OneLedger to Rule Them All : OneLedger ICO review

OneLedger Vision:
Blockchain technology is catching up the world like a storm. Many organisations and individuals envision building a better and more powerful blockchain. But in the process, they create a massive problem. Each blockchain created by a different entity are unable to communicate with each other. In short, there is no interoperability between blockchains. This is true for both private and public blockchains. Due to this massive problem, end-users have to stick to one blockchain at a time and be limited by the performance and features of that selected blockchain. They are unable to benefit from what other blockchains have to offer. Apart from this issue, there are many other problems with current blockchain systems such as scalability, multi-network dApp deployment.

OneLedger envisions of mitigating these issues by creating a scalable and universal cross-ledger protocol specially designed and developed for businesses. The idea is to create a technological bridge that inter-connect different blockchains, resulting in a complete and optimal experience for the users. This promotes the adoption and integration of blockchain technology in various business environments.

Technical Look:
I will try my best to put the OneLedger’s technical concept in simple terms. Basically, they are building a cross-ledger agnostic protocol which enables high performance scaling by utilising a sharded and fine-tuned practical Byzantine Fault Tolerant (I’ll explain it, I promise) consensus scheme. It has an option to choose either permissioned or permissionless [Whether blockchain validators should approve the smart contract / transaction or not] depending on the which sidechain you are using. So you are able to have blockchains that people can openly perform transactions and also you are allowed to have a blockchain where only certain permissioned people can perform transactions. The latter is much suitable for the private businesses.

So what is Byzantine Fault Tolerant?
This might surprise you, but this level of fault tolerance is used in nuclear plants and airplane engines. Firstly, the transaction is broadcasted and then validators decide whether to accept or reject. So after they agree on a single decision, the transaction will be put into the network. For this process to be secure, consensus must be fault tolerant. With this there is a problem called “two generals problem”, two generals of the army want to attack the same enemy but separately they can’t win but together they can. To do that they need to communicate with each other, but what will happen if this message is intercepted by the enemy? This is a problem. Byzantine Problem is that what if one of the lower ranking officers under the general is not loyal (a double agent maybe). So if the 2/3 of all lower ranking officers agree, this problem will be solved. This same concept applies to the blockchain. OneLedger will verify that the more than 2/3 of validators will agree before executing the transaction.

OneLedger will be your go to place when it is required to launch any dApp. You can launch your dApp in any blockchain of choice and be compatible with any other blockchain, so later if you would like to transfer it. So for example, you can do a dApp on Ethereum Blockchain and later switch to NEO blockchain or any other without any hassle. OneLedger uses open key establishment (PKI) with identity organization, centre points and managers which allows permissioned sidechains.

The OneLedger architecture relies on two core principles: Side chains and business modularization. Also, OneLedger provides a three-layered consensus protocol which enables more effective integration of applications which are running on different blockchains.

Partners:
Polymath
MW Partners
Wachsman PR
Trust 2 pay
Gwei Capital

Token Metrics:
HardCap will be 15Million USD which is fixed. And the softcap is 4Million USD which will allow them to launch the project. There will be 1 Billion OneLedger Tokens (OLT) and each token initially will be mapped to ERC20 token so it can be issued and traded initially. ICO Price will be 1 OLT = 0.52USD

Disclaimer: Above article contains my personal opinion about the ICO and it is in no way should be considered as financial advice. Please make sure you do your own research before investing in cryptocurrency and ICOs.