OneLedger: Cross-chain protocol with smart contract. A deep dive.

This cross-ledger agnostic protocol named as OneLedger allows a better and more efficient scaling with the use of Byzantine Fault Tolerant consensus scheme and public key infrastructure (PKI) to preserve a trustworthy networking environment. It offers a scalable off-chain solution away from the main network and offloads the consensus to its comparable OneLedger sidechain which receives all the things belonging to the OneLedger protocol. Part of its cornerstone is to utilize a public key authentication that enables the production of personal accounts with highly configurable digital wallets, credit systems, and arbitration mechanisms. Moreover, it establishes a verifiable blockchain network with variety of real-world uses.

OneLedger presents a smart identity management platform wherein you can assign a master private or public key-pair to a certain identity which is helpful to trace assets kept on multiple distributed databases. Additionally, trust value between identities can be given. In OneLedger, anyone can start a side-chain to operate in the OneLedger consensus protocol. The side-chain can be permissioned or permissionless. When permissioned, the Smart Identity Management System will be employed. Also, OneLedger’s Software Development Kit (SDK) allows its users to have a “master smart contract” and it simplifies the process of making use of smart contracts in various platforms. As for its programming interface, it has primary client-side interface and service-side programming interface. In the primary client-side interface, REST API is used which allows communication between a web-based client and server. On the other hand, service-side programming interface functions as a business portal.

Development of extendable interface is being performed with the purpose to have a fast, safe, extendable and agnostic, granting an easy installation of decentralized applications (DApps) and cross-ledger communication. Likewise, through OneLedger’s portal of business tools, the creator can immediately arrange a supply chain, law service agreements, and distribution agreements. Configurable role-based consensus methodology will be operated for its business logic as it delivers a hierarchical grouping resembling a Merkle tree. Determined roles can be linked in the business using the defined key and digital signature.

There are three layers in its consensus protocol hierarchy. First is the OneLedger business initialization in which a contract is designed to specify the roles and behaviors of users. The contract is made in a way in which it can be acknowledged by different underlying public blockchains (e.g., Bitcoin, Ethereum). Second, the OneLedger channel consensus. It carries out the interactions between the roles stated in the contract. Lastly, the public chain consensus instigates the transfers across public chains. These transactions are made possible because of OneLedger’s use of a hybrid combination of federation and drive chain. Moreover, for its structure, block hash is used that will be validated with the help of Merkle tree root. In order to identify whether the block is stored in Ethereum or Bitcoin node, the Network Type field will be the one responsible of the register.

There are three major participants in OneLedger’s token economics. First are the users who provide payment to have access on the services available in the platform. Second, network supporters, also known as nodes, acquire these OLT tokens which serve as network fees. During early phase, everyone is permitted to operate a node. Subsequently, a staking amount should be provided as an assurance of the commitment and quality of the network. Finally, developers who are the ones requiring OLT tokens to distribute their modules. 25% of the community reserved tokens will be utilized for the enhancement and development of the system. Furthermore, OLT tokens are also distributed for the team and advisors (15%), company reserve (10%), marketing and long-term partners (15%), and for sale distribution (35%).