What is OneLedger?
OneLedger is a self-proclaimed mass blockchain protocol that aims to make application development and integration easier for developers. It is capable of delivering cross ledger access and heavy duty scalability. OneLedger will be helpful in allowing aspiring blockchain developers to design and customize their very own systems for their own businesses. OneLedger is also competing with other companies in the race to unify and combine other pre-existing blockchains into one single but massive operating body.
Their technology attains mass universal applicability via the use of side chains. Side chains will help greatly increase inter-operability between other blockchains (such as between Bitcoin and Ethereum for example). Essentially, OneLedger will act as a gateway for businesses to interact with other blockchains and blockchain-based technology with greater compatibility and functionality than before.
OneLedger’s API gateway system lies at the heart of how they will achieve improved synchronization and communication among various blockchain parties. Their programming interface will easily let developers tailor their programs to be capable of assigning set functions to specific clients and users. This will allow developers to recruit and register new user profiles, and query the blockchain.
The Smart Identity Management Platform is one of their main characteristics. It utilizes a master private and public key pair for dual authentication which is assigned to any given identity, personal or corporate. This allows for superior tracking of information and assets and can also grant access to any other public key that the identity in question already has. The combination of both private and public access keys will prove to be a useful feature in the future development of OneLedger’s system.
The usage of side chains is perhaps their most important feature. Along with OneLedger’s three-layer protocol (we’ll get to the protocol design soon), clients can fully customize the level of access their users will have on their respective blockchains.
It is this triple layer consensus protocol that is essential to OneLedger’s framework. The three layers are the public consensus, the side chain consensus, and the role consensus. The side chain layer mitigates between the other two and will allow for improved efficiency in managing and leveraging the hierarchy of data flow. This three-part process should allow OneLedger to adapt to virtually any chain and incorporate it successfully.
OLT tokens will be used as incentives or rewards for users of the OneLedger system for helping to develop technology on their platform and contributing to stimulate their ecosystem. They are categorized as ERC20. OLT tokens can also be used to compensate node runners and help keep the stability of the platform optimized and functioning properly.
OneLedger is an interesting and ambitious idea that aims to benefit a variety of different people. Regular users can become a part of their new ecosystem and hope to benefit from the appreciation of value that OneLedger promises. Business owners or aspiring startup companies that wish to gain an advantage in developing their new project in tandem with co-habitating blockchains would arguably benefit the most.
Node runners would benefit too as they will be given compensation for their system management work. Developers, be they individuals, advisers, or entire firms, will also be able to submit their modules to the system and reap benefits from that. But OneLedger’s main audience is still the aspiring blockchain developer, so that’s a group will definitely want to keep an eye on the future of this company. Although OneLedger has some hot competition, if they come out in front when it’s all said and done, they’ll be incredibly important for the future of digital currencies and blockchain technology as a whole.