1. Introduction

If you are new to Blockchain technology, start with this video - Blockchain in 60 mins and read this blog post: Blockchain terms & concepts

Hybrid Finance (HYFI) Blockchain is a permissioned blockchain specifically designed for the tokenization of copyright licenses in art, books, movies, music, video games, and software.

To understand the basics of HYFI, see these:

  1. What is Hybrid Finance (HYFI) Blockchain?
  2. What are the benefits of using the HYFI blockchain for tokenizing copyright licenses?
  3. What is the role of permissions in the HYFI blockchain?
  4. What is the full asset lifecycle in HYFI blockchain?
  5. How does HYFI Blockchain support regulatory compliance?
  6. What is the difference between HYFI and Ethereum?
  7. What are the security features of HYFI Blockchain?
  8. What are blockchain cold nodes?
  9. What are the scalability features of HYFI Blockchain?
  10. How can HYFI Blockchain be integrated with other applications?
  11. Can funds be frozen in HYFI Blockchain?
  12. What is the role of data streams in the HYFI blockchain?
  13. What are Blockchain Smart Filters?

2. Setting up a node

The HYFI blockchain provides multiple deployment options for users, which are environment agnostic.

This means it can be self-hosted in a data center, public or private cloud. The blockchain can also be accessed as a service, allowing for easy and quick addition of nodes.

2.1 HYFI nodes

Setup a server with the following minimum config:

  • 64-bit operating system: Linux (Ubuntu 12.04+), Windows (7, 8, 10, Server 2008 or later), Mac (OS X 10.11 or later)
  • 512 MB of RAM
  • 1 GB of disk space

Login as root and run these commands:

You will see something like this:

Email it to team@hyfiblockchain.com

When we confirm, login to the node and run

You should get this response: Node ready.

Now run:

Now you can create addresses, assets, transactions, signatures and more.

Also see the MultiChain JSON-RPC API commands and various Multichain developer tutorials and guides

For future logins, use:

For stoping / re-starting a node, use:

2.2 RPC credentials

For API integration, you will need the RPC credentials:

2.3 HYFI Explorer

Instructions for setting it up on Ubuntu 20.04:

3. Addresses

For details on permissions management, see: https://www.multichain.com/developers/permissions-management/

For MultiChain JSON-RPC API commands, see: https://www.multichain.com/developers/json-rpc-api/

3.1 Address permissions

Each address can have one or more of the following 8 permissions:

  1. connect – to connect to other nodes and see the blockchain’s contents.
  2. send – to send funds, i.e. sign inputs of transactions.
  3. receive – to receive funds, i.e. appear in the outputs of transactions.
  4. issue – to issue assets, i.e. sign inputs of transactions that create new native assets.
  5. create – to create streams, i.e. sign inputs of transactions which create new streams.
  6. mine – to create blocks, i.e. to sign the metadata of coinbase transactions.
  7. activate – to change connect, send, and receive permissions for other users, i.e. sign transactions which change those permissions.
  8. admin – to change all permissions for other users, including issue, mine, activate, and admin.

When you create a testNet node, your primary address has connect, send, receive, issue permissions. Since HYFI has 100% KYC compliance, every address you create must be given permissions by an admin. Create a few addresses and email them to team@hyfiblockchain.com along with details on what all permissions (send, receive, issue) should be given to each address.

3.2 Address types

Addresses can be custodial (the private key is stored in the node) or non-custodial (the private key is not stored in the node.)

3.3 Creating a custodial address

getnewaddress returns a new address whose private key is added to the wallet. This is a custodial address.

The output is an address.

3.4 Creating a non-custodial address

createkeypairs generates one or more public / private key pairs, which are not stored in the wallet or drawn from the node’s key pool, ready for external key management. These are non-custodial addresses.

For each key pair, the address, public key (as embedded in transaction inputs) and private key (used for signatures) is provided.

3.5 Creating a multi-sig address

Addmultisigaddress creates a pay-to-scripthash (P2SH) multisig address and adds it to the wallet.

Funds sent to this address can only be spent by transactions signed by nrequired of the specified keys. Each key can be a full public key, or an address if the corresponding key is in the node’s wallet.

Output is the P2SH address

4. Non-Fungible Tokens (NFTs)

NFTs can be of various types, including:

  1. Art
  2. Collectibles
  3. Domain names
  4. Human Talent
  5. Intellectual Property
  6. In-game assets
  7. Virtual Fashion

When an NFT is created on the HYFI Blockchain, the following parameters can be customized:

  1. the address which is creating the asset
  2. address to which the assets are to be sent on creation
  3. asset name
  4. whether additional units can be created
  5. whether it has per-asset send and/or receive permissions
  6. the smallest transact-able unit
  7. custom-fields parameter to provide extra information

For details, see: https://www.multichain.com/developers/asset-reissuance

4.1 Creating an NFT

A HyFi NFT can be issued using:
issuefrom fromAddress toAddress name|params qty (units=1) (customFields)

On successful creation, a transaction id will be generated.

Information about an asset can be obtained using
getassetinfo asset-name

Note: In the above example, the asset name can be in any one of these formats:
Name: "Shinam Arora HTN Series 1"
Asset ref: e318239a3792a092ad60b7818b3efe88c781924a8ad2ce6f6940474192566984
Issue txid: 200-267-6371

4.2 Managing an NFT

JSON-RPC API commands

See the following sections on the MultiChain JSON-RPC API commands page
1. Asset management
2. Querying wallet balances and transactions
3. Sending one-way payments
4. Atomic exchange transactions – tutorial
5. Managing stream and asset subscriptions
6. Querying subscribed assets
7. Smart filters and upgrades

5. Transactions

Transactions can be one-way payments or atomic exchange transactions.

5.1 Sending one-way payments

One-way payments can be sent using sendassetfrom fromAddress toAddress asset quantity

On success, a transaction id will be generated.

You can get a list of all the asset balances for an address using getaddressbalances address

5.2 Atomic exchange transactions

Atomic exchange transactions are used to safely swap assets between counterparties.

Any MultiChain transaction can have multiple inputs and outputs, and each one can relate to a different address on the blockchain. This enables a single transaction to perform an asset exchange between two or more parties, for example sending a dollar-denominated asset from Alice to Bob, while simultaneously sending a Euro-denominated asset from Bob to Alice.

Because the exchange takes place in a single transaction, it comes with a guarantee of atomicity, meaning that all of the asset transfers take place simultaneously, or none take place at all. In the finance world, this type of transaction is termed delivery-versus-payment, or DvP for short.

Also see:

  1. https://www.multichain.com/developers/atomic-exchange-transactions
  2. https://www.multichain.com/developers/raw-transactions
  3. https://www.multichain.com/developers/json-rpc-api