One of the biggest problems that facing the blockchain technology nowadays is the lack of different blockchains(Bitcoin, Ethereum, etc) to communicate with each other(lack of interoperability). Other significant issues are scalability, interoperability, and so on.
OneLedger offer solutions to a couple of those problems with some of its features. Some of the Key features of OneLedger are the Enterprise Blockchain Solution that it offers, a Powerful Consensus Engine, a Highly Customizable SDK and a cross-ledger protocol that enables high-performance scaling. OneLedger will be also make use side-chains between a flexible number of blockchains like Bitcoin, Ethereum and so on.
OneLedger is a three-layer consensus protocol, it allows users to create business applications with the OneLedger business portal, which communicates with the protocol with an API gateway as you can see in the picture below.
Essentially one ledger enables business apps to interact with different public and private blockchains at the same time through corresponding side chains enabled within their platform.
SYSTEM FUNCTIONS
Key features of OneLedger according to their whitepaper:
Smart Identity Management Platform
First we have the smart identity management platform. A master private/public key pair that is attached to an identity, which can later grant access to any other public key that the identity would have access to. This creates a universal identity solution for the tracking and access of assets and information on a variety of blockchains.
Blockchain Services
One more component is blockchain services. One ledger will be able to create a side chain on the OneLedger consensus protocol to be customised so that clients needs for instance they can create various degrees of permissions and access using the identity platform clients and generate other levels of access for trusted users to access their blockchain.
Chaincode Service
Another component is chaincode service. One ledger is developing a software development kit to provide businesses launching decentralized apps on multiple platforms. The ability to create a master smart contract which will specify the smart contract written in each language of choice when necessary.
The programming interface is another key feature, API’s will be applicable to create a set of functions for the client, allowing them to register new users, etc.
Another core component of one ledger is its BUSINESS PORTAL. This portal while our business clients to develop every part of their blockchain solution. In addition to this services that i mentioned earlier one ledger will also include the ability to connect with independent module developers to meet the specific needs of various businesses. The entire process will be made transparent for the security and fairness of all parties involved.
THE ROADMAP
According to the whitepaper, OneLedger’s current development roadmap is summarized on this slide bellow, according to the OneLedger team they already completed their MVP but they will not be releasing its demonstration to the public until june of 2018.
TOKENS AND TOKEN DISTRIBUTION
OneLedger will be raising funds by issuing OLT tokens, the hard cap is 15 million dollars and the conversion is $0.052 per token. It requires KYC registration for the limited whitelist slots. The token sale is expected to start and finished sometime in May or early of June with token distribution to take place afterwards, the exact date for the token sale will be announced soon so please stay tuned in their telegram announcement group @oneledger_official.
The following chart shows how the total supply of OLT tokens will be distributed. For the most up-to-date information on the ICO please visit their website and join their telegram group @oneledger .
OneLedger Token (OLT) tokens will be used in a number of ways, for example users of the platform will need to pay a network fee to node runners as they use the ΟneLedger prοtοcοl. Also network supporters who run nodes will receive OLT in exchange.
In addition developers will be paid in these tokens for creation of modules where transactions executed on smart contracts.
TEAM AND ADVISORS
The Founder and CEO of OneLedger, David Cao. David Cao has a significant track record as a developer and technical consultant with over 20 years of experience according to his LinkedIn. Currently he is Chairman of the Canada China Blockchain Professional Association and from 2012–2017 he served as Lead Commerce Consultant with Xerox.
Alex Todd serves as CTA of OneLedger.He is the Founder and CEO of Trust 2 Pay, a blockchain-enabled social credit rating system. He is also former CTO of PRESTO, a company that completed Ontario’s transit fare system.
Stephen Li is the Lead Engineer of the OneLedger ICO. With over 15 years of experience as a developer. He has held positions like IBM and Morgan Stanley over his career and most recently as a full-stack web developer.
And another exciting thing is that the CEO of Polymath, Trevor Koverko, has joined the advisory team of OneLedger.
More information on the team and advisors can be found here.
THOUGHTS ON THE PROJECT’S OPPORTUNITIES
Its a great idea and challenges surrounding the scalability and interconnectivity issues facing blockchains are a big issue. I also believe that the product concept is well designed and it addresses an important future demand.
Last but not least the team members and advisors are clearly accomplished and experienced. While some of their competitors are Cosmos and AION, they are more for the general audience. This gives OneLedger a better chance to focus more on the user’s needs. I believe the project should not have a difficult time finding enterprises to adopt solutions.
If you are a fan of the project you can read more about it in their official website or the media groups of OneLedger bellow:
Website : https://oneledger.io/
Whitepaper : whitepaper
Telegram group chat : @oneledger
Telegram announcement channel : @oneledger_official
Chinese Telegram Channel : @oneledgercn
Twitter : https://twitter.com/OneLedgerTech
Reddit : https://www.reddit.com/r/OneLedger/
Github : https://github.com/Oneledger/
Medium : https://medium.com/@OneLedger