Governance structure for virtual asset issuance and management on bitcoin-like Blockchain

In this decade, the digitization of our daily life became more important these days. Especially digital currency, it became one of the most popular digitization topic in this trend. Bitcoin, the most popular digital currency nowadays, also became one of the hottest research topic. In Bitcoin network, the most important feature is “blockchain”, a public distributed ledger. Due to the safety that Bitcoin blockchain guarantee, Bitcoin attracts many users to do transaction on it. Also, blockchain technique attracts many developers to research and develop on it. However, because of some nature limitation on Bitcoin blockchain, sometimes Bitcoin cannot match user’s need. To break these limitations, many different new designs show up these years. Some developers develop applications on original Bitcoin blockchain. For example, many bitcoin 2.0 meta-layer applications, like OmniLayer, provide their service in this way. Other developers try to design their own blockchain to replace original Bitcoin blockchain. For example, GCOIN use their new blockchain design to provide multiple properties and governance structure features. Both two ways have their own pros and cons. In this paper, we implemented GCOIN governance structure feature on OmniLayer, and try to provide a trustable and safe solution for those who want to use GCOIN features on Bitcoin blockchain.