We recently held an AMA. This was the first time our new appointed President, George Connolly joined us for an AMA along with our Director of Product, Aly Kassam.
This was by far one of the busiest AMA's we have had. The community had long conversations with our two team members and asked a lot of very knowledgable questions regarding the OneLedger project. After the AMA, we asked George and Aly about their AMA experience. In their own words:
George: "This was my first AMA experience and I absolutely loved it. I am very excited to begin my work at OneLedger and interact with the community more often. We have a very huge community and it is important for us to listen to their feedback and lead the company in the right direction. I look forward to many more AMA's in the future."
Aly: "Today's AMA was great. I love chatting with our community. We have an outstanding group of people who are so passionate about our project. It's amazing to see them ask us all these questions about what we are building."
Looks like our senior team really enjoyed the AMA. We would like to thank everyone who contributed to this AMA and those who support our project.
Lets give you a quick recap of the AMA:
Q) How do you plan to expand your user base and motivate users?
Aly: We will be making a significant push in sales and marketing under George's leadership. Our Strategy will now target multiple opportunities, both in the B2B and B2C markets.
Q) Does OneLedger have any Coin Burn / BuyBack system or any plans for Token Burn for increasing the value of Tokens & attracts Investors towards Stake for investments?
Aly: Yes definitely, coin burns will be happening in multiple ways. We have incorporated it in our Governance Proposals for failed proposals as well as if you refer to our Tokenomics paper. The team has done buybacks in the past and we will definitely do that in the future.
Q) Welcome to the family Mr. George Connolly. What is your vision for OneLedger in a year from now?
George: Good morning and thank you for the question. I worked with PwC a few years ago leading a blockchain team in the LAC, digital tokens and distributed ledger tech was our focus for commercial markets. At that time there was about 14% uptake, with another 53% of the enterprise markets only having an interest. This technology is the future, the plan is to create a DL enterprise business model that is supported by our digital tokens OLT platform, and our unique Lynx engine. Building an ecosystem is the only way the industry will get the regulatory and functional compliance to go mainstream.
Q) What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
Aly: Over the last month we have been investigating a very important project that proactively helps with pandemics and future viruses. We have been reaching out to incubators and government entities in Canada and abroad to kick start this project. The project will be an International Health Passport that identifies whether people have taken the necessary tests to travel and work in hospitals and care facilities. We are actively working towards a market solution and with George on board and his connections with Price Waterhouse Coopers (PwC) and other Big 5 consulting firms, we believe we can make a strong push for this solution in the coming months.
Q) How do you plan to explain such technical topics to a wider audience? How do you plan to show the world that your product is not just another useless blockchain solution to a non-existing problem?
Aly: I really like this question, because it has been the topic of mine and George's discussions over the last few days. We are approaching the market with 2 solutions, 1. Health Passport, 2. Supply Chain EDI and we are doing it through different mechanisms. Firstly with our own manpower through reviewing current RFPs and secondly we have been recruiting Business Development resources around the world, finally we are approaching the Big 5 consulting companies to help push our blockchain into the market through their ongoing projects and their resources.
Q) What do you think is the best approach to show enterprise why is OLT the right choice for them instead of competition?
Aly: OLT has a model where we will provide BaaS and PaaS. There are multiple applications for blockchain but we will ONLY focus on perfecting our applications for three. This will be in areas where we are seeing double-digit Compound Annual Growth Rate (CAGRs) or where the market has significant demand like the Healthcare industry & Manufacturing, Public Sector and Financial Services. We are very strong in all these areas and with excellent and more opportunities than we can satisfy immediately.
Q) As I can see George has no experience in crypto, how do you think you can make OneLedger great that it'll compete with the best crypto projects out there when in fact you don't have any experience in this field before?
George: I actually have worked with PwC Advisory services, giving direction to enterprise companies seeking to integrate blockchain into their operations. More than 50% of my work was helping Financial Service Co's understand what the blockchain platform more so than the digital token could do for their business.
Q) DeFi is one of the trendy subject matter in the blockchain space. Can you share your opinions and insights on DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is $OLT approach towards the DeFi sector? We would love to see ONELEDGER on DeFi?
Aly: Yes DeFi is definitely a hot topic these days, we have an article that will be coming out in the next couple of weeks regarding this. But essentially we believe that DeFi will definitely be successful, as most of the conversations we have had with Exchanges and based on our own recent survey, 75% to 85% of all crypto investors are just holding their funds and not actively trading, which means that asset-backed loans and interest-based financial products will definitely work in this market. So that's why DeFi is making really hot strides right now. But we also believe that within DeFi there needs to be a universal payment application that allows users to spend their tokens as well.
Q) Given that OneLedger's main focus was interoperability, would OneLedger consider building a Dex (like Uniswap etc.) to showcase the OLT tech and generate some passive income? This piece of work can be outsourced without getting distracted from the current roadmap. Also, any plans on staking or have you reached out to any staking pool services?
Aly: Dex is definitely on the cards. OneLedger has the perfect platform to build something like this. We are evaluating the challenges with Dex currently. As far as staking is concerned, we will be releasing staking on Chronos soon for the community to test it. We are also proactively reaching out to staking pool providers. We will keep you updated, once we finalize things.
Q) What's the plan on marketing, we've been asking this question for long but no concrete answer, what can we expect from the team regarding marketing going forward?
Aly: There are many changes taking place under the new leadership, and you will definitely see that reflected in the coming weeks. We understand your frustration from the past, but now we have made several changes to positively impact our marketing initiatives. Eg: Just yesterday we had a call with one of the top universities in Canada to introduce a blockchain course built on OneLedger. Things are moving in the right direction, we just ask you to be a bit patient.
Q) There are many projects out there aiming to solve interoperability, in which some have failed, how is OneLedger different from them, and what is your success rate?
Aly: We have already solved interoperability and have shown the capabilities from the protocol, through our services layer and into our OneWallet application. The difference is we are true to cross-ledger capabilities, other blockchains interoperate with their own blockchain instances, while we interact with completely different blockchains. The other aspect is as I've explained above, interoperability is built throughout our architecture starting at the protocol level, which means any applications built above it can leverage interoperability as a service of the network. You can parallel this idea to what Android and iOS have done with their Maps Service, if you build an App on iOS and Android you can pull a map into the app just by calling a service, this is the same way app developers on the OneLedger platform can call interoperability through our SDK.
Q) What’s the main work of Blockchain technology in Financial services provided by OneLedger? What role Blockchain plays in OneLedger services?
George: A key area of focus for us in the FISERV market is smart contracts. This is a contract between two or more parties that can be programmed electronically and is executed automatically via its underlying blockchain in response to certain events encoded within the contract. Much like an AI-driven Letter of Credit.
Q) Many blockchain projects and companies focus on making very complex systems, say they will revolutionize society. Why OneLedger is revolutionary?
Aly: 100% agree with this statement. We spent the last 2 years doing exactly this, working on tech that is revolutionary and we solved interoperability. That's precisely why we are shifting our focus to Marketing and Sales. Our platform is now complete, and our focus will be solely on selling and integrating it into businesses. At the same time, we are always looking at new opportunities where our blockchain solution fits and we strongly believe that an International Health Passport will revolutionize the way people travel and aid in mitigating future pandemics.
Q) 1. OneLedger bridges blockchain infrastructure with businesses. What plan is OneLedger putting in place to have it's own traditional business to attract enterprises/businesses especially thriving SMEs and startups?
2. Products like ONS, OLPay, Kainos, Kratos and so on, please explain them in a layman language so that Ledgerians can capture details and potential use-cases?
1. We already have a business entity set up in Canada and in Barbados. We are currently working on a POC for investment agreements for real estate, which will be a paid engagement. So yes we are already actively looking for and working on SME projects.
2. ONS: is now called Domain Management, which is our first step into identity management, Businesses and individuals are able to create their own Domains on our network.
OL Pay: This is a solution for payments that leverages interoperability for payments in any currency we support. OL Pay will help kick off eCommerce on the OneLedger platform.
Kainos: this is our first phase of our Mainnet, which is live right now.
Kratos: is the second phase our Mainnet, which includes Staking and Governance.
Q) How many OLT did team dump since 2018? Or still, all team members are holding ??
Aly: The team hasn’t dumped any tokens since 2018. In fact, the company has bought back many tokens since that time. We are confident in our project’s capability to succeed long-term.
Q) George Connolly, what do you think will be the biggest obstacles for OneLedger and how do you think you can help this project overcome those obstacles??
George: We are perfecting our product mix and aggressively going to market. The challenge is to build out a large enough team to do all things concurrently; deliver on projects, drive business development and support the existing ecosystem - thus the reason we are hiring and currently have Business Development Officers in China and Africa and the Americas.
Q) How many enterprises has OneLedger approached and which are the ones coming onboard cuz we can't have a product that no one is using?
Aly: On the Mainnet we have 2 charities currently joining our Mainnet, refer to our OL Pay post. I have already mentioned a paid engagement in an answer above, we are also actively pursuing opportunities currently, where our blockchain solution fits and we strongly believe that an International Health Passport will revolutionize the way people travel and aid in mitigating future pandemics.
Q) Global funds are accelerating to flow into China. China's market is the best market at present. What are the team's plans for the future?
George: The global markets driving blockchain right now are US/China/Australia/Japan/Hong Kong/India/UK - our intention is to develop a presence in all these markets, where we can continue to grow our business.
Q) Is there any business partner now who is preparing to integrate OneLedger blockchain system in their business? When will you announce them?
Aly: We have a technology partner in Adastra that is actively working to position OneLedger as the underpinning Blockchain for their Blockchain projects. Once we have a system going to production for any of our projects, we will publish a news article.