1.Idea:
One of the biggest problems nowadays is the inability for different blockchains to communicate with each other, also known as lack of interoperability. Blockchains operate only within their own ecosystem. That applies to both private(permissioned) and public(permissionless) 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.
OneLedger Highlights:
OneLedger is a cross-ledger agnostic protocol that enables high-performance scaling using a sharded and modified practical Byzantine Fault Tolerant consensus scheme. The OneLedger architecture relies on two core principles: Side chains and business modularization. OneLedger defines a three-layer consensus protocol to enable more effective integration of different blockchain applications.
Side-Chains: Side-chain is essentially а scalable “off-chain” solution from the main chain that offloads the consensus to the corresponding OneLedger side-chain which inherits all of the properties of the OneLedger protocol. Тhe side-chain can be permissioned(private) or permissionless(public). The user can implement the Smart Identity System to search for identities with a particular trust rating for infrastructure services, node operations and/or assign particular identities to maintain the side-chain. This side-chain can be synchronized with any public distributed ledger that supports hashed-time lock contracts(HTLC). Advantages of “off-chain” technology is: thousands of transactions per second, no need of any confirmation; very low commissions, which will also allow micro-payments; instant payments, as you will not have to wait for the miners to confirm.
Business Modularization: Businesses will be able to create specific modules for their needs (via user-friendly API system). This way businesses would easily access the OneLedger consensus protocol allowing their off-chain data to first interact with the OneLedger Blockchain, but also- connect and interact with all other Blockchains available on the platform. This way, businesses will preserve their internal access controls and specifications without suffering from any separations from the existing technologies.
Smart Identity: User will be able to manage an identity across multiple distributed networks. This is done by assigning a master key pair (private and public) to an identity. OneLedger also allows one identity to assign a trust value to another identity, thus creating a “web of trust” combined with PKI.
Chain Code Servive (dAPPs migration): OneLedger is developing SDKs to ease the process of porting and deploying smart contracts across multiple platforms. The end result is launching a dAPP on multiple platforms without the need to learn or write in different languages (Solidity, C++ etc).
Some of the competitors include ArcBlock, NEM, AION and more.
To sum it up: Cross blockchain interoperability, public and private side-chains, sharding, dAPP migration and smart identity, role control, high scalability, business modularization, crosschain wallet are all key components of OneLedger’s platform. OneLedger offers a wide range of improvements for the overall blockchain infrastructure that will help with the adoption and integration of blockchain technology from various businesses. I do like the idea a lot and I see solid use case for OneLedger if they are able to execute their plans successfully.
2.Team:
Team of 7 with 7 advisors (14 total)-based in Canada. I like the team. They have experience in well-known companies such as: IBM, Nokia, Amazon, Xerox and more. I also like the fact they are tech-savvy with decent entrepreneur background. My only concern with the team is the low number of the blockchain developers given the magnitude of the project.
Founder&CEO: David Cao, Education: Comp. Science at USTC(top 9 in China). Rich experience as a developer and commerce consultant. Master Control at Roger Communications 1y(huge company-14bill revenue), Developer at IBM — 3y, Senior Commerce Consultant at Nurun 2y(Acquired for 114mill$ by Publicis Groupe), Lead Commerce Consultant at Xerox-5y(top), Chairman at Canada China Blockhain Professional Association
CTA: Alex Todd, Education: Commerce at University of Toronto (32 World Ranking). Entrepreneur with a strong base for emerging technologies. Managing Consultant in Information Security&Trust at IBM-4y, CTO at Metrolinx(manages road/public transport in Toronto, Canada), Founder&CEO at Trust 2 Pay(blockchain-enabled universal platform for social action)
Lead Engineer: Stephen Li, Education: Comp. Science at UESTC (strong Chinese University). Very experienced developer with strong background, easily an all-star. Highlights: SDE Lead at Microsoft-1y, Staff Software Engineer at IBM-4y, Senior Consultant at CGI-8m(10 billion revenue company), Consultant at Morgan Stanley –1y(financial services-38 bill revenue)
Engineers Highlights(2 people): Working experinece as devs at Nokia-5y, Business Itelligence Engineer at Amazon-1y, Data Engineer at MindGeek(big internet company)
Managing Director: Soft. Developer at Autodesk-4m, Quality Assurance Analyst at NexJ Systems-4m, Developer at LogiSense-1 ½y. Agile Soft Engineer at TribalScale-1 ½y (Comp. Software)
Public Relation Officer: Performance and Client reporting analyst at Manulife(investment management-big company), Community Manager(volunteering) at The BlockchainHub-1y
Advisors Highlights:
Trevor Koverko: CEO at Polymath, CEO at Digital Asset International
Matthew Niemerg: Center of Excellence Postdoc in High Performance Computing at IBM-2y
Jor Law: Strong law experience. Founder of Verify Investor(Acquired by tZero)Associate at Shearman&Sterling(Law Practice)-2y, Director at Network Optix(Law Practice)-5y, Director Network Optix(Information Tech. And Services).
Sam Yilmaz: VP of Product Development at Engine
Reuben Loo: Blockchain community manager at Quantstamp, Zilliqa and URTRUST
Partners:
Polymath
MW Partners
Wachsman PR
Trust 2 pay
Gwei Capital
3.Token Metrics:
Hard cap: 15 million USD, fixed to USD. Softcap: 4 million USD
ICO Stages: 1 million USD VCs funding. Private presale: 6 million USD, Public presale: 3 million USD, Public sale: 5 million USD
Token Split: 35% Contributors, 25% community reserve, Team&Advisors:15%, Company reserve: 10%, Marketing and Long term partners: 15%. Various lock-up periods.
Total Tokens: 100 million OLT, ICO Tokens: 35 million OLT
Symbol: OLT, Interim ERC-20 Token
ICO price: 0.52$
Bonuses: Private Presale-25%. Public Presale: 20%. No bonus for the Crowdsale
Token’s Utility: OLT is the basic utility token on the platform for transaction, deployment fees and service access fees
Crowdsale date is TBD(will start and end in May)
4.Strength point and Opportunity of OneLedger
The concept of the OneLedger ICO is relatively user-friendly in terms of usability. OneLedger plans to build a service interface, which is called a business portal for users of any level of blockchain experience, to build business and business modules on the blockchain.
OneLedger will also leverage API to encourage developers to create an ecosystem for specific business use cases. Developers will be able to provide plugins for businesses in the OneLedger marketplace, in order to earn OLT.
To continue to leverage the potential that blockchain interoperability holds for businesses, OneLedger is developing a special SDK to deploy DAPs across multiple platforms.
Instead of encrypting many smart contracts, the SDK will allow developers to create a master smart deal that can be written in multiple languages for deployment on desired set of protocols. Developers will be able to launch Dapp on multiple platforms at the same time through this smart contract feature.
5.Weaknesses and Challenges
Interoperability is a matter of concern for blockchain infrastructure projects at this time. With so many promising protocols like OneLedger in terms of scalability and interoperability, the competition is quite high.
The mainnet release date is set to begin in 2019. By this point, the ability of ICO OneLedger to compete with a market where the adoption of competitive protocols is under way. Good performance is quite high.
The OneLedger team has not yet developed the actual product and has yet to release MVP.