AMA Recap Crypto Library with OneLedger


On 10th June 2021, OneLedger conducted an AMA in the Crypto Library Community. Our guest is George Connolly. Lots of questions as usual from the Community about OneLedger progress. The OneLedger team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into OneLedger.

Let’s take a look at the most interesting points of our conversation.

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

George Connolly (OneLedger) : I am President and CEO at OneLedger; my background is in Systems Integration : Private sector System Integration Technology Leader 15+yrs, PwC Technology Leader; Commonwealth Business Council - Government National Strategic Plan Consultant; Global ECM/Digital Transformation Leader. Been into blockchain for about 3 years now. 
Crypto Library Team : What is OneLedger? and how does it work?

George Connolly (OneLedger) : OneLedger is a blockchain as a Service (Baas) options supplier founded by Forbes executive members, backed by IBM and Google, positioning itself as a Shortcut for blockchain development and aims for easy and broad blockchain adoption by providing a full business plan, dev tools to build solutions on our interoperable chain. Not to mention that since 2018, they have launched the test net and Mainnet already, including our signature Health passport, virtual machine, OneVault, Explorer, etc.

Crypto Library Team : Could you give us some reason why we have to choose OneLedger than other projects out there?

George Connolly (OneLedger) : OneLedger is the truly interoperable blockchain solution that runs on a unique engine, not an adjunct of an existing platform. Unlike other blockchain projects, we built it from the ground up. Our platform is DPoS using Tendermint as its consensus engine, which combines different consensus in the same chain.
  • Deploy customizable private/public sidechains that will communicate with each other interoperable with the main chain.
  • Ultrafast deployment with low transaction costs
  • Interoperability protocol for Ethereum and BTC and soon any chain (BSC, POLKA, MATIC, ETH etc.)
  • Can build public or private chain, side chain or off-chain and on-chain on either centralized or decentralized platform.
Thus we can provide the provision of customized blockchain solutions for business needs by building customizations on top of their proprietary blockchain software with integrations into third-party software systems and tools.

Crypto Library Team : Please tell us about OneLedger token $OLT ! What are the token use-case, distribution, and where we can buy it?

George Connolly (OneLedger) : We are already listed on KuCoin, Bibox, AscendEX (Bitmax), and CoinEx and are soon listed on one of the top 10 exchanges.
$OLT has multiple utility 
  • Currently we offers 15-25% APY instant staking rewards with no lockup on OneWallet
  • Users use OLT for payment of network fee to use any service on the platform.
  • Network supporters (nodes) receive OLT as a network fee.
  • Developers need OLT to deploy their application on the OneLedger platform.
  • We have partnered with world token marketplace that NFT creation interoperable with BSC and ETH
Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?

George Connolly (OneLedger) : As mentioned we built testnet and Mainnet that we are having discussions with several businesses to build their solutions on our protocols. And we built  OnePass (the health passport) that we are expending. OneLedger is also looking to launch its own Dex nexus project, which will be Interoperable with any chains such as ETC, BSC, polka, ERC, Solana etc.
Crypto Library Team : You have really so much properties on your roadmap. Do you think you can build them all within your time schedule?

George Connolly (OneLedger) : Yes, we have a  packed dev schedule with updates every month. But we have highly skilled executive and development teams with a vision that keeps us going. And also we are backed by strong communities. We try to meet the deadlines and overcome the issues, and with the help of phenomenal partners, who are always supporting us and helping to solve any dev or business issues.

Crypto Library Team : Nowdays the main problem of crypto market is high gas fees and scalability. How do you plan to overcome this issues? Will you focus on L2 solution?

George Connolly (OneLedger) : OneLedger provides scalable solutions for the Ethereum ecosystem.  The OneLeger protocol is more stable, faster and cheaper than Ethereum but still compatibile with Ethererum. 
  • Higher Efficiency: OneLedger is a DPoS (4,000 transactions per second) vs Ethereum’s PoW (4 transactions per second) This is huge factor when it comes to energy impact as well. 
  • Lower Gas Fee: OLVM allows for easy interpretation of smart contracts running with low data across our network. E.g. OneLedger $0.00000043  VS ETH $4.0
  • More Secure: With OneLedger’s smart contract operation chain, Complicated interactions and different permissions solved.
  • More scalable: Various multi-chain can interact on oneledger’s protocol.
Crypto Library Team : OneLedger announces the launch of a new virtual machine (OLVM) as the ultimate goal of architecture, can you tell us what the advantages of virtual machines (OLVM) are and what benefits will it bring to consumers in the long term?

George Connolly (OneLedger) : The main idea behind the OLVM (OneLedger Virtual Machine) is to execute the same bytecode as in the ethereum blockchain network but on the OneLedger protocol side. 
OLVM allows for easy interpretation of smart contracts running with low data across our network means lower gas fee and faster transaction speed. For the long term, OLVM allows other chains to easily deploy their products into OneLedger that our truly interoperable vision can be accomplished.

Crypto Library Team : What are the plans to educate and raise awareness and adoption among the community to make more people understand OneLedger easily even for beginners?

George Connolly (OneLedger) : As we position ourselves as a shortcut for blockchain adoptions, we are running a youtube to explain the functionality and process for the all tools and products. Other than that our marketing team is working on creating content (Infographic, one paper etc.) to help beginners to understand OneLedger easier. On our website we a have developer group page, with a github community and a Telegram developer community, where beginners can collaborate and engage with their peers.

Crypto Library Team : How does your international health passport work and how do you see it making a difference?

George Connolly (OneLedger) : The OnePass International Health Passport provides a secure and verifiable system that can authenticate the entire immunization health records of travellers moving across borders, or gaining entry into Malls, School, work and entertainment centres. To oversimplify it - Users go to a registered health facility and obtain the COVID-19 tests which are then recorded on a Blockchain where the information is secure and tamper-proof. The traveller may also request a hard copy of these tests. The information on the Blockchain is accessible via an APP downloaded to the visitor’s cell phone. It’s available on app stores. It can also be used as a tool to securely capture and share health data in general. This is the future utility of the product in our opinon. It makes a huge difference in how we tackle getting back to normal - by sharing data 'openly' and reducing contagion risk, through frequent testing and inoculation.
Crypto Library Team : Does your project support staking program? if yes, how is, your stake system work what is the requirement, for the user, if they want to stake in your platform?

George Connolly (OneLedger) : As a Delegator you can stake $OLT on OneWallet, we have a soft staking reward system that you do not need to LOCKUP and get Instant rewards up to 20% APY. Validator rewards of 20-25% APY. Coins are available on KuCoin, Bibox, AscendEX (Bitmax), and CoinEx and you can move to OneLedger wallet for staking or on Kucoin.

Crypto Library Team : Which do you think is more, important : 
1) Community.
2) Investors.
3) Token Price.

George Connolly (OneLedger) : All of them are very important - we see no daylight between them. We think the token price is equal to the value of the project, we are focusing on a true interoperable blockchain solution that will drive greater adoption and user cases coming onboard.  The community will grow and so will Token Prices.

Crypto Library Team : Do you have any plans for #OneLedger about Future Steps? But when will that step be taken?

George Connolly (OneLedger) : OneLedger is also looking to launch its own Dex nexus project, which will be Interoperable with any chains such as ETC, BSC, polka, ERC, Solana etc.

Crypto Library Team : What is OneLedger's plan for the future partnership? do you open the possibility to establish partnerships with other networks/blockchains? what are you most looking for in a partnership to strengthen OneLedger?

George Connolly (OneLedger) : We have spent the last 3 years building a great product; it works well; it has been stress tested,  the partnerships we want to pursue primarily should bring utility to our product mix and value to the tools we are deploying.

Crypto Library Team : Nowadays creating a Project and Propagating it is an easy thing, But Proving its transparency and security is a difficult thing. Do you have any proof that #OneLedger is transparent and secure?

George Connolly (OneLedger) : For transparency, our team is public(please check our skilled team on the website) and we have a frequent AMA holding in our group chat, we have every fortnight announcing the dev updates. For security, In Feb 2020 Hacken performed a blockchain security review of the OneLedger protocol, analyzed blockchain implementation and tested the potential attacker endpoints, reviewed the architecture and made a smart-contract audit.