This OneLedger review is not an investment advice. It’s an honest overview and analysis of the project and the one ledger token (OLT) connected to it. We do believe it will be a strong player in the crypto market.
But let’s start with the:
What is OneLedger?
OneLedger is an enterprise blockchain protocol which is designed to allow businesses deploy a high-performance scalable end-to-end solution for their business needs, using a modified Byzantine Fault Tolerant consensus scheme.
OneLedger has been designed to work as an inter-chain network; transactions could be made off-chain and later transferred to the sidechain of OneLedger. This allows users to perform an arbitrary number of transactions on the network without overloading it or causing slowdown in processing times. It also frees up system resources. OneLedger’s sidechain can support cryptocurrencies that are based on hashed time lock contracts. The entire chain construction is scalable.
For businesses to operate in today’s world, a lot of their functions have to be captured and performed with enterprise solutions. Business processes and applications have to be integrated. Existing blockchain solutions are programmed to either serve as payment solutions (e.g. blockchain) or to support the creation of decentralized apps (Ethereum). There are very few which are built to promote enterprise processes. Without a blockchain technology that integrates business processes, communication and interaction within the various elements of a business (e.g. between the business and its suppliers or between a business and its customers) still have to be done the old way.
What does OneLedger bring to the table as its unique selling proposition?
- It prides itself as an internationally-focused scalable enterprise solution for business operations.
- It allows transactions to run through multiple chains, allowing for modular deployment across various departments or aspects of a business, while still allowing interconnectivity.
The team at OneLedger believes that with OneLedger, it will be possible for a business to deploy full enterprise solutions in several ways that can be made unique to each business.
- A business can create an ecosystem strictly for its customers and suppliers, and use OneLedger to provide an automated solution that can handle sales information, inventory keeping and payments.
- Businesses that depend on customer identification (e.g. health insurance companies) can use OneLedger as a smart identity management system to track users, their activities and transactions within the ecosystem.
- It will be possible to create modules for various departments within an organization for better administration. Due to the fact that OneLedger promotes inter-chain linkages, the modules so created will permit inter-departmental communication.
A key component of business processes is the handling and processing of payments. The protocol of OneLedger supports the authentication of public keys of wallets.
The OneLedger token will constitute the currency of the network and will be stored in highly customizable OneLedger digital wallets. The token and wallet will support multi-network business interaction. The OneLedger network will maintain a tamper-proof digital identity of users. It will then be possible for any business or personal transactions to be used by the wallet owners in credit score assessments for securing loans, filling visa forms or other activities where a verified source of financial transactional information is required.
Investing in OneLedger: Pros
What are the pros of the OneLedger project?
- OneLedger already has a working product in the marketplace, unlike more than 80% of ICOs that push tokens that are not backed by any product and which have no alpha that can be demonstrated.
- There is already a user-base for the product with a massive opportunity for scalability.
- The OneLedger team is drawn from experts who have extensive experience in the fintech, banking, legal, entertainment and gaming industries.
- The project itself has a lot of technical aspects, and therefore it is interesting to note that there are three blockchain engineers working on the project, along with a CEO who has experience working for companies that develop enterprise solutions. So we have a team which has the experience and know-how to develop a project like this.
- The most differentiation from other projects comes from building their technology as gateway between centralized and the newer decentralized systems. They sit in the middle. Not only is this useful for enterprises to integrate their existing systems, but it also has the added benefit that in some cases they can utilize well-understood enterprise designs as opposed to having to pursue decentralized equivalents.
Investing in OneLedger: Cons
There are some negatives with this project.
- The white paper is a bit too technical when compared with many other ICOs in the market. If the focus group being targeted includes average Joes with little or no knowledge of the technical aspects of blockchain technology, then the white paper needs to be rewritten in simpler language.
- There is at least one competing project out of South Korea known as ICON that does exactly the same thing. Some of the other competing projects have already hit the market with either functional prototypes or a minimum viable product (MVP). OneLedger is yet to do so.
- How is this project going to generate income to keep it going well after the fundraising taps have run dry? The white paper does not give any indication as to how this project will remain viable.
100 million OneLedger tokens (OLTs) has already been pre-mined and will be issued as parity with ERC20 tokens. This allows for equilibrium in value so that the tokens can be seamlessly used on the Ethereum network as well without complex conversions.
Total soft cap is $4m and the hard cap of $15m. An initial vesting period of 6 months has been proposed. This will follow the 1st seed round fundraising or $1m. Two private pre-sales will be held to raise $6m and $3m respectively, after which the public sale of OLT will be done to raise $5m.
The proposed allocation of the OLTs is as shown below:
A substantial component of the OLTs (35%) will be sold during the private and public offers. This is the component covered by the Sale Distribution segment of the pie chart. The rest of the tokens will be distributed as follows:
- Community reserve: 25%
- Company reserve: 10%
- Long-term partners:15%
- Team and advisors:15%
The Ethereum side chain test net will be launched in Q1-Q2 2018. At the same time, synchronization of the protocol engine of OneLedger with Ethereum side chain will be carried out. It is also intended to achieve cross-chain consensus along with launch of the Minimum Viable Product at this time.
The last half of 2018 will see enablement of the Bitcoin sidechain as part of the expansion of cross-chain support channels. Furthermore, the cross chain exchange protocols will be decentralized. Tools to enable the modularization of the OneLedger enterprise solution will also be completed.
Other activities to occur within this period are implementation of the smart identity management system, and launch of the API gateway. We are also likely to see the entrance of the alpha version of OneLedger before 2018 runs out.
The launch of the first version of the mainstream OneLedger platform is expected to take place in 2019. It is also expected that expansion of the OneLedger network will be achieved via integration with more blockchain protocols