A Universal Blockchain Protocol Enabling Cross-ledger Access through Business Modularization
Why Oneladger?
One of the biggest problems nowadays is the inability for different blockchains to communicate with each other, also called deficiency in interoperability. Blockchains operate only within their own ecosystem. That applies to both private and public blockchains. This limits the consumers to choose only one blockchain for their needs. They can’t choose the best of what each blockchain has to offer. Other significant issues that stay in the way of wider integration of blockchain technology are- scalability, interoperability, multi-network deployment for dAPPs, existing legacy systems and more. OneLedger offers a solution for these problems by creating a technological bridge that connects different blockchains, giving the consumers a more complete and optimal experience. This will help with the adoption and integration of blockchain technology in various business applications and products
Key Objectives of Oneladger
Oneladger deals with small individual business owners to massive enterprises, Oneledger stands for to simplify businesses’ adoption of blockchain technology and its integration into their specific business applications, procedures, and products.Through OneLedger, both businesses and individuals can leverage the platform to create both public and private blockchains with their own uniquely identified network consensus. With the use of role
control, enterprises can also separate read and write access on their permissioned network. Some industries, like healthcare, require people with the appropriate roles to view certain records. In addition, businesses will be able to create and manage their own community-owned digital wallet and credit system.
Check out the diagram for surmised explanation
Individuals participating in business activities can effectively become their own smart contract performers and data sharing peer. Safety and reliability of transactions is further promoted and ensured through the common data validation mechanism. OneLedger forms a realizable and verifiable blockchain network which is modularized from real-world functionality, based on the sharing and immunity mechanisms based on blockchain methodology.
Working Principle.
Oneledger utilized Three Layer Consensus concept to enable OneLedger to integrate effectively between different Blockchain products
For detail description of working functionality and technical terminologies of Oneledger operations consult with Oneledger white paper. It is purely subject of technical developers and blockchain experts . So please consult the white paper to understand oneledger operations
Concept of OneLedger Consensus Protocol Hierarchy
Oneledger utilized Three Layer Consensus concept to enable OneLedger to integrate effectively between different Blockchain products. This diagram self explanatory however some details of thease three layers are given below.
The Three Layer Consensus starts with a Business Initialization where a contract is defined to indicate the roles and their respective behaviors of business participation. The contract defined for the business model is a generalized contract which will be compiled and generated to a contract recognizable and executable for different underlying public blockchains, such as Bitcoin and Ethereum. The generated contract will then be deployed with a proper method for nodes within OneLedger running different blockchain code. In Ethereum nodes, the contract is executed in the form of a Smart Contract, and in Bitcoin nodes, the contract is replicated from the genesis contract when nodes are created
OneLedger proposes a concept of Channel Consensus to execute interactions (transaction or any business behavior) between roles as defined in the contract. These roles can come from either one or two business models.Channel Consensus is achieved only after both models have reached consensus. Note that when the consensus is achieved in the Channel, the written block data is broad casted to all nodes in this channel and stored.
OneLedger Sidechain Consensus helps initiate transfers between public chains. When a transfer between public chains is requested, the pre-consensus step is conducted in the OneLedger Sidechain, and a pre-consensus block will drive a proposal to the public chain. The proposal will be voted by validators of the public chain to validate the lock or unlock action for assets on the public chain.
Use Cases
OneLedger’s protocol and interface enables interaction with an arbitrary number of core infrastructure networks in a highly scalable manner. Numerous use cases can come from this interoperability;however we describe one primary use case: a cross-chain decentralized exchange.
A user will deposit into an account or address and then be credited the corresponding amount on OneLedger. The user can then trade this asset between any other asset type and not be limited to the “normal” base pair markets of Bitcoin or Ethereum. As users trade, their account on the corresponding sidechain on OneLedger is credited accordingly, and they can choose to withdraw their new coins to an address of their choice at anytime.
Oneledger clams that because of sharding and the use of sidechains, the number of trades that can occur in a small time can be exceedingly high. This fact stems from the idea that if a user trades Litecoin for Dogecoin (within the OneLedger framework), then this transaction only has communication between the Dogecoin and Litecoin sidechains and does not affect the performance, for instance, of the Bitcoin or Ethereum sidechains. OneLedger is more than a cross-ledger decentralized exchange. With the use of smart contracts and our business integration APIs, we will make the process of on-boarding businesses to use distributed ledger technologies for their particular applications, whether it be supply chain / inventory management, accounting, digitization of assets, etc., much easier.
Other feature usage of OneLedger
• Ability to move business traffic into sidechain with high performance
• Ability to deploy and migrate DApp with ease
• Enablement of cross-chain access and consensus through OneLedger protocol
• Standardized communication between DApps within OneLedger protocol
• Asset identification and transparent flow such as asset registration, donation process
• Transparency and traceability of process through tagging of business flows
Token Economics
100 million OLT tokens will be premined. Each OLT token will initially be mapped to one corresponding ERC20 token so early adopters of OLT can use them on Ethereum ecosystem as the OneLedger ecosystem is being developed.
OneLedger Stakeholders
• Users
• Network supporters (NODES)
• Developers
Users will have to pay a network fee to nodes if they want to use the Oneledger platform. They can get OLT tokens to pay the fee from running a node themselves or buying the tokens from other
Users can also spend OLT tokens in the marketplace for specific modules they might need that are made by the developers, this can be done on a one time fee basis or as a subscription based solution that will be coded in the smart contract.
At first OneLedger will allow anyone to run a node but after a period of time they could introduce a staking mechanism so they ensure commitment and quality of the network
Token Metrics
Schematic Diagram for token matrics
• Token supply: 100 million OLT
• Softcap: 4 million USD
• Hardcap: 15 million USD
• Seed round: 1 million USD, locked for 6 months in smart contract with monthly release
• Private presale: 6 million USD
• Public presale: 3 million USD
• Public sale: 5 million USD
• Team reserve: locked for 24 months in smart contract with quarterly release
• Advisors reserve: locked for 12 months in smart contract with monthly release
• Company reserve: locked for 24 months in smart contract with monthly release starting from the seventh month
• Marketing and Long-term partners: subject to various lock-up periods
• Team
They have a very strong team and advisers check there in Profiles in the Website https://oneledger.io/
Partners
Following are the major investors and Partners with OneLedger
Disclaimers:
• Everything written in this article is taken from Oneledger White paper .
• Crowd sale has been finished successfully wait to unlock on exchanges might be best opportunity for cryptonators
• If someone have any query ask from project team on telegram channel link is @OneLedger
• Always remember this article is written for education purpose only DYOR before investing
I am available to answer any query about this article
Regards
Engr.cryptos
