Last week, a couple of members from the OneLedger core team conducted a live AMA session on Reddit. The participants were given an opportunity to express their thoughts, give us feedback/suggestions for the past few months and ask us questions related to the project. We would like to sincerely thank everyone who participated and for your continuous support towards OneLedger.
For Reddit AMA link: click here
We have listed a few questions and answers below for those who missed the AMA. If you have more questions regarding this, you can always message us on our Telegram channels (click here) and our team will be happy to help you.
For the partnerships, we are announcing them as soon as they are finalized. There are several in the pipeline right now. We’re also ramping up our marketing efforts and are in the middle of hiring more teams members for different roles.
2. Blockchain is kinda new and not widely accepted like that so not everybody know about it. For an enterprise that is yet to explore blockchain nor know anything about it, how can you explain in a layman’s language what advantages that OneLegder offers and how OneLedger can improve his business. Like in a simple form how does OneLedger help enterprises?
Great question. Over the last couple of years a fair number of enterprises have launched proof-of-concept development projects with different blockchain technologies. Still for them, and for enterprises that haven’t even heard about the technologies, the central issue is ‘use-cases’. The most known use-case is obviously crypto-currencies, but there are a huge number of other ones that are often discussed. One key point is that their importance is specific to the industry. That is, a bank might not have any real interest in supply-chain management. So, there isn’t one explanation in layman’s terms that will work across all enterprises. Each industry requires its own tailored description. With that in mind, our primary use-case to all industries is that we can give them easy and safe access to all of these other, industry specific, use-cases. And we can do it in a way that they aren’t tied to one specific tech, if things change in the future. That is, they could mix and match different features of different supply-chain management protocols, without having to permanently commit to one or two.
4. How will OLT blockchain change the world? Or affect the businesses?
One of the issues holding back blockchain adoption is that it is tricky to integrate these new technologies with the existing systems out there. OneLedger is a gateway to the other chains precisely to help solve this problem. We believe that the decentralized markets will expand rapidly, once the enterprises are easily able to access them and extend their capabilities. Combine this with a growth in retail usage, and this will allow decentralized technologies to reach their full potential.
5. Could you tell us what is the characteristics of OLT blockchain? and does it better than the traditional business protocols? How can you assure security to those business?
In general, the newer decentralized technologies are considerably more security focused than those currently used by enterprises. Mostly this comes from those earlier technologies being built in a time before security was a major consideration. At OneLedger, we are working hard to utilize the best engineering principals from both generations of software development. We strongly believe that it is important to build on this knowledge, rather than reinvent it.
6. Months from Now, where can you see Oneledger.. i mean its future?
Months from now, but not that many, we’ll be launching the Testnet. We’ve been actively signing up validators, so that there is a solid operational base for this significant release. As we go into the beginning of next year, we will be building up developer momentum for our cross-chain scripting capabilities, as well as building up more enterprise customers and validators. Most of our development effort at that point will be focused on ensuring stability and enhancing the feature set until we do the full release for the Mainnet later in the year.
7. Mainnet — why does it take so long to be ready?
Blockchain is a very complex technology, and there are many issues and trade-offs that need to be worked through in order to assure that the underlying software is robust and secure. This requires a focus on detail, often some experimentation and plenty of hard work to produce and edit the code such that it meets all of the constraints. Realistically, for software, one or two years is not considered a long time. There are plenty of examples of older technologies where the code required over a decade to get built up and into usage.
8. The Mainnet is scheduled to launch quarter 4 next year if I’m right. My question is considering that OLT has many competitors such as Aion, Cosmos etc. some of which have launched their Mainnet and some that will launch in the very near future. Don’t you think that’s rather too long a time scale for OLT Mainnet launch. And how do you plan to wrestle customers back to your platform that might have started using other platforms? Don’t you guys think OLT will be lagging behind launching so far from now?
Yes, and this is a huge internal discussion right now as well. It’s a very difficult question in that we don’t want to rush the development at the expense of the quality. If we get the code out faster, but it’s not safe and reliable then we may get a little boost which likely won’t last. Still, we entered this market at least a year behind most other teams, and their lead could prevent us from getting traction when we are ready to go. One of our advantages is that we are more focused on enterprises as customers than most other teams. They are building the tech, but they’ll have to adapt it to interface with centralized systems. We also started with their needs in mind, and have designed them directly into the architecture. Another issue to keep in mind is that we are actively learning from their implementation issues, so that we can enhance our system based on their experiences. For infrastructure tech, since so much gets built on top, quality has been crucial in adoption. Still, even with those points in mind, we are working on our hiring strategies to bring in more strong developers to help us move the dates earlier. It’s important, it just needs to be done carefully to keep the same level of quality for the protocol.