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Saturday, June 16, 2018

Chat, Trade, and Protect: A look at the many facets of OneChain...


At the time of writing this article, there are 1634 coins and tokens listed on CoinMarketCap.com, most of which are applications that rely on the Ethereum blockchain. With all of these dApps, you think there would be a solution to every problem on the internet. While many claim to focuson convenience and reliability, one problem remains: crypto, for most of the world, is still way too hard to use.

A hardware wallet may be a simple device for a crypto enthusiast, but the average person can’t be bothered. Decentralized exchanges are still the dark ages, and average users still prefer giving up autonomy for trusted applications. Meanwhile, privacy is becoming a paramount issue. These days you can’t even have a casual conversation without getting spammed with targeted ads. Worse yet, we have to worry about how our personal data is being abused and tracked in ways we can’t even conceive.

OneChain is an Ethereum token that aims to solve a few problems in a single decentralized application. Ease of storage, efficiency of trade and transfer, and private communication are the three main aspects of the OneChain’s model, wrapped in a user-friendly, consumer-focused product.

The One Superwallet will be able to store over 700 cryptos and perform 5 transactions per second via the use of its signature Thunder transfer protocol. The Superwallet boasts a secure app for web, desktop, and mobile platforms, and is available for multiple operating systems including iOS and Android. As you would expect, all versions of the wallet are open source and fully distributed. Thunder is a transfer system that allows for transactions between devices based on high performance graphene technology, so transfers shouldn’t get slowed by ethereum bottlenecks.

The One Exchange is their version of a DEX, or decentralized exchange. The proposed system appears quite sophisticated. Fully distributed, One Exchange is a P2P network of data centers, or nodes, around the world. These nodes are organized into efficient clusters to increase processing power. Instead of using traditional blockchain data storage, which is easily congested with transactions, One uses NOSQL databases. In other words, the system has its own efficient protocol for storing and transferring data. Speed, safety, and reliability are increased.

In addition to the technical features, the One Exchange will make it easy to deposit, withdraw, and interface seamlessly with their wallet. They plan to support stable assets such as bitUSD and bitCNY. For safety and transparency, One Exchange will utilize Merkle tree technology, not unlike that used in the Bitshares DEX.

Finally, OneChain offers a decentralized chat service. There are several cryptos promising to provide private chat such as Kin, E-chat, Chatcoin, and the rumored LINE-Q, but OneChat has a few ideas to stay competitive. It will be fully encrypted, censorship-resistant communication with the ability to chat in small communities as well as around the globe. A simple blacklist feature allows users additional security. The importance of blockchain in text communication can’t be overstated, especially in a areas where citizens feel their right to free speech is threatened.

Eventually OneChain plans to incorporate digital assets, decentralized file storage, and migration to the EOS graphene platform for speedier performance. The whitepaper mentions the possible integration of Loopring, another decentralized exchange protocol, though many details are absent. The roadmap is thorough, but since this is a unique launch-in-process, much of their progress is difficult to confirm. The iOS and Android apps are already available and plans are in place to begin development of applications on the One platform as soon as September, 2018. The goal is to have over 1 million users by January of next year.

The token sale, usage, and other information is still developing. Total supply of ONE tokens will be 10 million. According to the whitepaper, small amounts of ONE will be consumed during transactions, like fuel or gas, but keep an eye out for more technical developments in the future.

To download the working dApp and find more information, visit www.onechain.one
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Author: Vincent Russo
Los Angeles News Desk