Ledgerium Whitepaper

[Version 2.2]

Authors: electo <faisal@ledgerium.io> Ivan Cheah <ivan@ledgerium.io> Rahul Golash <rahul.golash@ledgerium.io> Kellson Ma <kellson.ma@ledgerium.io>

Abstract:

Ledgerium aims to create a consortium based network that allows consortium members to vote in other members, and vote them out all based on a protocol level governance. The project aims to provide greater decentralisation and autonomous governance in the hands of those producing blocks. The project will always aim to stay as close to current ethereum development as possible and yet at the same time provide a network that uses an alternate protocol.

While most other projects are aiming for greater throughputs at the cost of decentralisation, Ledgerium believes there is a need for an enterprise level consortium chain and we aim to cater that market. The enterprise market has a unique set of requirements, including enterprise level support, tools and community. Being in a unique position where we already have products and services available to utilise the tech under our parent company The Block Ledger and the team that comes from audit, finance and tech we think we can help bring this to mass usage in current financial systems as a world-wide ledger.

Though we will be bringing in enterprise block producers, we are hesitant to call it completely decentralised. If the actors who produce blocks are known, they can be coerced and in essence the resulting blockchain suffers in decentralisation. As it is, Ledgerium will be equally or more decentralised than a lot of current projects that rely on block producers.

Every blockchain, including bitcoin, is first and foremost a ledger. Everything is recorded as a transaction between two or more parties. Ledgerium is simply an attempt to create a worldwide immutable public ledger of everything starting with finance. Utilising the blockchain and its ability to store proofs of data allows us to represent this data in a fully auditable trail.

A quorum based hybrid (Public/Private) chain that uses IBFT for single block finality. Fully backward compatible with all the work already completed on ethereum, including all DApps and smart contracts.

Ledgerium also aims to use all the technological advancements already available to ethereum developers and always remain fully backwards compatible for smart contracts and any other layer 2 scalability solutions. Everything should just work "as-is". This includes all the innovation in Defi and Plasma.

Lastly, in a sea of other "blockchains", we also aim to not just create another blockchain. We want to launch products that utilise the blockchain from day 1. This is why the project has not been launched to public until we had our first products in the market. We are a team of bitcoin enthusiasts, who think smaller blocks and a change in POW on the bitcoin network is the right way forward. This is also why we think any projects using the bitcoin network for time-stamping, or anything other than peer to peer transfer of value are wasting space and resources. We are also very cognisant to the fact that technology advances at a rapid pace and with layer 2 technology a lot of those use cases may be possible on another layer. Ledgerium if ever needed, will be happy to convert to a layer 2 tech in the future. RSK, Omni, Plasma and Liquid are projects that highly interest us. Our tokenomics will not change with any such switch of underlying blockchain since the token provides the means to interact with and execute transactions coming from our software products.