Proprietary crosschain cosmoly design (alpha)
Last updated
Last updated
This version would be the initial release format that would provide stability while the ecosystem develops and evolves.
Each blockchain will have a smartcontract for cross-chain transfers at the same time as one node (supervised by cosmoly) at the L2 level.
The operation of the node is to supervise the blockchain where it governs and burn/mine the coins of that blockchain. This will be done in a secure environment, controlled by cosmoly. Only nodes will be able to communicate and accept requests from other nodes.When you are going to send a token, you basically send the transaction to the smartcontract (where the tokens will be burned once the txn is confirmed) with the number of tokens, the receiving network and the network address.
The node would read this data, and communicate it to the receiving chain node. The receiving chain node would be in charge of to communicate to the smart contract that will mine the tokens and sending the tokens to the recipient.At this point, we will have to have a record of the cross-chain transactions, using a high performance database like mongodb. This registry would be public to avoid legal problems such as money laundering or capital flanking. We will also not have the ability to block/freeze assets but we will have the ability to not provide services cross-chain to addresses that are considered suspicious or illegal activity.
This version would be an upgrade of version 1, where cosmoly would have its own blockchain, and would be controlled by the community.
In this format miners would have the ability to participate in cross-chain transactions for rewards.
To be a miner one must have UC Tokens, and have allied nodes on the blockchains where they wish to operate. For example, if a miner wants to mine transactions between Near and Algorand, they must have an account on both blockchains and the necessary software to send, receive and view transactions on the blockchain to participate in the cosmoly consensus.
If a miner wishes to approve a transaction from Blockchain A to Blockchain B, it must possess the equivalent on Blockchain B to process this transaction. Once the transaction is processed, the UC tokens will be credited to Blockchain A along with the commissions for the transaction.
Summarizing the process for a transaction from a Blockchain A to a Blockchain B would be:
User transfer funds to a smartcontract (in Blockchain A) with the receiving network and receiving address
The smartcontract (in Blockchain A) freezes the UC Tokens
A miner captures the transaction in the smartcontract and commits to complete the transaction in a timely manner. (The miner needs to have funds on the Blockchain B to perform this transaction)
The miner sends the transaction on Blockchain B to the user and creates a proof of the transaction.
Other miners (validators) will check that the transaction was made correctly on the Blockchain B.
These validators will get a small part of the transaction fee, but they have to have a trust deposit (in UC Tokens), if a transaction they validate is found to be incorrect. The validator will automatically forfeit the funds from this deposit.
Once a critical mass of validations has been reached, the funds will be released to the miner's account on the Blockchain A.
The cosmoly blockchain would be the native home of UC tokens, where all cross-chain transactions can be registered, opt-in governance, smartcontracts, tokens and NFTs can be created. It would interconnect with the Cosmos ecosystem and the blockchain associated with the Cosmoly protocol.
