Baseledger — The Blockchain for Baselining, powered by UBT
Tags: Baseline, Baseledger, Defi, Integration, Blockchain

Baseledger — The Blockchain for Baselining, powered by UBT Unibright.io Follow Feb 25 · 6 min read

February 25, 2021 — Whitepaper authors of Unibright, Provide and Finspot present Baseledger: a public-permissioned, council-governed blockchain network that fulfills the major requirements of enterprise organizations for participating in Baseline-enabled processes: A unified architecture ensuring service quality, data privacy and integration.

Baseledger is powered by UBT, Unibright’s Universal Business Token, and constitutes a public, council-governed blockchain using a Proof-Of-Stake consensus mechanism that enables low and fixed costs, high and guaranteed performance, data privacy compliance, multi-chain-coordination and off-chain integration by design.

Find all the details in the whitepaper presented on Baseledger.net

The Road to Baseledger

Unibright is pioneering enterprise blockchain adoption since 2017, when the Unibright Framework was announced. Now firming under Provide Framework, it allows seamless no-code-design and operation of business process between enterprise systems and various blockchains.

With Unibright Freequity, the blockchain agnostic no-code-approach was extended with a 360° take on tokenization and Enterprise DeFi, including liquidity concepts, token issuance, trading and custody solutions.

As a leading contributor to the Baseline Protocol, Unibright is paving the way for confidential and complex collaboration between enterprises without sharing sensitive data on-chain since 2020.

With Baseledger, we now present the missing link for enterprises aiming for a productive deployment of the Baseline Protocol across a variety of blockchain business cases at enterprise scale.

This not only completes the ecosystem from a technical and architectural perspective, but it also completes the utility of UBT, Unibright’s Universal Business Token. Within Baseledger, UBT acts as a work token, allowing for those that stake and provide work on ensuring consensus, to participate by a “share-in-the-block reward” mechanism.

Baseledger explainer video on YouTube

The “right” mainnet for the Baseline Protocol

The Baseline Protocol is the approach of using a public blockchain (i.e., a “mainnet”) as the common frame of reference between off-chain enterprise systems of record. The Baseline Technique enables confidential and complex collaboration between enterprises without sharing sensitive data on-chain. Baseline is a particularly promising way to reduce capital expenses and other overhead while increasing operational integrity when automating interorganizational business processes and data sharing.

A “mainnet” in the context of the Baseline Protocol is an always-on public utility — serving as a state machine — that sacrifices speed, scalability and fast finality for tamper- and censorship-resistant consensus. Today‘s public blockchains are a great solutions for Cryptocurrencies and DeFi that benefit from a maximum distributed and opaque network — Enterprises Baselining or using a public ledger in general, have vastly different requirements concerning a public blockchain, which are fulfilled by Baseledger’s core feature set.

Baseledger

In order to address these issues, Provide and Unibright have authored a whitepaper detailing a new mainnet of choice for the Baseline Protocol. Known as “Baseledger,” this is a public-permissioned, council-governed network that caters to the primary requirements enterprises need to leverage the Baseline Protocol.

As described in the whitepaper, Baseledger is an “Architecture of Architectures.” This means the Baseledger network will serve as the underlying ledger for coordinating leaf node consensus; state synchronisation and configurations; and plugging in other protocols for exiting and tokenization (Layer 1), along with workflows and zero-knowledge proofs (Layer 2).

Prior to Baseledger, no other projects have aimed to coordinate Layer 1 and Layer 2 within a single, open architecture. Baseledger, however, can serve as the minimum viable protocol to serve Layer 2 functionalities and exit them into Layer 1 by storing baselined proofs in the network. Moreover, Baseledger can work as the underlying ledger for coordinating multi-chain setups, like combining Baseledger with Ethereum for enterprise DeFi (decentralized finance) purposes.

The whitepaper we present on Baseledger.net, explores the current state of enterprise blockchain, including an introduction to the Baseline Protocol. After a deeper look into the unresolved challenges of building the right mainnet, Baseledger is presented as the solution. Reference Implementation Examples and an evaluation of the proposed solution are presented afterwards. These examples include the role of all products from Provide’s and Unibright’s joint Baseline-as-a-Service tech-stack.

UBT Token Model Extension

There is already a set of products and services powered by the UBT token within Unibright’s and Provide’s product offerings. Now, Baseledger is a perfect extension to these offerings. By combining them and making UBT the token to fuel Baseledger as well, UBT is not only an “input” payment token, but also an “output” reward token, which makes the token flow complete.

We propose to extend the current UBT utility token model where:

The token acts as a payment mechanism for using software

The token acts as a staking mechanism for workers maintaining consensus

The token acts as a “share-in-the-block reward” mechanism for workers that are doing the work relative to their stake

A proxy-staking mechanism is in place, where members of the ecosystem can contribute to a worker’s stake (and partially participate in the rewards) without doing the work themselves

Organizations (users) do not need to handle the token themselves and can pay in fiat money

The following diagram shows the token and fiat streams envisioned in the tokenized ecosystem of Baseledger, incorporating aforementioned elements like revenues, rewards and customer payments, as shown in detail in the Whitepaper.

This model has the potential to successfully support the distinction between and proper addressing of both the enterprise audience (interested in Software-as-a-Service with a classic fiat payment model) and the cryptocurrency audience (interested in holding and staking UBT and participating in revenue and reward shares).

This is the groundwork for a self-sustaining ecosystem that is able to grow and incentivize those working on it — a token model that helps to grow the network around Baseledger.

Summary

Baseledger as the public ledger for Baseline allows enterprise projects to provide value when multiple entities in an ecosystem require a shared, single version of truth and no single entity is in control. It is the trusted middleware for business processes, harnessing the potential for blockchain to become a new open standard protocol for trusted records, identity, and transactions that cannot be simply dismissed. It overcomes the restrictions of current public ledgers in terms of transactions costs, performance, compliance, integration and multi-chain coordination.

It is powered by an incentivized ecosystem based on UBT, properly addressing of both the enterprise audience (interested in Software-as-a-Service with a classic fiat payment model) and the cryptocurrency audience (interested in holding and staking UBT and participating in revenue and reward shares).