ONE LEDGER defines a three-layer consensus protocol to enable more effective integration of different blockchain applications. Business logic can be implemented by the first layer – a configurable role-based consensus protocol leveraging hierarchical grouping similar to the structure of Merkle Tree. The side chain consensus protocol can move consensus traffic from the main chain with public consensus to the side chain with high performance and efficiency. OneLedger block structure enables the synchronization and reference between the three-layer consensus.
OneLedger is a cross-ledger agnostic protocol that enables high-performance scaling using a sharded and modified practical Byzantine Fault Tolerant consensus scheme -- which allows for either a permissionless or permissioned setting. By coupling public key infrastructure (PKI) with identity management, nodes (and node operators) will have a defined trust hierarchy that allows them to participate in the consensus of the OneLedger chain or any sidechain. OneLedger sidechains can be synchronized with the current state of other networks (Ethereum, Bitcoin, etc.). Any cryptocurrency
that supports hashed time lock contracts (HTLC) and payment channels could be deposited into an account or address with the amount credited onto the OneLedger sidechain. This allows for a scalable and transparent solution that is off the main network or chain and is now off-loaded to the OneLedger sidechain. An arbitrary number of transactions between users can occur on a OneLedger sidechain prior to the final user requesting a withdrawal of their balance from the hashed time lock
address / account on the main chain to the address / account of their choice. Essentially, OneLedger provides a scalable `off-chain` solution from any main chain and offloads the consensus to the corresponding OneLedger sidechain which inherits all of the properties of the OneLedger protocol.
By using role control with PKI, enterprises can also launch their own permissioned sidechains. Businesses will be able to define the precise role of node operators that participate on their sidechain. In addition, by utilizing OneLedger’s unified framework, companies can develop their distributed ledger technology application with a single codebase and simultaneously launch their product across
multiple infrastructure networks of their choosing.
From small business owners to enterprises, OneLedger’s mission is to simplify businesses’ adoption of blockchain technology and its integration into their specific business applications and products. Through OneLedger, both businesses and individuals can leverage the platform to create both public and private blockchains with their own uniquely-identified network consensus. With the use of role control, enterprises can also separate read and write access on their permissioned network. Some industries, like healthcare, require people with the appropriate roles to view certain records. In addition, businesses will be able to create and manage their own community-owned digital wallet and credit system.
By leveraging the platform’s provided blockchain-based business tools, modern-day companies can efficiently and effectively adapt their business models to our blockchain technology. Part of the foundation of OneLedger’s protocol is its use of public key authentication which allows for the creation of personal accounts with highly configurable digital wallets, credit systems, and arbitration mechanisms. The OneLedger digital wallet provides individuals and institutions the abilities of a modern-day digital wallet with the normal functions such as deposits, withdrawals, and payment, as well as the additional benefit of being able to trade and purchase services across multi-business networks. By maintaining a digital identity on the OneLedger platform, businesses and consumers can accumulate a credit score through the transaction and behavior within the network. OneLedger arbitration mechanism can create the arbitration basis by supervising all transaction history and execution process. OneLedger supports consensus across different blockchains; the ability to expand and query data in other chains is made possible through compatibility with other blockchain networks by leveraging side-chains.
The OneLedger value network is composed of various levels of service regions and business logic. All transaction data and real source records are written into distributed nodes by an open source validation mechanism of data sharing through the blockchain underlying protocol. The real data becomes more simplistic and reliable through the enablement of IPFS protocol. Individuals participating in business activities can effectively become their own smart contract performers and data sharing peer. Safety and reliability of transactions is further promoted and ensured through the common data validation mechanism. OneLedger forms a realizable and verifiable blockchain network which is modularized from real-world functionality, based on the sharing and immunity mechanisms provided by blockchain techniques.
Enable Bitcoin sidechain to allow for cross-chain support Complete decentralized cross-chain exchange protocol Complete implementation of modularization tools and compilers Implement OneLedger's Identity Management System and Smart Contract Authorization System Launch API gateway Launch Alpha version of the OneLedger platform
Release first version of the OneLedger platform Integrate with more blockchain protocols Expand business network