One of the most promising projects since the beginning of this year that has put tens of thousands of investors in queue for hours just to complete their KYC and have a chance to secure their spot for the big sale is OneLedger. With an experienced team and strong advisors, a breakthrough innovative technology and a strong presence on their social media channels, OneLedger has all the requirements needed to be one of the top ICOs of 2018.
A big part of the crypto community has shown interest in OneLedger, especially because of its potential to moon. Because of the overwhelming interest shown by those interested to participate in the Token Sale, OneLedger has come with an original program dedicated to encourage a fair and transparent token distribution and also integrate the voice and talents of their community.
What is OneLedger?
According to their White Paper, OneLedger is a universal blockchain protocol that enables cross-ledger access through Business Modularization. This mechanism will enable your business application to interact with different public and private blockchains synchronously through corresponding side chains implemented in OneLedger platform.
The blockchain technology, which was invented a decade ago to power Bitcoin, is being used lately in all fields, from insurance to healthcare, from real estate to cybersecurity, education, government and many other fields. This is because it creates a greater transparency, reduces bureaucracy and has very low maintenance costs by eliminating the middle-man payment service providers. However, one of the greatest unresolved issues is that blockchains currently operate among their own system and cannot communicate with one another. Many extended problems arise from this issue, as the blockchain technology adoption is constantly on the rise.
By creating a technological bridge to connect different blockchains, OneLedger comes as a solution that will encourage wider blockchain integration. OneLedger will use side-chains to increase interoperability between varying blockchains like Bitcoin, Ethereum and others, thus providing an universal agnostic protocol that enables high-performance scaling.
Aside from this, OneLedger also operates as a powerful three-layer consensus protocol that will enable OneLedger to integrate effectively between different blockchain products.
The Three Layers Consensus Protocol
The Role Consensus is the first layer that utilizes a “role based” consensus protocol tied to the digital identity of business participants, with each role linked to an individual node. The contract generated by this layer will be generated once again as one that is executable on selected public blockchains, such as Ethereum.
The second layer is the Channel Consensus or Side Chain Consensus and it allows the execution of interactions between roles. Byzantine Fault Tolerant Partial Synchronization will be used among all participants each time a new block data is recorded
The third layer is the Public Consensus and it helps initiate transfers between public chains. By using a pre-consensus block sending a proposal to the public chain, the preconsensus step is conducted on the sidechain when a transfer between public chains is requested. The proposal is voted on by validators on the public chain to lock or unlock assets from the public chain and once 2/3 of the sidechain nodes commit this block, it is finalized on OneLedger.
OneLedger is currently undertaking ICO with a hardcap of only $15 million. 1 billion OLT tokens will be premined and each of them will initially be mapped to one corresponding ERC20 token to enable early adopters to use them on Ethereum ecosystem until the OneLedger ecosystem will be fully developed.
In the token economics of OneLedger there will be three participants: users, network supporters (nodes) and developers.
Users, including businesses will need to pay a network fee to nodes to use any service in the OneLedger Platform. Network supporters (nodes) will receive OLT tokens as network fee. Developers will rank from individual contributors to enterprise teams and consulting firms and will need OLT tokens to deploy their modules to OneLedger platform.
OneLedger will also build a marketplace, which is a decentralized application on the OneLedger platform.
Behind OneLedger lies a dedicated and motivated team of experts and advisors that are set to bring OneLedger to its full potential. Their team members is a good mix of both technical and business minded members, that were carefully selected in order to encapsulate all the required skills for the proper development of the project.
Even the Founder and CEO, David Cao, is a valuable person to the team, with over 3 years of blockchain experience and over 10 years of enterprise architect experience. He has previously worked on technical projects for several Fortune 500 enterprises and has worked on the development of DB2 and WebSphere Commerce core engine at IBM Toronto Lab. As a specialist in supply chain, payments, e-commerce, and as an experienced J2EE enterprise architect, David has helped large enterprises grow exponentially, including Home Depot, Sears, and Toshiba. David is an active member in both the Hyperledger and blockchain community.
With the ambitious idea to address the challenges surrounding the scalability and interconnectivity issues facing blockchains, OneLedger is a legit project with a solid team behind it. The technological innovation that it brings can enable countless applications for the further development of the blockchain industry.