A physical interpretation of the holographic principle is derived, using a specific non-local hidden-variable theory called the Cordus conjecture. We start by developing an explanation for the vacuum, and differentiate this from the void into which the universe expands. In this theory the vacuum comprises a fabric of discrete field elements generated by matter particules. The outside void into which the universe expands is identified as lacking a fabric, and also being without time. From this perspective the cosmological boundary is therefore the expanding surface where the fabric colonises the void. Thus the cosmological boundary is proposed to contain the discrete field elements of all the primal particules within the universe, and therefore contains information about the attributes of those particules at genesis. Inner shells then code for the changed locations of those particules and any new, or annihilated, particules. Regarding the notion of holographic control of inner contents of the universe from the outer surface, this theory identifies the infeasibility of placing a physical Agent at the boundary of the universe, and also predicts there is no practical way to control the universe from its outer boundary as the holographic principle suggests. It also rejects the notion that the boundary contains information about the future and past, or about all possible universes. The Cordus model suggests that there is no causality from the boundary of the universe to its inner contents.