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Context

The Asset Register is a new ledger system and tool suite that enables developers to establish data parameters for their assets. It is a metadata repository that defines what an asset is, what an asset can do, and the various environments in which an asset can be applied. Assets in web3 are currently restricted by their linear data composition. Each asset typically only has one corresponding metadata file and there is no way to create connections between assets in disparate ecosystems. Current systems tend to rely on specific chains, hindering asset relationships across different networks. Moreover, they primarily cater to on-chain assets, overlooking off-chain ones. Achieving interoperability for both types of assets across various applications is challenging. The Asset Register addresses these challenges, and supports interesting use cases:
  • Equipping accessories to assets across chains
  • Linking user metadata to a collectible to show its provenance
  • Managing which collections are compatible with which accessories
  • Informing applications about what an object does and what engines it is compatible with
The Asset Register has three components: the Asset Register Core Ledger, the Asset Register API, and the Schema Management System, which sits on top for validation and is the main enabler of interoperability.
A good understanding of blockchain technology will help you comprehend how it works.

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Asset Register Core

The Asset Register Core is similar to layer 2 DLTs and built specifically for asset relationship management. The Asset Register Core facilitates the data relationships between assets and ultimately enables us to create rich, interoperable applications while still adhering to Web3 design principles such as:
  • Consistency
  • Data transparency
The Core provides a blockchain-like transaction experience without the need for network consensus, resulting in improved performance and cost-effectiveness. A user can build relationships between assets using Asset Linking which are explicitly created and deleted via a signed Asset Register Transaction. Transactions can succeed or fail and will emit events accordingly. We have built infrastructure to query transactions; a block explorer could effectively be built on top of this data.

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Why transactions?

Good question!
  • Users need to make decisions that are authenticated by their identity
  • Actions must be changed together in a logical order to ensure the changes to the state are consistent
  • Data needs to be readily available and accessible so that many applications can have the same source of truth
These are the same reasons blockchains are so good at what they do; every single state change is chained together consistently. We aren’t reinventing the wheel. On the identity front, we leverage a user’s FuturePass or other existing wallet for authentication. Delegated signing is also something we have scoped for.

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No consensus…how do I trust it?

Unlike a regular consensus blockchain that allows you to create assets with corresponding values, the Asset Register is lighter weight. It does not manipulate ownership of assets, relying instead on on-chain activities for this. Since there is no direct value attached to the links created by the Asset Register, the requirement for high trust does not exist in the same way. We realize, however, that applications may ascribe value in the asset links, so the roadmap includes both decentralized data storage and validation of data oracles. This is being done to maximize decentralization and trust while ensuring user experience, cost, and performance are optimized.

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Asset Register API

The Asset Register API is used to interact with the Asset Register Core and the Schema Management System. The API is used for submitting transactions to the Asset Register Core, querying transaction results, and, most importantly, viewing the Asset Tree. Schema creation and registration also occur via this service, making it the platform for admin-level interactions by asset creators.

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Schema Management System

Schemas merely describe data. We aren’t doing anything special here. There is also no requirement to use our Schema Management service, you can host your schemas anywhere you like for increased decentralisation.
Our Schema Management System is built to facilitate a seamless onboarding experience for asset creators. It is built using TTL (pronounced ‘turtle’) files and utilizes the SHACL shape schema to describe assets and their relationships. The system handles the hosting of schemas on a domain under the relevant namespaces. Asset creators can create schemas to describe the assets and the Schema Management System will stitch together multiple schemas on the same namespace. This will be used by people and machines to validate data outputted by systems.

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What can it do?