RecordsKeeper technology is a platform that allows the users to form a private blockchain. The entity then uses it to carry out transactions of varied nature.
Its highly customizable nature highlights its advantages. It allows users to configure the max block size, the number of transactions, and even the type of transaction.
While setting up, roles and permissions to each user are assigned. But those can be reassigned and modified with time. Also, a vital feature of a multichain is that it can create multiple assets and not just one. As an instance, the blockchain active on the Bitcoin network can support only one coin — BTC.
What is a RecordsKeeper Asset?
RecordsKeeper allows establishment and support of assets at a native level. Each transaction type encodes classification of an ‘asset’ along with its quantity. Another feature of a recordskeeper is that it’s not necessary to have a native currency. The recordskeeper maintains and highlights the input-output ratio of an asset. Also, each transaction can contain any number of assets, as there’s no upper-limit to it.
Difference between Assets and Cryptocurrency
Cryptocurrency, as per definition, is a native currency of a particular blockchain which is open and publicly accessible. It also classifies itself as a new form of ‘money’ and thus can be sent, received, transacted, earned by anyone across the world. Bitcoin and Ether are examples of native currencies.
An asset, however, is a type of ‘token’ issued and is a representation of something that doesn’t derive its value straight from the chain. As an instance, a financial institution that issues an asset into a blockchain to indicate that it holds a certain value of ‘cash.’
What is a RrecordsKeeper Stream?
Unlike RecordsKeeper assets, the focus of Multichain Stream is to provide a reliable mechanism for general data storage as well as its retrieval. There’s no transfer of assets or change of ownership that takes place in this type of set-up. Every item that is a part of a ‘stream’ has fixed characters including publishers, an optional key for retrieval, a timestamp, and data. In fact, the data can be anything right from a small paragraph of text to quite some megabytes.
Think of legal firms — filled with lawyers, court cases, partners, third-parties. They’ll find use case with the multichain stream as they can record the case and other details. Multiple parties can then access this information without fearing data immutability or damage.
As for what is the best choice between recordskeeper assets and recordskeeper streams, there’s no single answer. The decision lies with the organization based on the results they are trying to achieve. It would depend on the context along with the long-term objectives of the organization that is building it. In general, however, if you’re looking to create a scarce ‘asset’ that can be owned or transferred, you should use multichain assets. However, if you’re looking for general data storage and retrieval without any change of ownership, then you can use multichain streams. RecordsKeeper technology has been a game-changer, and it’s here to stay.