ONLI® is a blockchain technology that enterprises, entrepreneurs and governments can use to build modern digital asset classes.
The significance of the technology is that it is ledger free, secure, and built to fit within regulatory environments. ONLI® is a value container that runs on a private infrastructure, called ONLIone. It is not open source and does not use any public infrastructure. ONLI® is fast, stable, secure and more cost effective than any other technology. The benefits are that it effectively reduces the cost of moving value around to the cost of electricity. If I was going to boil it down to one phrase, it would be this: ONLI® is a new way to store fiscal value, move it around and keep it safe.
ONLI® is a new way to store economic value, move it around and keep it safe. ONLI® is not an asset class like bitcoin. It is the plumbing. This is a tool you use to build an asset class. ONLIone is a suite of applications that you use to deploy a Digital Asset Exchange, which use white labeled ONLI tokens.
One of the principal advantages of ONlIone is that you are in control. Unlike most other platforms, you host the exchange on your own server. Installation is very simple, as is the configuration. This is institutional-grade financial software and professional management is required. ONLIone is a turnkey digital asset exchange in a box that you can get up and running in 60 days. All at a cost that is less that you could imagine.
ONLI is not a fork of any opensource blockchain like bitcoin, ERC-20 or any other crypto-coins. ONLI® is a blockchain platform built specifically for financial services. ONLI was built to be the plumbing for (TABS) tokenized asset backed securities, where securities are a way of representing fiscal value. ONLI® began in 2009 around the same time as bitcoin and other blockchains. ONLI® is new and different from the ground up. This article does not go into the technical aspects of the technology. This is more of a general conceptual overview.
There is a lot of talk about blockchain and a lot of fantasy about what it can do and what it is good for. World, computer, all kinds of “marketing” terms that people attempt to define and this is what creates the problem and unrealistic expectations. So if you want to truly understand something then you must go back to first principles and ask of a thing what is it and what does it do. In philosophy terms that means solve the problem of identity. So let’s first get some definitions.
- An entry in a ledger, a ledger is a series of records of transactions measured in terms of units.
- A ledger is stored in a database, where database is a collection of data stored in a structured computer file.
- One method of maintaining a database is to store it in a distributed method maintained by a consensus over a network of computer systems connected by communication network.
- An entry in a database can be is controlled by a private key. Which determines who can write to the ledger.
- A private key is a variable in an algorithm used in cryptography. It is usually paired with a public key
- A distributed ledger network is a network of connected computing devices that consensually share a database and synchronize its state across multiple devices.
A blockchain refers to a method of making entries in a database where a chain of entries or blocks in a database, includes a record of the state of the last entry.
A blockchain ledger stored on a distributed ledger network, where entries in the ledger are controlled by public-private key pairs.
The private key of an entry in a blockchain ledger is an alphanumeric string. This alphanumeric string represents the value of the number of units recorded at the ledger entry, it corresponds to.
The private key, the alphanumeric string, is the asset of a user of a blockchain ledger stored on a distributed ledger network. What is referred to as a “crypto-coin” is the private key. This is conventional definition of a digital asset.
- These private keys or coins are the exhaust of a infrastructure sharing model, where they are used as compensation for contributing the infrastructure to process transactions (mining). A subsequent market for these coins have since emerged as they can also be used as a medium of exchange.
Onli® is fundamentally a different approach to digital asset value management.
Let’s got to first principles.
- An onli is a dataset generated by a uniqueness quantification algorithm, where operations (copy, read, write or update) evolve the dataset by hashing the previous state and storing it in the structure, as a chain of blocks, thus advancing the state. This enables the dataset to maintain a real time single global state across a network of connected devices. Each dataset is stored as a single capsule.
- Onli is a capsule. Each capsule is it’s own chain of blocks.
- You move around the capsules, which represent a value, on a private infrastructure designed to maintain the integrity of the capsule. The capsules are isolated and maintained independent of concurrent transactions. Each event evolves the present state and is each state change is immutable.
- There is no ledger. No infrastructure sharing scheme like mining.
Onli is therefore a very different “thing”.
For starters, it is based on a different economic theory called ‘actual possession’. This model is fundamentally different from conventional blockchain technology, which is based on the economic theory of ‘custodial possession’. Custodial Possession is where ownership and changes in ownership of a resource is held in custody and represented in a ledger entry. Actual Possession is where you, just like the word says, you possess the resource. For example; the cash in your pocket is actual possession: the money in your bank account is custodial possession.
ONLI is a peer to peer value storage and transfer system built on the theory of actual possession, and is therefore something completely different from other storage and transfer systems using the conventional blockchain. Think of ONLI as a no ledger system where each coin is its own single blockchain, this is the fundamental difference.
As a result of these core departures the technology is faster, more secure and, this is the most important differentiation, it is easily scalable.
ONLI® is the foundation of an enterprise class suite of software stack for building asset classes and a digital asset exchange. ONLI is not an asset class like bitcoin. It is the plumbing. The client uses business/legal/regulatory processes to create the asset. The developer then uses the value container to tokenize the segmentation of the asset. Of course being able to create an asset is not a business. A coin is not a currency or commodity in and of itself. You also need to create a digital instantiation of the asset class along with a digital asset exchange for that asset. This is where ONlIone comes into play. Once you program the asset. This is then deployed using the ONLI.one infrastructure-as-a-service platform.
ONLIone is a suite of intelligent modeOS appliances that use the ONLI® data capsule in a trading system. You use the ONLIone suite to create an institutional-grade digital asset exchange. ONLIone is an on-prem solution. On-premise software is generally priced under a one-time perpetual license fee. There are recurring fees for support, training and updates. ONLIone is designed to be everything you need for a turnkey digital asset exchange, “in a box”.
Different for a reason
ONLI therefore is different from the ground up. NO infrastructure sharing model (mining) is needed. It is not open source and does not run on public infrastructure or infrastructure aggregation software. No central authority controls the value in a users wallet. The system is strongly authenticated and private not anonymous. User access to the marketplace is centralized as this is necessary for regulatory enforcement. ONLI is built for financial applications and fit within regulatory environments. This is not the blockchain you have been reading about. This is new and different from the ground up.
ONLI® is a blockchain technology that enterprises, entrepreneurs and governments can use to turn social capital into economic value. The significance of the technology is that it effectively reduces the cost of moving value around to the cost of electricity, without an infrastructure sharing scheme. ONLI is a new way to store fiscal value, move it around and keep it safe.