Combining the advantages of two worlds
A Legal Framework
As opposed to permission-less chains which operate without any defined legal framework, TrustnetONE is governed by Swiss law. As a legal entity, Swiss TRUSTNET International acts as the legal counterpart for node operators, validators, service providers and end-users which simplifies the legal structure compared to a consortium chain.
TrustnetONE requires the identification of all actors on the blockchain and the registration of their public keys in a transaction permission contract. A service providers take the responsibility for the accurate identification of blockchain users. Hence TrustnetONE is shielded from any illegal or abusive use and through its service providers supports the enforcement of anti money laundering regulations.
Better Privacy Protection
Permission-less blockchains offer no protection of privacy and confidentiality beyond the use of pseudonymous public keys. Blockchain data can be analysed without restrictions.
With our permissioned chain node operators are obliged to refrain from any commercial use of the blockchain data and must not perform any kind of pattern analysis that could reveal the identities behind public keys. This legal obligation by node operators also reduces the exposure of any actor on the blockchain as the "Right of Erasure" as stipulated in GDPR must be waived for public keys. Service providers are encouraged not to store any personal information on the blockchain and to use multi-address wallets in order to further protect the privacy of the users and the confidentiality of sensitive information.
The use of blockchain data is limited to the verification of transactions or legitimate interest.
Predictable transaction cost and block times
Like every blockchain, TrustnetONE has a limited capacity which currently equals 3bn token transfers per year with average block times of 4 seconds.
Swiss Trustnet International strives to ensure stable block times and predictable transaction cost by managing the use and limiting the peak capacity of service providers. In addition, it constantly monitors advances in technologies that could increase the capacity of the chain. It encourages service providers to adapt and implement these technologies in their applications.
The Association also aims at limiting the transaction cost to an equivalent of approximately CHF 0.02 per simply token transfer transaction, which is orders of magnitude below the levels of the main permission-less chains. As a result, the lower volatility makes transaction cost more predictable.
Multi-jurisdiction & Diversity
The association strives for members from multiple jurisdictions. As all members have the right to operate a validating node with the right to fork, the likelihood of a single governmental invention will be minimised.
All members of the association operate on equal footing. Quorums vary by decision type. Generally speaking, transparency and trustworthiness enhancing decisions such as approving a new node operator require lower thresholds than excluding blockchain participants, decisions on protocol updates or on the changing of quorums.
All decisions are taken on-chain which ensures a high level of transparency and trustworthiness.
Right to fork
All node operators will be granted the right to fork. However, the forked chain must be a private chain and the privacy obligations must be passed on to new node operators for all transactions until the block number of the fork.