[DPRating] OneLedger Review: Ambitious project for corss-Ledger Dapp
by DPRating Team Translated by Tyler Garant
What is OneLedger?
OneLedger is a protocol that achieves scalability through sharding and Byzantine Fault Tolerant consensus scheme. OneLedger sidechains can already be synchronized with the current state of Ethereum, Bitcoin, support for other blockchain networks will soon follow.
Project
The OneLedger Protocol allows any user to initiate a side chain and run it on the network. The master/private key design enables its Identity Management Platform to provide a universal identity solution for users of different credit levels.
Another vision of the project is the Chaincode service, the SDK of which deploys dAPPs on multiple platforms in simple proving and deploying processes. Their goal is similar to the consensus layer of Arcblock, while their implementation is still in the design phase.
Extendable OneLedger API and One Ledger SDK are 2 core modules of OneLedger. They aim to bridge existing business-logic and blockchains through configurable roles, eventually becoming a black box solution freeing users from having to convert all the technical details themselves.
In conclusion, OneLedger’s vision can be labeled cross-chain + blockchain service, which falls in the competitive field of “Blockchain Solutions”. The team is very ambitious, though its advantages over other similar projects are not mentioned in the whitepaper. The roadmap is robust with plenty to achieve. The most important milestone is set in 2018.
Important features include:
- Smart Identity Management Platform
- Blockchain service
- Deploying smart contracts across multiple smart contract platforms
- Rest API portal
Challenges
OneLedger’s cross-chain logic is to synchronize data with other blockchain networks through modulation and side chains (in essence, it syncs asset information), The cryptos that support HTLC can be synchronized with the OneLedger sidechain. Under this premise, the sidechains can be considered a bridge that link OneLedger and other blockchain networks as a single entity.
OneLedger essentially serves as a compromised solution for enterprise-level clients. Traditional enterprise can connect to private chains, alliance chains, or any other public chains through OneLedger to exchange data, assets and other information. At the moment cross chain between public chains is realized through token exchange.
Theoretically, transactions that exchange external tokens with internal tokens on the sidechain are possible (through multi signatures or proved by miners), but current technology is far from realizing interoperations between chains. For now, shifting work to high-performance side chains, and communication between contract and Dapps, still exist only in theory.
The only disclosed partnership of Oneledger is FBG ONE. FBG ONE is a leader in the digital asset management and crypto community. FBG ONE and OneLedger will work together to offer customized blockchain solution and cross chain protocols for enterprise clients. There are no partnerships with other public chain projects for now.
Team
According to the official website, there are 9 members in OneLedger’s core team. The Github repo indicates that 7 people are updating the code library which confirms the team information. Most of the members have software development experience but lack blockchain related experience prior to joining OneLedger. The CEO has formerly worked in HyperLedger.
Advisors: PLOYMATH的CEO TREVOR KOVERKO以及MATTHEW NIEMERG、JOR LAW etc.
Partnerships: PLOYMATH、FBG ONE、MW PARTNERS、GWEI CAPITAL etc.
Community:
Google Trends:
Corresponding events to each trend peaks:
5/14: OneLedger KYC announcement
6/3 to 6/9: OneLedger announced its ambassador program
7/8 to 7/14: Oneldger listed on exchanges on 7/12
Contract fulfillment:
It has achieved its goal set for 2018 Q1~ Q2 which is building the MVP version.
You can access OneLedger’s detailed roadmap here: https://oneledger.io/#roadmap
Conclusion：
Risk: Medium
Based on all disclosed information, we believe that OneLedger holds a medium level of risk.
The MVP is public on July 19th. It will demonstrate how to set up and initialize a local testate of Oneledger. This is a transparent project and the hype for it on social networks and groups is real.
It’s token allocation plan is:
- 35 percent fundraising
- 15 percent for team and consultants, with the share for the team to be released by season over the next 24 months.
- 10 percent for Marketing and Building partnerships, released Monthly by smart contract; the lock-up period is brief, which moderately motivates the team.
Here is the risk metrics：
Investibility: CCC
Cross chain is a popular sector in the industry, but the related technology is still in an early trial and error stage with early-movers still unable to take a significant lead over new competition. OneLedger has had a late start, but if the project manages to release the MVP on time (at the end of Q2) and its performance meets the standard that was claimed of it on the white paper, then OneLedger will stand a chance to compete with the early movers.
Here is the investibility metric:
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