OneLedger - A Universal Blockchain Protocol Enabling Cross-ledger

OneLedger is a cross-ledger skeptical protocol that enables high-performance scaling using a shared and modified practical Scheming Fault Tolerant agreement scheme which allows for either a permission less 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 contribute in the agreement 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. 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.

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 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’s protocol and interface enables interaction with an arbitrary number of core infrastructure networks in a highly scalable manner. Numerous use cases can come from this interoperability; however we describe one primary use case: a cross-chain decentralized exchange. To begin, our protocol uses the notion of hash timelocks contracts (HTLC). A hash timelock contract is a combination of a hashlock and a timelock. A hashlock is a restriction on a receiving address or account in that the owner must publicly reveal a piece of data in order to lift the restriction. Likewise, a timelock on a transaction restricts the time when a transaction can be spent. By combining these two pieces, a HTLC allows for cross-chain transactions. Thus, a user will deposit into an account or address and then be credited the corresponding amount on OneLedger. The user can then trade this asset between any other asset type and not be limited to the “normal” base pair markets of Bitcoin or Ethereum.

Other use cases of OneLedger include:
• Ability to move business traffic into sidechain with high performance
• Ability to deploy and migrate DApp with ease
• Enablement of cross-chain access and consensus through OneLedger protocol
• Standardized communication between DApps within OneLedger protocol
• Asset identification and transparent flow such as asset registration, donation process
• BaaS offering to help users create business modules with open source DApps within the business portal i.e. Supply chain and e-commerce flow (Catalog, cart could be built as service and hooked up flexibly)
• Help businesses and individuals with AI support and flow optimization
• Transparency and traceability of process through tagging of business flows

For more information on Oneledger project, visit https://oneledger.io , the official Oneledger website.

Official Website: https://oneledger.io/
Whitepaper Link: https://oneledger.io/wp-content/uploads/2018/06/oneledger-whitepaper-06.01.18.pdf
Official Telegram Group: https://t.me/oneledger