want a native currency, but I want multiple tokens and I want a fee to come from these asset amounts? Is there any possible way for this to happen? Or possible to change the default code to allow this?

Cheers

Can't use "native-currency-multiple" parameter correctly?

Wed, 27 Mar 2019 13:59:59 +0000

I'm trying to create a currency, much like the USD, where the lowest denomination is $0.001. The ideia is that 1000 "satoshis" would be equal 1 "coin".

However, I can't make it work using the parameters no matter what. Intuitively and after reading the docs a few dozens time I still think this should work, rewarding the miner with a "single" coin (i.e: 1 BTC is actually 10^8, but we all just see "1 BTC")?

initial-block-reward=1000

native-currency-multiple=1000

Can an admin issue more native currency?

Tue, 19 Mar 2019 14:37:33 +0000

I'm currently in doubt if that's possible at all, I know admins can issue more of a single asset, but what about the native currency?

Data Streams with Native Currency as fee?

Mon, 04 Feb 2019 21:02:47 +0000

Hello!

I was reading the documents and as far I can tell Data Streams aren't transactions in the blockchain in the sense that they don't use a UTXO to build upon itself. They function similarly to a broadcasted message throughout the nodes, right?

My main issue here is that I'd like to attach an asset with the stream itself that would work as an incentive for miners to run the network. Meaning that everytime someone publishes using streams they would have to attach an unspent coin to be picked up by miners.

Do you think of anything else that looks like this? I thought about using Inline Metadata, but (1) it doesn't have off-chain/on-chain data management as Data Streams 2.0 and (2) the "publishing act" might not have a properly "receiver" neither an amount to send to the "receiver".

charging more than native currency for stream creation

Tue, 18 Dec 2018 09:04:33 +0000

I have created a chain for Non Fungible Token usage...with native currency applied...to transfer currency is 1 unit, but I wanted to charge more in chain for creation of a stream and a stream item with in it. Possible via smart filters?

Multichain full node adapter & native currency

Fri, 08 Jun 2018 15:02:24 +0000

Dear all,

got around quite nicly. However Wordpress adapter of my curency CCC display balance of native currency, but not balances of the users. In contrast using the Web-APi, where balances of user addresses are showing up. Only in interactive mode "send 1C8wd6Hr3KMZUeUKhB3jhdRsiE1UxyRpFewXGD 20" the amount is transferred and can be seen later on the Web-Api.

2 Questions:

In WordPress how can I get the adapter to show native currency (not assets) balances of user addresses so users can send units to each other via Worpress plugin?

On the Web-API assets can be send, but not native currency - how to?

If interested, I can get you access.

I really do appreciate your work and that we can make use of it...

**************************************************************************************

colorum: getinfo
{"method":"getinfo","params":[],"id":1,"chain_name":"colorum"}

{
    "version" : "1.0.4",
    "nodeversion" : 10004901,
    "protocolversion" : 10010,
    "chainname" : "colorum",
    "description" : "MultiChain colorum",
    "protocol" : "multichain",
    "port" : 7721,
    "setupblocks" : 60,
    "nodeaddress" : "colorum@89.22.110.4:7721",
    "burnaddress" : "1XXXXXXX1XXXXXXX7XXXXXXXd4XXXXXXXBsKAh",
    "incomingpaused" : false,
    "miningpaused" : false,
    "walletversion" : 60000,
    "balance" : 827850.00000000,
    "walletdbversion" : 2,
    "reindex" : false,
    "blocks" : 16558,
    "timeoffset" : 0,
    "connections" : 0,
    "proxy" : "",
    "difficulty" : 0.00001526,
    "testnet" : false,
    "keypoololdest" : 1528449942,
    "keypoolsize" : 2,
    "paytxfee" : 0.00000000,
    "relayfee" : 0.00001000,
    "errors" : ""

Question on setting up transaction fees and where they go

Tue, 22 May 2018 08:57:43 +0000

Hi,

Reading the section under blockchain paramters, my understanding was that I only needed to set up minimum-relay-fee in order to have a transaction fee required. I tried to test it by creating a blockchain with the ff parameters:

initial-block-reward=20000000 (so the initial wallet will have some native currency)

first-block-reward=0 (only want to have txn fee, not mining rewards)

minimum-relay-fee = 100

native-currency-multiple = 100

After starting the blockchain, I check that the initial wallet has 200,000 native currency. This is fine. Let's call this initial one AddrA.

I create two additional addresses using getnewaddress and grant them send, receive permissions. Let's call them AddrB and AddrC.

I do the following transfers using sendfrom api call:

sendfrom AddrA AddrB 10000

sendfrom AddrB AddrC 1000

After that, the wallet balances (via getaddressbalances) are:

AddrA - 190,000

AddrB - 8,999.78

AddrC - 1,000

It looks like some amount of transaction fee has been deducted from AddrB in the last transaction, so that's fine. However, where did the transaction fee go? I assumed it would go to AddrA, but it seems to be missing

Edit: Sorry, literally seconds after posting this I retrieved the balances again, and now AddrA has 190,000.22. So there's transaction fee! I assumed that the transaction fee would reflect at the same time that the transfer is reflected. Is this not so? At what point will the transaction fee be transferred? How long should I expect the delay to be?

Modifying the receipient of transaction fee

Thu, 10 May 2018 07:04:10 +0000

Where in the multichain source code can I change the recipient of the transaction fee when a specific node mines? Also, among all other addresses in the node, how does Multichain select the address in which to send the transaction fee?

Native currency qty vs raw inaccurate

Wed, 25 Apr 2018 05:51:24 +0000

Hi Multichain folks,

I have issued a native asset 10,000,000,000 units with up to 4 decimal places. After a few transactions I can see this balance at 1 address:

[
    {
        "assetref" : "",
        "qty" : 9999999004.38669968,
        "raw" : 99999990043867
    }
]

why does the qty show many decimal places?

Transaction fee in mutlisig transactions

Fri, 13 Apr 2018 07:36:58 +0000

Hi,

I'm using https://www.multichain.com/developers/multisignature-transactions/ as a reference. If I set up my blockchain to have a native currency and transaction fees and I have a 2-of-3 multisig wallet. When I have a transaction to send out funds from the multisig wallet, where will the transaction fee be deducted from? The address that initiated the transaction? The 2nd approver? Or from the wallet funds themselves?

Thanks

Native currency

Wed, 04 Apr 2018 12:25:54 +0000

what is reward-halving-interval,reward-spendable-delay,minimum-per-output,maximum-per-output,minimum-relay-fee,native-currency-multiple and how the values are assigned and how to calculate transaction size?

Please tell me in detail

Thank you,

native currency

Tue, 03 Apr 2018 11:26:41 +0000

Hi,

I have changed native currency like below:

initial-block-reward = 80000000000      # Initial block mining reward in raw native currency units. (0 - -1486618624)
first-block-reward = 100000000000000    # Different mining reward for first block only, ignored if negative. (-1 - -1486618624)
reward-halving-interval = 52560000      # Interval for halving of mining rewards, in blocks. (60 - -1)
reward-spendable-delay = 1              # Delay before mining reward can be spent, in blocks. (1 - 100000)
minimum-per-output = 0                  # Minimum native currency per output (anti-dust), in raw units.
                                        # If set to -1, this is calculated from minimum-relay-fee. (-1 - 1000000 000)
maximum-per-output = 500000000000000000 # Maximum native currency per output, in raw units. (0 - -1486618624)
minimum-relay-fee = 1000000             # Minimum transaction fee, in raw units of native currency. (0 - 1000000000)
native-currency-multiple = 100000000    # Number of raw units of native currency per display unit. (0 - 1000000000)

After setting this,I have transferred some assets to other node And that node not able to send assets to other nodes

It showing error like below

error code: -6
error message:
Insufficient funds

Please let me know how native currency parameters are set and how to resolve the above problem,

Thank You in Advance

How to calculate minimum transaction fee for native currency

Tue, 27 Mar 2018 02:43:56 +0000

Hi all,

What formula does the wallet use to calculate the transaction fee if native currency is enabled?

Native currency fees for mining / validating transactions

Sat, 24 Mar 2018 15:00:53 +0000

Hi Multichain folks,

I have a few questions when it comes to native currency fees. when using api calls like sendassetfrom and issuefrom:

does the wallet calculates the fee required according to the minimum-relay-fee, how is the fee calculated
does the wallet then add the change output for the inputs - fee?
the unclaimed native currency (input - change output) gets picked up by the mining/validating node address

Thanks.

Native currency in raw transactions

Thu, 22 Mar 2018 07:45:33 +0000

Hi Multichain folks,

How can we use native currency in the raw transaction API for paying fees to miners/validators?

Let me give a use case. Address A has the native currency, while Address B wants to exchange Asset 1 for Asset 2 with Address C (atomic exchange).

Is it possible for Address A to add a native currency utxo to the transaction to pay for the fees and get back any change from the fees?

"Transaction fee too large for fee policy" while uploading data to stream

Mon, 12 Mar 2018 11:44:53 +0000

Hi,

I have a blockchain running on Multichain where I enabled native currency and fees. I kept relay-fees = 10000000(0.1 coins) as I have currency upto 8 decimals. My scenario is that I generated a new address and transfered 1 coin on that address, now I am using that address to publish data on the stream, so I am able to publish upto size 750 bytes, anything greater than that it gives me error "Transaction fees too large for fee policy". Please correct me if I wrong but I guess relay-fees is per KB of data so it's approximately 0.1 coins for 1000 bytes of data and as the address has 1 coin so it should be able to publish around 7-8 KB of data. Could you please direct me in what I am doing wrong? Much help appreciated.

Minimum Realy Fees: Transaction too large for fee policy

Tue, 20 Feb 2018 07:53:07 +0000

I have set up a Blockchain with native currency, and I want to have a minimum fee for the transactions. I am setting the minrelayfees=100000000 (1 native coin), but now it gives me an error "Transaction too large for fee policy" but when I keep the minrelayfees=1000000 (0.01 native coin) than the transactions are broadcasted successfully. How should I set up minimum fees?

Where can I see the specific fees for a transaction?

Fri, 16 Feb 2018 11:05:17 +0000

I have initialised multichain with native currency and also set up the explorer for it. I have given permissions to few addresses and I can see the transactions, but how do I check the fees for transaction. Can I see the fees for a single transaction in explorer or should I use some API's? Fees for a specific transaction?

Extending Codebase

Mon, 22 Jan 2018 12:37:51 +0000

I am trying to extend the code base to build some transaction validation for both assets and stream. I went through the main.cpp file and changed the CheckTransaction function to include several other checks but I guess that function is not extended to Stream. Could you guide me for stream validation? Should I directly apply validations through RPC files, as I guess those are the files exposed for APIs? Please correct me, if I am wrong.

Native Currency Intialization

Thu, 18 Jan 2018 06:37:45 +0000

Hi,

I am trying to initialize some native currency for the root node while creating the chain. My use case is to initialize some currency for the admin at root node and also award some native currency to the miners when they start the mining process.

My params.dat file almost as default with changes only for Native Blockchain Currency is:

# Native blockchain currency (likely not required)

initial-block-reward = 80000000000      # Initial block mining reward in raw native currency units. (0 - 1000000000000000000)
first-block-reward = 500000000000000000 # Different mining reward for first block only, ignored if negative. (-1 - 1000000000000000000)
reward-halving-interval = 52560000      # Interval for halving of mining rewards, in blocks. (60 - 4294967295)
reward-spendable-delay = 1              # Delay before mining reward can be spent, in blocks. (1 - 100000)
minimum-per-output = 0                  # Minimum native currency per output (anti-dust), in raw units.
                                        # If set to -1, this is calculated from minimum-relay-fee. (-1 - 1000000000)
maximum-per-output = 100000000000000    # Maximum native currency per output, in raw units. (0 - 1000000000000000000)
minimum-relay-fee = 1000000             # Minimum transaction fee, per 1000 bytes, in raw units of native currency. (0 - 1000000000)
native-currency-multiple = 100000000    # Number of raw units of native currency per display unit. (0 - 1000000000)

I have set the initial-block-reward and first-block-reward but when I run "getinfo," it shows balance as zero.

getinfo result:

{
    "version" : "1.0.2",
    "nodeversion" : 10002901,
    "protocolversion" : 10009,
    "chainname" : "chain1",
    "description" : "MultiChain chain1",
    "protocol" : "multichain",
    "port" : 2887,
    "setupblocks" : 60,
    "nodeaddress" : "chain1@172.31.50.254:2887",
    "burnaddress" : "1XXXXXXWh4XXXXXXT9XXXXXXhTXXXXXXU2TVAU",
    "incomingpaused" : false,
    "miningpaused" : false,
    "walletversion" : 60000,
    "balance" : 0.00000000,
    "walletdbversion" : 2,
    "reindex" : false,
    "blocks" : 0,
    "timeoffset" : 0,
    "connections" : 0,
    "proxy" : "",
    "difficulty" : 0.00000006,
    "testnet" : false,
    "keypoololdest" : 1516192388,
    "keypoolsize" : 2,
    "paytxfee" : 0.00000000,
    "relayfee" : 0.01000000,
    "errors" : ""
}

Do I need to configure some other params? How should I get some native currency for master node admin?

Can you do reward doubling (or multiplying by some custom factor) for mining?

Thu, 11 Jan 2018 00:36:37 +0000

Can you do reward doubling (or multiplying by some custom factor) for mining? Instead of the reward halving every x blocks, can you make it increase?

How to give a name to the native coin?

Thu, 04 Jan 2018 15:09:03 +0000

For assetref" : "", how does one add the symbol and a name for the native currency?

Balace of native-assets is 600100

Tue, 10 Oct 2017 02:40:49 +0000

Hi All,

I currently re-installed multichain in server. The previous version had up to 100000000 native-currency balance in blockchain initial-reward. Now it is only limited to 600100. Is this an error or a limitation of the new API

question on transaction fees

Tue, 05 Sep 2017 09:02:33 +0000

I am setting up a chain where I want the transaction fee to be fixed at 1 unit, and we will be selling those units for usage on the platform. So is it ok to set the following?:

minimum-per-output = 1
maximum-per-output = 1
minimum-relay-fee = 1

If I wanted the transaction fees to be burned, is there a way to do that?..

Recommandations requried - API's related to native currency

Sat, 21 Jan 2017 01:22:21 +0000

Thanks much for the response.
Could you please recommend few API's related to native currency?