“A Universal Blockchain Protocol Enabling Cross-ledger Access through Business Modularization”
But what does this actually mean?
One Ledger wants to create an blockchain agnostic protocol that uses API’s to interact with the One Ledger Platform.
Well to put it more simply One Ledger is a protocol that is designed to help businesses integrate their enterprise into blockchain technology.
Modularization tools are used to achieve this. Such tools reduce the complexity of the process and make it more attractive and viable for enterprises to adopt blockchain.
Integration API’s and blockchain agnostic architecture also form a vital part of the process.
These tools combined serve as a package for such enterprises when integrating to the blockchain.
One Ledger wants to foster interoperability between blockchains and eliminate congestion issues experienced on a main chain by offloading it to a side chain.
The One Ledger protocol offers a seamless and streamlined process for a variety of potential industries such as:
A) The One Ledger “selling points” and what makes it attractive
- One Ledger aims to make the process of blockchain integration easier and accessible to those with the most basic level of blockchain experience; to enable them to create business applications on the One Ledger business portal which in turn communicates with the protocol via the API gateway.
- Information is communicated between public and private blockchains using side-chains.
- SDK for smart contract deployment across multiple platforms
- Use of API’s
- Highly Scalable
- Blockchain agnostic
B) Lets take a look at the consensus model that One Ledger will use and how it works
Firstly, One Ledger will use a 3-Layer consensus protocol. This is best illustrated by the below diagram taken from their website:
Role Consensus layer: Business Logic is implemented on this layer using a “role based” consensus. The layer which defines a contracts role.
Side Chain Consensus: Used for moving traffic from the main chain to the side chain with high throughput. Consensus is Byzantine Fault Tolerant Partial Synchronization. Voting is utilized here.
Public Consensus: Transfer between public chains confirmed by public consensus. Pre-consensus is initiated on the side chain and then voted for consensus by validators of the public chain.
C) The OLT Token and its purpose
The OLT token fuels the One Ledger ecosystem. Those using the One Ledger business portal and its associated applications will pay for the service using OLT. Node operators will receive OLT tokens in return for maintaining and validating transactions within the ecosystem. Initially anyone can run a node but in time this may change to a staking approach and I assume the introduction of masternodes.
Other Advantages of the One Ledger Ecosystem (taken from oneledger.io):
• Business Modularization
One Ledger forms a realizable and verifiable blockchain network which is modularized from real-world functionality, based on the sharing and immunity mechanisms provided by blockchain techniques.
• Protocol-based Blockchain Communication
All transaction data and real source records are written into distributed nodes by validation mechanism of data sharing through One Ledger protocol. One Ledger protocol enables communication and access across the blockchain, and allows for deployment and deployment across various Blockchain networks.
• High-performance Transaction
Focuses on providing a consistent runtime which is compatible with various blockchain protocols and application development stacks
D) The Team: I have summarised below the main members and who I consider to be the “Big Hitters” and “AllStars”
David Cao is the Founder and CEO of One Ledger. David has a substantial track record as a developer and technical consultant with over 20 years of experience according to his LinkedIn. He is currently Chairman of the
Canada China Blockchain Professional Association and from 2012-2017 served as Lead Commerce Consultant with Xerox.
Alex Todd serves as CTA of One Ledger. Alex has extensive experience as an entrepreneur. He is the Founder and CEO of a blockchain-enabled social credit rating system called Trust 2 Pay. He is also former CTO of PRESTO, a company that integrated Ontario’s transit fare system.
The Lead Engineer of the One Ledger ICO is Stephen Li. Stephen has over 15 years of experience as a developer since 2002. He has held positions with the likes of IBM and Morgan Stanley over his career, most recently with the latter as a full-stack web developer.
CEO of Polymath, Trevor Koverko, has joined the advisory team of One Ledger.
E) Proposed use cases for One Ledger
Sidechains move traffic for business while freeing up the main chain
DApp’s due to the use of side chains (including open source)
Asset identification amd transport flow
Decentralized exchanegs
AI flow for businesses
F) The Tokenomics
Total Supply: 1,000,000,000 OLT
Hardcap 15 million USD
Token Sale 35%
Community Reserve 25%
Team and Advisors 15%
Company Reserve 10%
Marketing 15%
My thoughts on the token metrics are that the hardcap is reasonable for what the team is trying to achieve. $15m is a very fair amount to be asking for.
$10 million has been sold in private and presale rounds which have varying lock-ups and release stages. It is my understanding that these investors received bonuses of between 20% and 25%.
$5 million is being sold to the crowd – this represents 33% of the USD raised – while obviously not 33% of the tokens (allowing for presale bonuses) again I feel this is a fair amount.
Team, Advisor and reserve tokens are all also locked with varying cliffs controlled by smart contract.
The token will be ERC20, at least initially until the main net arrives.
G) Final Thoughts
Overall I am bullish on the project for the following reasons:
They are operating in a popular niche – that being providing a scaling solution for businesses looking for block integration while also making the process very user friendly.
Blockchain Agnostic: The One Ledger SDK will allow for the deployment of DApps across multiple platforms and will incorporate Smart contract Templates which can be used/reused and tweaked when deploying new or multiple DApps at once (including cross platform).
The Team is seriously strong with a number of big hitters with both great business acumen and technical skills; with a track record of success.
The long road map has been an issue for some investors but I believe with a project of this magnitude it is going to take time to “get it right” – therefore lets “do things right”.
Below are some links to different links you may find useful:
Official Website: https://oneledger.io/
Whitepaper : https://oneledger.io/wp-content/uploads/2018/05/oneledger-whitepaper-05.17.18.pdf
Official Telegram Group Chat : @oneledger
Official Telegram Announcements Channel : @oneledger_official
Official Chinese Telegram Channel : @oneledgercn
Twitter : https://twitter.com/OneLedgerTech
Medium : https://medium.com/@OneLedger
Reddit : https://www.reddit.com/r/OneLedger/
Github: https://github.com/Oneledger/
Thanks to anyone who took the time to read my review and feel free to leave your comments below.
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Feel free to comment with any thoughts you may have or even somewhere i may have an inaccuracy?
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