SINGLE LINER EXPLANATION:-
AN INTER-OPERABLE, SCALABLE CONSENSUS PROTOCOL AIMING TO INTEGRATE MULTIPLE BLOCKCHAINS UNDER A SINGLE INTERFACE FOR ENTERPRISE USE.
THE DETAILED EXPLANATION:-
Blockchains have evolved over the years, both in quality and the quantity. There is a plethora of blockchains developed since the birth of crypto, each having their own ecosystem and consensus mechanism. Since crypto was in infancy stages, most of the blockchains were only intended to be used in isolation from others. As crypto is being adopted more widely, there arises more issues. One of them is the problem of inter-operability.
What is inter-operability??
Imagine you are resident of China and you are well literate in mandarin. As long as you are living inside that country, you can interact with everyone else seemlessly. However as time goes on , with increasing globalisation and world trades, you need to interact with people from other parts of the world or you have to travel to different countries. Here arises a language barrier and the the problem of inter-operability.
Blockchains can be compared with languages and the same analogy can be applied here. As crypto space is evolving, the interaction between various blockchains is inevitable and essential for the sustainability.
What one ledger does?
OneLedger is a blockchain protocol built primarily for business fully interoperable with the other public/private chains (Ethereum, Bitcoin, etc.) via sidechains. OneLedger Aims to solve the issue of inter-operability for both private(permissioned) and public(permissionless) blockchains.
This complex or highly sophisticated mission of inter-operability is achievable by OneLedger Protocol due to the implementation of following ingenious features.
Smart Identity Management Platform
With many blockchains running parallely, there arises the issue of properly recognising the wallet IDs across multiple chains and identity of the persons accesing this. OneLedger offers a universal identity solution to keep track of users’ assets that are stored on multiple distributed databases. This is done by assigning a master key pair (private and public) to an identity. This master key-pair can then be used to associate any other public keys to this identity by digitally signing a message with the private key of the master key-pair. OneLedger also allows one identity to assign a trust value to another identity, thus creating a “web of trust” combined with PKI. By using role control with PKI, enterprises can deploy their own permissioned blockchains as well as control who has the read/write access.
SMART IDENTITY MANAGEMENT OVERVIEW.
- Blockchain Services
Ever wished of building your own blockchain? With OneLedger, anyone can launch a side-chain to run on the OneLedger consensus protocol. This side-chain can be permissioned or permissionless. In the case of permissioned, a user can use OneLedger’s Smart Identity Management System and search for identities with a particular trust rating and who provide infrastructure services, i.e. node operators that may store or validate distributed ledgers, and assign particular identities to various roles in order to maintain the side-chain. Also, any public distributed ledger, regardless of its consensus protocol, that supports hashed-time lock contracts and payment channels can be synchronized with a corresponding OneLedger side-chain
- Chaincode Service
Imagine if you want to build an app on multiple programming languages without having to learn different programming languages such as JAVA, C++, PYTHON. Similarly, often businesses or individuals may wish to deploy dAPPs on multiple platforms. As such, developers have to write and deploy smart contracts on each platform of choice, potentially in multiple languages. OneLedger is developing an SDK that eases this process of porting and deploying smart contracts across multiple platforms. OneLedger’s SDK will allow for users to define a “master smart contract” that specifies the smart contract written in each language of choice. The developer can then launch the dAPP on multiple platforms at once by specifying the desired platforms within the master smart contract
OVERVIEW OF CHAINCODE SERVICES
- Programming Interface
The client can develop their app interface utilizing a REST API provided by one ledger, allowing applications to register users, query the blockchain, and issue transactions. A set of APIS are made available for chaincode to directly interact with the stack to execute transactions and query transaction results.
- Consensus Protocol Hierarchy
OneLedger defines a Three Layer Consensus concept to integrate effectively between different Blockchain products. The same can be seen from the below diagram.
CONSENSUS PROTOCOL HIERARCHY
REAL LIFE USE CASES AND RELEVANCE OF ONELEDGER:-
· CROSS-CHAIN DECENTRALISED EXCHANGES, facilitating trades between coins which are not in the same ecosystem (ERC20, NEP5, etc)
· CUSTOMER PAYMENT SYSTEM (POS), facilitating acceptance of various cryptocurrencies with the same infrastructure, etc
· COMPLEX SMART CONTRACTS, facilitating smart contracts which takes/queries input from various blockchains.
Conclusion:
Oneledger is definitely a very promising project. It is trying to tackle very relevant issues and trying to be the “blockchain of blockchains”. The developments so far are good and if they can pull off what they are claiming in their whitepaper, they can be go a long way and indeed unlock “MANY DOORS WITH ONE KEY”.
ICO DETAILS AND USEFUL LINKS:
Project Name: OneLedger
Ticker: OLT
Token type: ERC20
Fundraising Goal: 15,000,000 USD
Sold on pre-sale: 10,000,000 USD
Total Tokens: 1,000,000,000
Available for Token Sale: 35%
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