Topic: Declaration of Independence - Atomic Cross Chain Asset Standard - page 3. (Read 9712 times)

Sorry, too busy to deal with anything but technical issues.
This is purely an interop standards effort. All participating blockchains benefit from the network effect.

The user centric goals, means that users that are most comfortable on blockhain X, just stay there. Trades against the host currency will be the most efficient, so for most of the people most of the time nothing changes.

However, if something makes a different blockchain more attractive for that specific user, he would be able to migrate some or all of his assets there. This sets up the different blockchains to compete for residency of the assets and since the asset total is blockchain(s) enforced, short of a blockchain totally stopping, the asset value is protected. Even in that case, we could probably have some provisions for snapshot resurrections.

Due to essentially side chain type of issues, the transfers will necessarily take many confirmations, but like moving your own place of residence, it is not something that is done very often, if at all.

Also, for a blockchain that is afraid of losing their assets and thus not wanting to participate, there will need to be methods created for a onetime exit from that chain. However that is a oneway move (until that blockchain supports importing external assets), so not one to be made lightly.

From what I can tell, all existing decentralized asset systems support exporting already, not specifically as such, but if an asset can be burned, it can be exported using a burn protocol

This appears to be a form of meta-decentralization, where the decentralized assets can be spread across multiple blockchains, yet retain their fixed supply. While the relatively small number of host blockchains makes it more like a distributed model, since each blockchain is decentralized (we hope!) maybe that property infused into the distributed aspect.

Regardless of its exact taxonomy in this space, what is clear is that having a passport to travel is much better than not having one.

James

wow, good development. 

Well this is new  had my fud ready and all.

Declaration of Independence

We the asset holders hereby declare our independence from any single blockchain.

An open and jointly developed specification on cross chain atomic asset transfers will be developed. Any current or future blockchain is invited to join.

Each blockchain will need to not only promise protections for asset holder interests, they need to live up to them. Otherwise, all the assets will simply move to blockchains that do.

Additionally, once assets become mobile, the different blockchains will start to differentiate themselves with better features for the assets. Better liquidity, better fees, more functions.

This ability for the asset holder to choose where their assets reside is the only protection from the tyranny of the hardfork.

Traditional companies trade on multiple exchanges, it is time for decentralized assets to distribute the blockchains they exist on. Maintaining a constant total number of assets issued across all blockchains will allow maintaining a fixed total, but only if each participating blockchain follows strict rules on asset issuance.

The reality is that everything in crypto trades against BTC. One of the conditions for cross chain assets is the ability to trade directly against BTC, preferably native BTC and not a derivative. I will be working on a reference implementation as a first draft and look forward to collaborate with all other asset oriented projects.

This is an interop standards effort and it needs to be blockchain agnostic and asset centric.

James

P.S. I am not asking for any funds or investments.