Transaction Definition

The most important difference is that Blockchain is a Custodial possession system where Onli is an Actual Possession system. Onli is an Actual Possession system. There is no ledger. Crypto and “The Blockchain”, is a custodial possession system that stores transactions in a ledger. They are fundamentally and technically different ideas. Consequently they work differently.

Actual Possession and Custodial Possession differ in that they define transactions differently.

Custodial Possession: a transaction is where one person holds (custody of) the Asset and makes an entry in a ledger. Ownership is a substantiated identity claim of an entry in a ledger.

Actual Possession: a transaction is a change in possession, where ownership equals possession. Put Simply the difference is that an actual possession system works like the cash in your pocket and a custodial system is like your bank account.

Consequently, the digital version of these two transaction systems are naturally going to be different from one another. Shift Your thinking

A Different kind of Transaction

Not only is the definition different but the implementation is very different. Onli on Onli_One implements a fundamental shift in thinking about a transaction.

A transaction in a Custodial Possession model is when an entry in the ledger database is written, copied or updated, signed with a private key, sent to all nodes, and saved in local data. There is no delete function in a blockchain recording system as it is a forward state machine.

A transaction in an Actual Possession model is when a change in ownership is updated, the new state is validated on both the sender and receiver devices, notification of change is sent to Oracle node and the new state is saved in local data.

In a conventional DLT Blockchain, the private key IS the asset. The value proposition is realized by possession of the private key.

In OnliOne, the asset is a thing that is separate from the transaction. Technically there are two conventional events that constitute a transaction: the evolved state of the Asset and the delivery of the Asset. This is more than a conceptual differentiation. The implementation of a transaction and the transaction management system on OnliOne, requires that you think of a transaction as more than a simple write or update entry on a database (blockchain- a method of recording data). In Financial Trading systems you are dealing with long-lived, multi-node, distributed processes. This means for an Onli, a more robust approach is required to complete a transaction entry. For example in a financial transaction payment and delivery are two separate events. Onli One only handles the pickup and delivery of the Asset. It is up to the developer to conclude whatever conditions are required and met before initiating a transaction. Once an Onli is delivered it cannot be reversed.