The advantage of the cross-blockchain protocol for public registries is that it can unite any number of existing ledgers in one ecosystem and does not need to upgrade the protocols of such blockchains. In simple terms, the protocol works as an aggregator of tokens across blockchains. The protocol conceptually comprises two major elements:
- The format requirements for an entry by knowing the standard of a record, the user’s machine can automatically collect records from various ledgers in one bundle.
- The hook, which is the algorithm that scans blocks of ledgers and extracts recognized records (when they comply with the format) in one overlaid database.
The resulting representation of the collected tokens is a logical superstructure across many blockchains — the public registry. It is decentralized because the same algorithms are applied to every node independently. So, a government agency, for example, doesn’t exclusively own one public property database, but it literally lives on every user’s machine in the cross-blockchain database.
As we discussed the level of the protocol in Part 2, we have a component of governance to address legal issues and enforce lawful decisions. The subsystem works as a set of patches and filters for users’ records. Even though formally compliant with the format, the user’s record can be filtered out as the jurisdiction recognizes it illegal or void.
The public registry built on the cross-blockchain protocol aligns with three fundamental principles for decentralization:
- Technological pluralism. Blockchain should be one of the technologies, and relying on it will be as equally wrong as using central server systems; there must be a variety of technologies simultaneously — because competition leads to progress.
- Technological neutrality. Having multiple effective technologies in a bundle; none of these should be privileged.
- Blockchain agnostic. The cross-blockchain protocol complements the two above principles to enable using credible…