OneLedger offers a protocol that allows individuals or enterprises to integrate with various block-chains in the market. The protocol employs a three-layer consensus scheme to facilitate efficient and viable integration of block-chain with enterprises. The One Ledger protocol also provides a convenient means for enterprises to use distributed ledger advancements for the usual business applications like accounting, supply chain management and digitization of various assets.
The mission of One-Ledger is to allow individuals, small businesses and enterprises to be able to create private or public block-chains using their own networks consensus that are identified uniquely. Enterprises can also employ role-based access to systems in their block-chain technology. Businesses will now be able to manage and create digital wallets that are community while they can furthermore implement a credit system.
How does OneLedger work?
Businesses will be able to launch OneLedger side-chains on the consensus protocol. The side-chain could have permissions or could be permission-less depending on the infrastructure or the wishes of the organization. Side-chains run parallel to the main block-chains which could be BitCoin, Ethereum, etc. The OneLedger side-chains are synchronized in real-time with the main block-chain allowing transactions to occur within the enterprise’s network consensus but still be reflected in the main block-chain. Safety and integrity in transactions is also
assured with OneLedger.
An interface runs on a set of well-designed APIs that support the sidechains in the enterprise. OneLedger uses REST API that allows the interface to run primarily on the client-side of the enterprise. It enables business applications to
facilitate registration of new users and issuance of transactions through querying of the block-chain. OneLedger is multiplatform when it comes to its deployment into businesses and it has developed an SDK that eases the process of integration.
All the services are supported by the consensus of three layers underlying the
protocol and they include:
· Public Consensus: It facilitates transfer of data or communication between public chains.
· Channel Consensus (Sidechain Consensus): It facilitates the execution of business actions and transactions between roles.
· Role Consensus: It facilitates an identity system of users or participants in the enterprise based on the roles assigned to them. It also allows activities and transactions to be tracked in the block-chain using the digital
key signature.How will the OLT be used?
The OTL (OneLedger Token) will be used as a mode of payment in the OneLedger ecosystem. Supporters of the network with nodes will be compensated using OLT.
The OLTs can also be used by the users to purchase plugins and modules from developers. The current value of one OLT stands at $0.52.
The OneLedger roadmap puts the final release of the platform at 2019 along with further integration with other block-chain protocols.
Despite the rise in number of other protocols, OneLedger stills looks like the most likely one to come on top of the fierce competition. It has a large community that is growing consistently and with its development underway, OneLedger has created a GitHub account to allow monitoring the product development.
For sure, OneLedger is the future of blockchain integration with businesses all over the world.