OneLedger (OLT) ICO Analysis: A Blockchain to Connect Multiple Blockchains

research.center (48)in #blockchain • 7 years ago (edited)

Executive Summary

Project Description

OneLedger wants to make it more convenient for business and individuals to integrate blockchain technology in their day-to-day activities. They plan to do this by making it easier for them to create side-chains — private and public blockchains — using the OneLedger protocol. According to the project, OneLedger will make these side-chains compatible with other blockchains, allowing data to be stored on various blockchains and at the same time, supporting consensus across the various chains.

The OneLedger platform plans to make a master key authentication system that will allow users create accounts that have added features like digital wallets, a credit system, and arbitration mechanisms. The master key will serve the purpose of connecting all the public keys (of all the chains) in a users’ network, creating a common identity and ensuring that the user only needs a single “OneLedger” identity instead of many. A credit score will be given to each identity depending on how honestly it behaves in the network, and the arbitration mechanism can be used by participants to address concerns that may arise in OneLedger channels. These features will be tailored to the needs of various users; for example, companies on the platform will reportedly be able to set customized permissions on their networks.

In addition to these, the OneLedger project plans to create an SDK that can deploy dApps on multiple platforms without having to change the underlying coding language. This system is expected to boost interoperability, say, in a cross-chain decentralized exchange: users will be able to off-load heavy workload to side-chains with higher performance levels, communication will be possible between the protocol and dApps — along with many other probable use cases. In the future, OneLedger also plans develop a marketplace where developers may offer the use of their applications for reward.

OneLedger’s tokens, OLT, will reportedly be used for payments on the platform; it will also be used to incentivize nodes. Additionally, developers will need OLT before they can deploy modules on the OneLedger protocol. Sometime in the future, there is likelihood that a minimum threshold of OLT is introduced.

Existing Product

OneLedger’s MVP is scheduled to be released in June 2018.

Hard Cap and Valuation

There will be a total of 100 million OLT tokens and OneLedger aims to raise $15 million for 35% of the token total (soft cap = $4 million). The remaining 65% of the token total is shared thus: 25% will go into community reserve, 15% to the team and their advisors, 15% will be used for marketing and long-term partnerships, and the final 10% goes into the company’s reserves.

The project already raised $1m during a seed round and they aim to raise $6m during their private sale, $3m during a public presale, and the last $5m during their crowdsale.

Only the sold tokens do not have a lock-up period. The 15% earmarked for marketing and long-term partnerships, along with the 25% that goes into the community reserve are subject to not-yet-described lock-up periods. The team tokens will be on a 24-month vesting schedule with quarterly releases; the advisor tokens will be on a 12-month vesting schedule with monthly releases, and the company tokens are to be vested for 24 months with monthly releases. As a result, only 35% of the OLT token total will be in circulation after OneLedger’s crowdsale.

According to the project, the reserve will go towards rewarding the best developers.

Price Per Token

During the crowdsale, 1 OLT will be worth $0.52.

For the presale, a bonus of 20–25% will reportedly be available. There were higher bonuses during the seed round but the tokens will be locked for 6 months.

Important Dates

OneLedger’s private presale is ongoing at the moment, and interested parties can send the project an email outlining their previous blockchain involvement experience and the amount of OLT they plan to purchase.

The ICO is expected to start and end sometime in May 2018.

Marketing Power

As of the time this post was published, OneLedger had over 6400 followers on Telegram, 1400+ followers on Twitter, 80+ followers on Medium, and 45 Reddit readers. They also have a Github page, as well as a LinkedIn page.

Prominent Advisors

Trevor Koverko

CEO of Polymath.

Team Members’ Areas of Expertise

Business experts

Alex Todd, CTA

Founder, and CEO of Trust 2 Pay for over 3 years (ongoing).
Founding Principal at TrustEnablement for over 8 years.
Board Member and Founding Chair of the Governance Committee at Bayview Community Services for 2 years.
Executive Vice President at Diversinet for a year.
President at Phase III Computing Inc. for 7 years.

Stephen Li, Lead Engineer

Founder of Service Informatiques Yang-lL for over 3 years.

Target market experts

David Cao, Founder & CEO

Chairman of the Canada China Blockchain Association for a year (ongoing).
Lead Commerce Consultant at Xerox for 5 years.

Alex Todd, CTA

Managing Consultant in Information Security and Trust at IBM for over 4 years.

In addition, since the target market is quite technical, all other team members with developmental experience have a measure of target market expertise.

Marketing experts

Alex Todd, CTA

Marketing Representative — Reseller Channel at Lotus Development Canada for 2 years.

Legal experts

No team member with legal expertise.

Software engineering experts

Stephen Li, Lead Engineer

Consultant (Full Stack Developer) at Morgan Stanley for over a year.
Senior Consultant (Application Developer) for Deutsche Bank at CGI for 8 months.
Software Developer II at TEKsystems for almost a year.
Senior Software Developer at Walsh Integrated for over a year.
Staff Software Engineer at IBM for almost 4 years.
SDE Lead at Microsoft for a year.
Engineer at Tekever for over 2 years.
Developer / SWQC Leader at NEC for 3 years.

David Cao, Founder and CEO

WebSphere Commerce Architect at OnX for a year.
Lead WebSphere Commerce Consultant at Nurun for almost 2 years and at Men’s Wearhouse for well over a year.
Senior Java/J2EE/ecommerce Consultant at MRS for almost 2 years.
Java/J2EE/WebSphere Commerce Developer at IBM for over2 years.
Master Control/Application specialist at Rogers for a year.
Web Application Developer at AnHui Television for 3 years.

Edwin Zhang, Managing Director

Agile Software Engineer at TribalScale for over a year.
Salesforce Developer at LogiSense for over a year.
Software Developer at Autodesk for 4 months.
Quality Assurance Analyst at NexJ for 4 months.

Alex Lan, Engineer / Researcher

Data Engineer at MindGeek for a year.
Developer and Big Data Architect at Rdb.io Inc. for half a year.
Business Intelligence Engineer at Amazon for over a year.
System Engineer Intern at Alcatel-Lucent Shanghai Bell for 3 months.

Lester Li, Engineer

Development Engineer at Nokia for 5 years.
Engineer at CIeNET for a year.
Engineer at WetStone Technoliges for 4 years.

Alex Todd, CTA

CTO at PRESTO for over 2 years.

Blockchain development experts

No team member with blockchain development expertise.

Token sale structure

No team member with outstanding token sale structure experience. However, one of their advisors, Trevor Koverko, conducted the token sale of Polymath, pointing to some structuring experience.

Token economics

Same as above.

Conclusion

Strengths

Strong development team.
Moderate hard cap.
Decent community size for a project in the private presale stage without relying on airdrops or bounty campaigns.
Great projected scalability and flexibility.
Low circulating supply after the sale and no sell pressure from bounty campaigns.

Potential risks for investors

Token price pegged to $. The rate for pre-sale investors might be unfavourable in comparison to ICO investors
No functional MVP during presale, and there won’t be one before the ICO.
Notable competition from strong and similar projects (Aion, Nem, Arcblock…).

Disclaimers:

Nothing written in this article is a legal or an investment advice.
Information is provided on a best-effort basis and is subject to change without prior notice. Be sure to verify everything you read with a project team.

The analysis was produced by Research Center team members: Robin Davids, Mark Jedd, Eugene Tartakovsky.

We are constantly working on improving our work and welcome all constructive feedback. Let us know what you think.

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