Plausability for New Blockchain (or feature)?

I have been working with the idea with burning blockchain tokens and assets to maintain pegs across blockchains.

e.g. Create 100 colored coins listed as one dollar each on Bitcoin blockchain
Burn 100 nubits with colored coin txn id in the OP_RETURN
List Both transactions in a meta blockchain like Florin for cross chain auditing

Why do this?
It creates a hyperdistributed exchange flow where every blockchain is the decentralized exchange.

My questions for the community is, can this system be scaled up into self contained blockchain?

Can the nodes in the blockchain elect a delegates to burn / freeze and issue color coin assets across chains with colored coin support while the maintaining the audit ledger?