OneLedger Project and ICO Review
OneLedger is, as per their whitepaper, can be defined a cross-ledger agnostic protocol that enables high-performance scaling.
It provides solutions that will allow both businesses and individuals to simplify the adoption of blockchain technology and integrate it across several of their applications and products.
What is OneLedger? What is the value proposition?
OneLedger protocol offers the following features:
1. Smart Identity Management Platform. This is achieved by assigning a master private / public-key to an identity, which can then be used to associate any other public key to it. This universal identity solution allows to keep track of users' assets that are stored on multiple distributed databases and provides a way for one identity to assign trust value to another one.
2. Blockchain Services. OneLedger can be used to create a side-chain to be customized to that client's needs, which can be either permissioned or permissionless. In the first case, it can be combined with the Smart Identity Management platform to assign particular identities to various roles in the side-chain.
3. Chaincode Service. OneLedger is developing a SDK that will allow businesses to launch dApps on multiple platforms without the need to write it in different languages, through the creation of a "Master Smart Contract".
4. Programming Interface. There will be APIs available that will allow the business to create the functions they need to perform several tasks such as register users, query the blockchain and issue transactions. A business portal will allow users to effortlessly build business models and functions to project real world functions onto the blockchain.
I do like this idea a lot, it has a huge potential because it essentially solves most of the problems that prevent the wider integration of the blockchain technology: scalability, interoperability, multi-network deployment for dApps, among others.
The OneLedger token (OLT) and its utility
When purchasing tokens, the most important things to consider are their actual utility and how can they increase in value. In the case of OneLedger, OLT tokens will be used as follows:
- Users of the platform will need to pay node runners fees, in OLT.
- Node runners (called network supporters) will require in the future to stake a certain amount of tokens, to ensure commitment and quality of the network.
- Developers will be paid in OLT tokens for the creation of modules. They may even implement the smart contract as subscription business model, so users would need to pay them OLT tokens monthly in order to keep access to the services.
It is clear that tokens can appreciate in value depending on user adoption. The more businesses and users demanding this services, the more demand of OLT tokens.
Team and Advisors
Rather than looking for "All Stars" - whatever that may mean, what people should look at is experience both in leadership and development. I like to look for teams that - from my perspective - will be able to deliver not only building the platform but also making it a business: bringing in clients and increasing its adoption.
I also look for advisors that can actually provide a real value to them.
OneLedger team consists of 9 highly experience people, led by David Cao as the founder & CEO, Alex Todd as the CTA, and Edwin Zhang as Managing Director.
David has more than 3 years of blockchain experience, but over 10 of enterprise architect experience, having worked on multiple technical projects for several Fortune 500 enterprises.
Alex has spent his career exploring business opportunities in the emerging and disruptive technologies space.
Edwin is software engineer with vast technical background in blockchain technology. He has extensive investment experience backed by a technical foundation, and has a wide global reach within the cryptocurrency community.
Together with the rest of the team, in my opinion, they have the right mix of both business and technical experience required for this project to be successful. This is further enhanced by the advisors, which also in my opinion also enhances this team in several fields: technology, legal, business, marketing and advisors.
According to OneLedger's website, metrics as follows:
Token supply: 1 billion OLT, of which:
- 35% will be sold.
- 25% will be kept as community reserve.
- 15% for team and avisors (team vested over 24 months, advisors over 12 months).
- 10% kept as company reserve.
- 15% for marketing and long term partners.
Hardcap: USD 15 million - which in my opinion is adequate
Softcap (already achieved): USD 4 million
There was a seed round of USD 1 million, tokens will be vested over 6 moths with monthly cliffs for the bonus.
Then 2 private presales of USD 9 million in total with bonuses of 25% and 20%.
Public sale will be USD 5 million.
I am not a financial advisor, so this cannot be considered financial advise. However, in my own personal opinion, this is a very ambitious project that, if successful, could be huge in the space. Also, I believe token metrics are adequate. Therefore I will be looking to contribute myself.