OneLedger (OLT) A Blockchain Based Business Network Protocol
The modern society has begun to embrace the importance of blockchain technology. Its specialized coverage doesn’t end in a single industry function, but it extends to a more complicated and advanced platform which OneLedger as an exceptional example of this significant breakthrough.
Definition And Functionality
OneLedger is a cross-ledger agnostic protocol that allows high-performance scaling, utilizing a sharded and adjusted practical Byzantine Fault Tolerant consensus scheme which permits either a permissionless or permission setting. By uniting Public Key Infrastructure (PKI) with identity management, nodes and node operators will have a specified trust hierarchy that enables them to associate in the consent of the OneLedger chain or any sidechain. OneLedger sidechains operate at the same time with the current state of other networks such as Ethereum, Bitcoin, Ripple, etc. Any cryptocurrency that supports Hashed Time Lock Contracts (HTLC) and payment channels could be placed into an account or address with the value credited to the OneLedger sidechain.
Above is OneLedger architecture’s key components, and how they fit into the overall consensus scheme. It allows users to develop blockchain business application by utilizing modularization tools that will interact with the protocol using its gateway. This process will make business application associate synchronously with different public and private blockchains using the corresponding side chains performed on the platform.
Consensus And Features
This blockchain network is illustrated as a three-layer consensus protocol that permits more efficient integration of various blockchain applications. OneLedger’s first layer involves the execution of business logic in which is a configurable role-based consensus protocol leveraging hierarchical grouping comparable to the structure of Merkle Trees. The side chain protocol can move consensus from the main chain with a public agreement to the sidechain with high performance and efficiency. It enables the synchronization and reference between a three-layer consensus mechanism on its block structure.
Modularized Business Mechanisms
The sharing and exceptional mechanisms presented by the blockchain system develop a feasible and verifiable blockchain network which is modularized from real-world functionality.
OneLedger protocol allows communication and access over the blockchain and admits for categorizing and extendability across multiple Blockchain networks. Transaction data and real record preferences are written into allocated nodes by validation mechanism of data sharing through OneLedger protocol.
A specialized engineered position and arbitration mechanism facilitating storage of data in an ascending structure enable high-performance transactions.
Multi-Chain Runtime Support
The platform aims to provide a steady runtime which is compatible with different blockchain protocols and application development stacks.
Team And Advisors
The team comprising Oneledger network has extensive combined experience in the blockchain protocol and consensus algorithm development, high-performance computing, information security, cloud computing and business intelligence. It also has a sturdy advisory board, imparting reliance in the future direction of the project.
(OLT) Token and Distribution
OLT is OneLedger’s native currency. It is used by three leading participants in the network’s ecosystem:
Businesses and individuals would pay OLTs as a processing fee to the nodes to use any services on the OneLedger platform.
Joining nodes will get OLTs as network fees. OneLedger would permit everyone to run a node initially. But, as the ecosystem develops, an OLT staking amount would be needed to establish nodes to preserve network integrity.
Developers require OLT tokens to deploy their modules and code to OneLedger Marketplace with a smart contract specifying the terms of sale.
The development roadmap of OneLedger is still in the early phases with a lot of notable milestones projected in the next few years. Some of the most important milestones are the launching of Ethereum and Bitcoin sidechains, MVP launch for cross-chain consensus, launch of API gateway, and the launch of Alpha version and the first version of OneLedger’s platform.
Tracking OneLedger’s roadmap to follow through 2018–2019:
Theoretical Proof of Concept
Launch Ethereum sidechain testnet
Synchronize Ethereum sidechain with OneLedger protocol engine
Implement and optimize cross-chain consensus
Add more public chain support
Launch MVP with crosschain consensus
Enable Bitcoin sidechain to allow for cross-chain support
Complete decentralized cross-chain exchange protocol
Complete implementation of modularization tools and compilers
Implement OneLedger’s Identity Management System and Smart Contract Authorization System
Launch API gateway
Launch Alpha version of the platform
Release first version of the platform
Integrate with more blockchain protocols
Expand business network
Headed by David Cao, the Founder and CEO, OneLedger team is composed of skilled and experts from different industry and technology fields. They have ensured that what they aim should be done according to expectation and requirements.
OneLedger appears to contribute a very efficient and scalable approach to empower businesses to operate in a blockchain-agnostic order. It would allow dApps to work on various platforms with a single master-contract, which is a huge development on the way dApps function these days. Because of the unique components of its protocol, it is in a different position to explore an undiscovered area in the blockchain interconnectivity space. It has a modest token sale hard cap of US$ 15 million, thereby significantly growing the upside potential for investors in the OLT token.