Disclaimer: This is not a financial advise- these are my opinions about the project and this cannot be taken as advise by any means
OneLedger aims to provide a scalable off-chain solution and provides the ability to inherit the properties to the sidechains using the OneLedger Protocol. OneLedger protocol uses the notion of hash timelocks contracts (HTLC). A hash timelock contract is a combination of a hashlock and a timelock. OneLedger uses the role control in the Public key infrastructure (PKI) to allow enterprise organisations to run their own permissioned sidechains. What makes oneledger standout is that, the Byzantine Fault Tolerant consensus scheme allows the chains to be in a permissionless or permissioned setting.
OneLedger is a project that is a great port of entry for Enterprises into the blockchain world as the company aims to simplify the adoption of blockchain technology by providing the OneLedger framework as a platform to develop dapps and launch it across multiple networks.
In summary OneLedger is all about,
As mentioned above, the main blockchain service provided by OneLedger is that, anyone can use the OneLedger consensus protocol to launch a permissioned or permissionless side-chains. In case of permissioned chains, Individuals or Companies can use OneLedger’s Smart Identity Management System to assign a trust value to an identity using another identity, this way the private / public key-pair is used as a universal identity solution to keep track of user assets. Any distributed ledger that supports hashed-time lock can be synchronized with OneLedger side-chains.
Architecture:
Where OneLedger stands itself out is by providing a simple set of REST APIs to directly interact with the stack and query the blockchains. This will help big time for small and large businesses to build dapps for real world use cases and effortlessly run it on multiple networks using the OneLedger protocol. The SDK helps the developers to avoid writing code in multiple languages for different platforms, dAPPs can be launched on multiple platforms by specifying the desired platforms within the master smart contract.
There will be a business portal which will have visual integration development tools for businesses to develop and bring their modules onto the blockchains. The platform will also enable users to set up their own service agreement and service template such as supply chain, law service agreements, and distribution agreements. Once completed, this service or agreement would be translated into a Solidity contract or other chaincode. OneLedger SDK gives users with the following tools,
Asset Management by defining it, Workflow/Process to build a module and execute the function and perform a transaction in blockchain, Role access control and a connector to integrate OneLedger Public Blockchain data with existing networks.
OneLedger has a 3-layer consensus, Business Initialization, Channel consensus and Sidechain consensus. First layer is where the contracts are defined and deployed to the nodes within oneledger, and these contracts are executed on different blockchains like Ethereum, Bitcoin etc.,
Channel consensus, second layer is used to execute the transactions as defined in the contracts. For a role defined contracts the consensus will conduct a vote with all participants, and the consensus is considered as achieved if more than ⅔ agreement among voters and then this gets broadcasted to all nodes in the channel. One of the main challenges of this is calculating the blockchain height on nodes as it can differ, OneLedger uses Resilient Distributed Blocks (RDB) to trace the lineage relation of each block in sidechains with the help of the Merkle Tree reference stored in the reference field of the block data.
The bottom layer initiate transfers between public chains, a pre-consensus block in the sidechain will proposal to the public chain. Public chain then gets the vote by its validators for asset request and if success is returned to the side-chain, the request gets committed in the pre-consensus block. Once ⅔ of the sidechain nodes commit this block, it will be finalized in OneLedger. If a node didn’t receive enough pre-votes in the round time, a new round with more time will begin until a pre-commit is achieved. Once validated, the block is broadcasted and the previous block is finalized.
No MVP or Testnet available yet although team has said they will show a MVP before TGE
There are number of partnerships announced but cannot see an working partnerships mentioned anywhere i.e., to utilise OneLedger platform
Token supply: 1 billion OLT
Soft cap: 4 Million USD
Hard cap: 15 Million USD
For sale: 35%
Team looks strong with good blockchain experience and they all have linkedin
Advisors looks strong including CEO of Polymath and they all have linkedin
Excellent hard cap for what they are trying to achieve
Vested tokens are in smart contracts
Permissioned and Permissonless blockchains
Enterprise money into Crypto
OneLedger changed their token metrics- it could be seen unfavourable by some
One big negative is, there is no MVP/Testnet available although Oneledger has promised it will be available before the public TGE
They haven’t announced any notable working partnerships
Quite a good % of token kept by the team
To be honest, OneLedger seems impressive in what they are trying to achieve and aims to be a one stop shop by even building marketplaces for dapps built on OneLedger Platform. OneLedger provides a strong real-world use case around various aspects/areas as it can be used in supply chain inventory management, accounting, digitization of assets, eCommerce flow etc,
OneLedger is a strong contender in the space with high aims but only time will tell if the high ambition can be pulled off by the team.
I am no one to give a score- All these are my humble opinions
Final Verdict: Lovin’ it
Investing: Yes, I will
