RevokeChain Protocol will function by establishing a decentralized, flexible trust layer integrated with existing blockchain networks.

This protocol allows users and service providers to quickly flag compromised credentials, prompting a series of verification steps facilitated by smart contracts.

These smart contracts, through consensus with a network of trusted nodes, will either disable the compromised credential or trigger renewal processes.

By leveraging distributed ledger technology, the system maintains transparency while ensuring that the revocation or renewal decision is endorsed by a trustworthy network consensus, avoiding single-point-of-failure scenarios.

RevokeChain Protocol provides a decentralized way to manage identity credential lifecycles, enhancing security without compromising the decentralized nature of blockchain.

Unlike centralized solutions that risk data breaches, this protocol upholds user privacy and trust by operating independently of single entities.

The concept aligns well with current blockchain capabilities, although it requires advanced blockchain development skills and collaboration with existing networks.

Initial implementation costs could be high due to the need for a strong node network and could face regulatory scrutiny given the decentralization aspect's complexity.