Protocol structure refers to the fundamental architecture, rules, and components that define how a blockchain or decentralized application operates. This includes its consensus mechanism, data storage methods, transaction validation rules, and smart contract capabilities. It dictates the interaction between network participants and the overall functionality of the system. Understanding this structure is key to assessing a protocol’s strengths.
Context
Debates surrounding protocol structure are central to understanding the trade-offs between decentralization, security, and scalability in various blockchain networks. For example, discussions often compare the proof-of-work structure of Bitcoin with the proof-of-stake structure of Ethereum. Future innovations in protocol structure aim to achieve a better balance of these properties, potentially through modular designs or novel consensus algorithms, influencing the long-term viability of digital assets.
The Ownership Coin model bridges the legal-to-code gap by embedding on-chain governance into a legally binding operating agreement, creating a true decentralized entity.
The Ownership Coin primitive merges token-based economic and legal rights into a single on-chain framework, structurally eliminating the DAO's off-chain entity risk.
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