OneLedger is a protocol. It’s not a DAPP it’s not quite a platform. There is a little bit of a confusion nowadays between words like protocol and platform and network. OneLender is a protocol that governs the interactions between offchain data and onchain data. It’s not about a particular blockchain it’s about multiple blockchains like bitcoin blockchain, ethereum blockchain, etc. Their stated mission is to simplify businesses adoption of blockchain technology and its integration into their specific business applications and products.
So OneLedger will help businesses to adopt blockchain technology and the way they do that is through some very unique innovations. So they’re basically coming to businesses and say “hey businesses create your own blockchains“ but if you’ve been around the blockchain space for any amount of time and probably wondering is that really any different than some of the other solutions that are out there right now like Komodo, Ardor, NEM and others that are trying to bring the blockchain to enterprise? The truth is it’s being done by others but OneLedger has sort of an unique approach to make this work.
OK, so why does that matter? It’s important because different businesses have different privacy and security requirements. You could imagine that retail business would have a lot of different privacy and security requirements on the government defense contractor and that’s gonna change by industry. It’s going to change by pretty much business-to-business and it’s going to be also change within businesses.
Well, let’s take a look at the killer features of this project. There are three most killer features:
1 — Multi-platform DAPPs
With OneLedger a developer will be able to build decentralized application using multiple platforms, both centralized and decentralized. So a business has a workflow and that workflow has many different pieces. Using OneLedger that can emulate those pieces and build different parts on different blockchains and even with centralized databases, they can run together. So you can have one DAPP on NEO or Ethereum or Icon. Actually it can use multiple platforms using cross-chained logic supported by One Ledger.
2 — Cross chain business logic and workflows
This is best explained by an example of a workflow of developing custom shopping cart.
Think about you add something to your cart. It asks you your address, it updates the site with a status. If you’re living overseas saying Japan there might be a different currency that shows up that currency needs to be calculated. There are can be different applications that can sing in. There could be a social shopping aspect as well. And that might factor into your decision whether to buy or not. There could be different payment gateways, there can be way too ways to manage the order, there could be big data reporting, so there’s all these different things that can tie into a simple checkout experience on Amazon or another ecommerce website. If that whole checkout workflow was built in just one centralized database at Amazon servers it would all be sort of in the same spot but that might not be the optimal solution you might have. One really good way of gauging the trustworthiness and reputation of friends who sway your decision to buy something and that could be governed by something say like the hub token trust protocol and for multi-currency support or changing you might want to use something like Stellar to be able to change those currencies without incurring large fees. And in the case of the development step that involves reports and big data analytics you might be able to use that data in other contexts and that could be managed by something like Ocean Protocol. So you step of the way rather than being developed all together. It could be efficiently developed one at a time on different black chains or by different companies and that is sort of what one launchers offering they’re offering you can imagine this red line is sort of like one ledger which connects all of these things seamlessly.
3 — OneLedger consensus protocol (which is very unique)
This is very interesting point. They basically have these diagrams in the whitepaper.
They call it business model A and B. Think about it as this is like one crypto project and another crypto project and the workflow is pretty much the same. The important part is at what stage of these crypto projects do they sync across each other.
I think the important thing to look at here is you have again these business models which are different crypto projects. For example we have the Ethereum development step and the Stellar development step and there could be this sidechain that both of these projects connect to. So there’s sort of this lineage and there’s an interesting voting mechanism that they share in the whitepaper. I’m not going to go into it now but the point is that in both of these crypto development projects they’re able to trace back the lineage to this one node and that they know that is connected to a sidechain. So it’s a way for sidechains to sync with the main chains like Ethereum or Stellar.
One Ledger Use Cases:
1 — The most immediate use case is crypto itself.
Let’s take a look at this exchange for example between Dogecoin and Litecoin and you’re gonna be hard-pressed to find an exchange that has a Dogecoin — Litecoin pair. You can imagine there’s a pair between Doge and something else that you’re not gonna find on exchange. Let’s say you want to exchange those for Litecoin. You would have to go through Bitcoin exchange it there and then you exchange your Bitcoin for Litecoin at the point so using Bitcoin as sort of an intermediary could slow down the network and there are different solutions that are coming out. Those trading pairs without the intermediary step but they’re sort of in their infancy so this is basically how it works. If you want to have a lot of Doge and you want to get it you have to trade it for a Bitcoin first and that slows down the Bitcoin network but if you use OneLedger you can basically use its crosschain logic to exchange Dogecoin directly for Litecoin using the OneLedger. One bunch of blocking as it in your media and this is great because it happens quickly. You don’t have to go through Bitcoin as an intermediate in intermediary saving time on that step and also not slowing down the Bitcoin;
2 — crosschain access and consensus through One Ledger protocol;
3 — standartized communication between DApps across chains;
4 — asset identification and transparent flow such as asset registration, dotating process;
5 — Supply chain and eCommerce flow (Catalog, cart could be build as a service and hooked up flexibly);
6 — Help businesses and individuals with support and flow optimization.
Tokenonomics of the OLT token
Just want to remind that good crypto economics should:
1 — align the incentives between participants in the network (toward network growth);
2 — protect the network from attack and malicious behavior.
Let’s see if the OLT token accomplishes that. In the OLT framework there are three network participants:
1 — users: pay a network fee to nodes and/or developers to use services within OneLedger;
2 — Nodes: receive OLT tokens as network fees;
3 — Developers will pay OLT tokens to launch business modules on the platform and can also charge OLT tokens for people to use different services that they develop.
Team
David Cao is the founder and CEO of OneLedger. He has three years of blockchain experience and 10 years of enterprise architect experience. He’s worked in a lot of fortune 500 enterprises so he has a lot of experience in supply chain a lot of e-commerce experience he’s been active in the hyper ledger and blockchain community so you can see how David got this idea for the project.
He brought the blockchain to enterprises, he got the experience, he got the enterprise experience and he’s trying to connect it. I like it.
Alex Todd is the chief technology adviser. He’s a pioneer in the FinTech and entrepreneurial space.
Steven Li is a lead engineer and a former consultant for Morgan Stanley and Deutsche Bank. He’s worked in financial space and he also worked for IBM and Microsoft. He also worked in the tech space and has an experience with front-end and back-end and he has become an expert in solidity of smart contract development theory.
Token distribution
- 15% to team and advisers
- 15% is reserving for marketing and long-term partners
- 10% for the company locked up reserve
- 25% to the community
- 35% for token sale
Token Metrics
Token supply: 1 billion OLT
Softcap: 4 million USD
Hardcap: 15 million USD
Seed round: 1 million USD, vesting period of 6 months with monthly cliffs for the bonus, implemented in smart contracts
Private presale I: 6 million USD
Private presale II: 3 million USD
Public sale: 5 million USD