About Us

OLegacy is a platform for decentralized supply chain management of Gold. The aim is to communize the access to Gold with the help of Blockchain. Gold enters the system, tested, minted into Gold coins and vaulted in insured vaults across the globe to generate equivalent tokens. The Supply Chain of Gold is decentralized on the Hyperledger Blockchain. This makes the ownership of Gold trackable, in turn making the system transparent and confiding. Smart Contracts govern the token dynamics and consensus amongst the parties involved in the token generation process. The system also provides a real-time audit of Gold vaulted in different vaults globally.

Olegacy

To provide liquidity to the tokens, the platform has an Instant Purchase Ordering System (IPOS) where tokens can be purchased instantly. Apart from this, the platform also has an exchange to trade tokens.

Challenges

Being a project that is one of its kind, the team faced quite a few challenges during the design and implementation phase. The client had complex business requirements and wanted to leverage the benefits of blockchain along with the best user experience.

The major challenge was the selection of blockchain platform keeping security, auditability, and cost-effectiveness in mind.

The Major challenge was maintaining ETH in the users’ wallet for executing Blockchain transactions.

The Wharfing Wallets to be such that OLegacy platform does not have access to users’ wallet keys.

Solution

We used a hybrid blockchain architecture using Hyperledger sawtooth and Ethereum for OLegacy, a hybrid of public and consortium blockchain was the best-evaluated solution after research. We explored multiple blockchain technologies and multiple combinations like Ethereum, Sawtooth, EOS, Stellar, etc. before finalizing a hybrid blockchain architecture using Ethereum and Hyperledger Sawtooth.

  • Hyperledger was used to track the complete movement of OTokens in the system. All the entities involved in token creation and redemption process sign the Smart Contract on the Hyperledger blockchain to maintain the integrity of the process.
  • The Blockchain experts at Sofocle did R&D on solving the challenge for Ethereum fee and came up with a solution of using provable functions in smart contracts that allows admin to spend gas(fee) for actions that need to happen from users’ wallet without populating ETH in each users’ wallet.
  • Another solution proposed to the client was in terms of simplifying business requirement. The client used two wharfing wallets due to different fee structures for both the wallets. Our team proposed a solution defining a new fee structure that merged the two wallets into one reducing the number of transactions and blockchain fees to nearly 30%.
  • Token dynamics are handled in Ethereum. Generation, movement, and burning of OTokens happen in Ethereum Blockchain.
  • Sofocle helped the client at each step with the evolving requirements to best align with the client’s vision and satisfaction.
  • The solution to Wharfing Wallets was proposed in terms of a service called Wharfing Wallets Management Service (WWMS) that will be hosted by users. This service abstracts implementation details from the user, yet giving him complete access to his funds. The OLegacy platform did not have access to funds in Wharfing Wallets, they can execute a trade using APIs supported by WWMS.

Impact

  • Sofocle helped client to develop a system which could be used by users with any level of expertise in Blockchain and belonging to any age group. The aim was to provide complex blockchain solution for users to lavish the advantages of blockchain technology without having to face its complications.
  • Sofocle hnoindexelped client to enhance their vision regarding their own product by proposing different business logics and cases that client overlooked.
  • Sofocle provided its expertise in both Blockchain and security domains along with implementations of business requirements. Sofocle developed the architecture to cater to continuously evolving business requirements of the client.

Conclusion

  • OLegacy was one of the first projects where we used a hybrid blockchain solution to provide security and cost-effectiveness at the same time. A significant amount of R&D led us to design feasible and secure architecture which catered to all the client’s requirements without losing the effectiveness of Blockchain technology.
  • Moreover, OLegacy was a very good learning experience for the entire team in terms of research, design, development and dealing with the complex and evolving business requirements.
  • The Blockchain expertise of the team at Sofocle helped the client to better understand and solutionize his business requirements.

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