AkashicChain
The Akashic chain powers the Akashic system, and can best be viewed as an optimised L2 blockchain that amalgamates Ethereum, Bitcoin, and Tron chains under a single set of protocols. The system allows transfers between user Wallets at optimised fee rates, delegated balance ownership and a completely decentralised private key.
Image showing L1 blochchains, and the Akashic Chain residing over the top. Green arrows indicate smaller fees, green lock indicates safety, green mesh indicates bringing all l1 blockchains under same protocol.
Decentralisation is key​
Traditionally, there are various approaches to storing keys utilized for transaction signing.
- Opting to keep the key offline is considered the safest practice. However, this method imposes limitations on the user's ability to easily access and initiate transfers across multiple devices, with the constant risk of losing the key and permanently locking access to the associated address.
- Alternatively, keeping the key custodially managed, such as by a centralised exchange, is another method. While this reduces the risk of key loss, it introduces a single point of attack that could compromise multiple user keys. Additionally, users relinquish control of their keys, with the custodian potentially having the ability to take control of the funds.
The Akashic Chain is a solution that combines the best aspects of both worlds—granting users full control over their private keys while ensuring the ability to recover lost keys. This is achieved through Nitrogen's protocol, which simultaneously generates multiple keys for a provided OTK. These keys are encrypted using Shamir’s secret sharing and then individually routed across ledger node operators.
Each node possesses only one share of the keys, assigned to the owner through the provided OTK and recorded on the ledger. When initiating a fund withdrawal from the address, a transaction engages a differential consensus contract. In this process, each node confirms the consistency of their key information by releasing hashes for verification. The transaction is processed only if there is unanimous agreement across the distributed network.
Image showing how for a single OTK multiple keys are generated and distributed across the network. In step 2, verification is run by assembling the hashes produced by the nodes.
The end result is include:
- Distribution of the address's private key across different nodes in the network (currently 4 nodes);
- Approval of a transfer requiring consensus from 3 out of 4 nodes when queried with the supplied OTK;
- Cloud-based nodes located in European countries to ensure non-U.S. affiliation, as nodes in U.S.-related locations would have unrestricted access to node information;
- Protection by a single OTK, granting the user complete control.
Fees​
The Akashic Chain offers a transfer mechanism featuring lower transaction fees compared to those on the L1 blockchain. The fees are structured flatly as outlined in the following table:
| L1 transfers | L2 Transfers |
|---|---|
| L2 fee + L1 gas fee | < $1: no fees |
| < $1000: 0.1USDT | |
| < $10_000: 0.2USDT | |
| < $100_000: 0.3USDT | |
| over 100_000: 0.4USDT |