We recently held an AMA on our Global Telegram Channel. For the second time in a row, our newly appointed President, George Connolly, joined us for the AMA alongside our Director of Product, Aly Kassam.
This was the busiest AMA we've ever had as questions were flying in by nanoseconds. It was a great interactive session as the community threw many knowledgeable questions to our team members and had each of those questions answered brilliantly.
Here is a quick summary of the AMA:
Q) Hello George and Aly, Regarding the IHP, can you please explain how it works in short and do you think it can be modified to be used for other purposes after the end of COVID-19?
Aly: IHP passport has several entities involved. For our Beta, we will have Test Health Centres that will be required to add information into the ecosystem through a OneLedger Web Application. In contrast, the Border Services agents will have a similar app to scan information from the users. The traveller or the essential worker, in this case, will have a mobile application that can be scanned by both the border official to see the test history and validate that the traveller doesn't have COVID, and the Healthcare professional to validate the identity before entering the data. In the future, we will scale to include immunization records and future viruses when needed.
Q) Adoption and Liquidity, these 2 are the major problems in blockchain project so, how can OneLedger solve these two problems?
Aly: Adoption happens over time. We have recently launched our OneWallet, and we will integrate more features within it over time, for example, OL Pay, Delegation etc. The Validator staking and Governance is the first step, which goes live on Aug 31. As more people recognize our efforts, we expect the network to grow. For liquidity, we are constantly reaching out to exchanges as well. That is something which could increase over time as well.
Q) I am an Ethical Hacker and an Experienced Developer. Do you have plans for a Hackathon to check the security of your ecosystem periodically and also invite developers to build on OLT.
Aly: We are participating in a Hackathon in September, but this will be to build applications on our network. You are welcome to download our codebase at any time to do a security check on your own or reach out to @pavan_kappara, our architect and work with him. We have done security audits with Hacken for both our protocol and our Wallet solutions for the security of our network.
Q) DeFi is the new frontier and projected to buzz up in 2020. What roles do you play in the innovativeness of DeFi, and what are OLT ultimate DeFi solutions?
George: We continue to build out DeFi applications for our clients and offer our platform for some clients to build their own applications. We are working on Identity Mgt, Analytics, Asset Mgt, Financial Transactions and p2p applications in short to medium term.
Q) How does OneLedger bridge the gap between Centralized and Decentralized Networks to bring more businesses?
Aly: We have built technology to interconnect businesses through our SDKs and API layers. These services directly connect to applications that businesses use. We also have created Blockchain listeners that can feed data into other data sources for data aggregation. All of these are specifically for connecting centralized and decentralized systems.
Q) With the current ADVANCEMENT in TECHNOLOGIES, More TECHNOLOGICAL Advanced project might come up in the future; what are your plans to beat these possible upcoming COMPETITORS?
George: Like we already said, technology is going to evolve. It's actually good for the blockchain ecosystem as such. We will try to stay on top of our game. Technology is just one factor to stay on top of the competition. Obviously, there are a lot of other things like adoption, bringing value to the users, marketing etc.
Q) What have been some of the challenges that OneLedger has faced? What was your motivation to overcome each of these challenges?
Aly: Some of the challenges faced, not only by us but the blockchain industry, in general, are getting the enterprises to openly adopt the blockchain technology with open arms. There is still some skepticism in the enterprise industry regarding the use of blockchain technology, which is fading out slowly. So now, we are focussing more on products which are the need of the hour. Since we are a startup, it is a bit easy for us to pivot into new products and launch them sooner, e.g., International Health Passport. Our motivation is to build next-gen tech, and we will keep building new products for the years to come.
Q) What are OneLedger plans for global expansion? What are you currently focusing on, expanding or listing more exchanges, or building your ecosystem or marketing and partnerships?
George: We are working on all these fronts; listing, marketing, partnerships - all of it. We are hiring BDMs across the globe; we have one in Hong Kong for Asia, one in Nigeria for Africa, we have a BD leader who used to be with PwC Advisory Canada on point. Our goal is to work through partners and VAR's to build a global ecosystem, that we can offer our services everywhere, learn faster, recover faster, and grow exponentially.
Q) What are the ways that OneLedger generates profits/revenue to maintain your project, and what is its revenue model? How can it make benefit win-win to both the investor and your project?
George: We have several paths to profit and revenue growth: we are currently working on multiple enterprise blockchain applications for clients; we are also having developers build DeFi applications on our platform, we are also driving the centralized and decentralized adoption of our Wallet and digital currency. We want our currency to be mainstream as a method of trade and not just an investment, so you and other investors make money on the token value and the arbitrage from forex transactions.
Q) 1. How will the success of IHP and the like solutions culminate to be resultant to the price rise of $OLT? 2. What is the OneLedger team's plan to cover all the global blocks to scale the products and services provided? Although we see new BDMs onboard.
Aly: 1. For IHP, we are starting with a Private blockchain, for government entities to feel secure about the data and security. As the solution progresses, we anticipate other software systems will require the data as well; our plans are to use interoperability to connect into IHP data through our mainnet, for public access. 2. Global expansion is definitely our focus for the rest of 2020 and 2021. The strategy around that is the focus on emerging markets and deploying Defi and IHP solutions. The BDM's that have been hired are directly for the markets we want to enter first.
Q) Trust and Security are vital fundamentals in crypto space today, so how secure are you to avoid hacking and sybil attacks?
Aly: We made sure our protocol is audited by Hacken. We have strong protection already in place. Our Wallet uses HD Wallet. All the user's keys are stored locally on the user's device. There is no centralized storage. Having said all these things, you are welcome to reach out to us and conduct a few tests.
Q) Could You talk about some Dapps development on the OneLedger Platform? What role does it's native token play in the ecosystem? For every project, building the Ecosystem and Network is always a challenge, isn't it? How does OneLedger deal with it? How is the team promoting awareness around the crypto space regarding the adoption of OneLedger?
Aly: Governance Proposal is an Application built on top of OneLedger, so is Domain Management, and we are building Delegation the same way. We welcome developers to build more and more Apps and Dapps on our network. Every Tx that is run through the Dapp is a Tx run by the network, so it has to use OLT as a utility. Also, for Staking and Delegation, OLT is being used, and for purchasing Domains for network Identity, OLT is used.
Q) What is the actual uniqueness of the OneLedger Project? What do you think about what quality will give it a good stand to this project in the market? Every project is working hard in the crypto industry, which brings Fierce Competition to each project. So, how does OneLedger compete with this competition?
George: Great question - we believe we see the world as it is and not as we would like it to be. Our goal is to provide blockchain-based solutions that solve real-world issues. We also see the phenomenal potential of the blockchain platform and the support it can yield to buttress the currency market through a hybrid public/private platform. That thinking and building the ecosystem to make it happen is what I think makes us unique.
Q) Most of the investors just focus on the token price in the short term instead of the real value of the project. Can you tell us the motivation and benefits for investors to invest in the OneLedger project for the long term?
Aly: We have always been transparent about our long-term vision. The products we are building are never for the immediate moment; we only build products that have the ability to scale. Take the International Health Passport, it is first about COIVD, but its intention is to be used across the world for all immunization records and future viruses, so that when you travel, if you enter an airport for a destination that requires certain vaccines to be taken and you don't have them, you will not be allowed to board the plane. With Asset Management and P2P lending, we are solving a problem for micro-financing that occurs all over developing nations, but the technology for it does not yet exist; it's handled by paper. For Supply Chain EDI, we are reinventing a technology that was built in the 70s and 80s and modernizing it with API connectivity, reducing the cost substantially for companies to send Purchase Orders and Invoices and integrating it with legacy ERP Systems. When it comes to the applications we build on Mainnet, we have constructed an application ecosystem for both OneLedger developers and external developers to build on. We are constantly thinking about the future of our products and services and only moving to broaden our ecosystem and building tech with the future in mind.
Q) What's your strategy to get OneLedger the global attention it deserves? While we know that new solutions are being built for customers which will eventually increase adoption, have you also brainstormed on problems that OneLedger could solve today by using the technology you have already built (e.g., the high transaction fee for ETH transfers is a problem, current scaling issues in DeFi space etc.) Are you partnering with companies in the DeFi space to solve these real-life issues? Some of the community members would be very happy to help chalk out a roadmap for this. According to your market research, what do you think are the top 5 reasons why OneLedger (even after being in the same space) is not as popular as the competition is and what are the top 5 things that you plan to do to change this. Also, when do you think OneLedger would get its due recognition in the market.
George: As you stated, we have solved the issues with high ETH fees and scaling in DeFi; we speak with potential partners and VARs each day to evangelize these solutions. We are happy to work with you or any other partner to improve our visibility as a leader in this space. 5 Reasons - 1: We have spent more time on building a solid platform than we have on marketing (2) We have to improve our global messaging (3) Our focus will be bilateral in the future (equal parts token and enterprise) (4) Marketing and Communication partners are required in this business. We need to improve there, and finally (5) We need to get closer to our coin holders and have them evangelize our product, and we all grow together.
Thank you for reading this recap. We hope all of your questions and concerns have been answered, and we are looking forward to having more engagement with the community soon. If you have any more questions, please send them to our Global Telegram Channel, and a response will be provided to you as soon as possible.