EDENchain (EDN) - ICO review - 3rd gen Blockchain which aims to implement a Programmable Economy.
VIDEO:
EdenChain is a third generation Blockchain Platform Technology which aims to implement a Programmable Economy. With the EdenChain platform, users can capitalize tangible/ intangible values, and trade them over the blockchain. Edenchain aims to provide a pervasive blockchain and token platform for applications across the board, including ICOs, IoT, Energy, AdTech, P2P finance, commerce, Healthcare etc…etc… as it can capitalize on valuable assets and execute transactions fast, securely and at a reasonable cost.
Token Metrics
Ticker: EDN
Token type: OWN WALLET
ICO Token Price: 1 EDN = 0.0600 USD
Fundraising Goal: 24,000,000 USD
Total Tokens: 1,000,000,000
Available for Token Sale: 40%
- BONUS available fo pre-sale contributors.
- EdenChain will deploy 50% of its funds for their technology platform –this is usually a sign that the company wants to go out there and build something.
Key Elements needed for a programmable economy
The two problems they are catering specifically to are security and increased performance. They are doing this through their adoption of the permissioned blockchain approach, similar to Hyperledger or Kedana.
We are going to discuss the first problem which is SECURITY and explore the solution provided by EdenChain
According to their whitepaper, conventional blockchain technologies such as Bitcoin and Etherium are unsafe because they are exposed to hacker attacks because they do not guarantee the trust of interworking with external systems required in non-deterministic smart contracts.
EdenChain uses the E-Bridge layer to retrieve data from multiple data sources when a non-deterministic smart contract is interfaced with an external system, encrypts the data, and uses a Median Voter Theorem as an E-oracle consensus algorithm Securing trust and defending against hacker attacks. The algorithm of settlement of ledger data is Proof-of-Elapsed Time, it is designed to enable efficient leger emulation with fewer computing resources.
We are going to discuss the first problem which is PERFORMANCE and explore the solution provided by EdenChain
On the performance aspect, EdenChain combines Namespace with Merkle Tree, isolates transactions by Namespace, and secures performance and scalability by constructing an Execution System capable of parallel processing by Namespace without processing one transaction at a time.
With these two pillars, EdenChain believes it can create a platform for a sustainable and scalable programmable economy.
Bonus feature: No Censorship
All transactions and smart contracts executed in the EdenChain run on an Eetherum Virtual Machine and the SGX enclave, and thus the data used here cannot be controlled or accessed and censored. EdenChain is a permissioned block chain, but as in any permission-less blockchain, it does not censor data, and thus provides an environment on which all transactions and smart contracts run equally and at one hundred percent.
Programing language
EdenChain supports solidity, currently the most popular smart contract language.
EdenChain (blockchain) Architecture
EdenChain is a permissioned blockchain consisting of three layers: a distributed ledger layer, a validation layer, and a bridge layer.
- The distributed ledger layer is a place at which data used in the blockchain is distributed and stored, and only data of transactions agreed to in the validation layer are processed. Distributed ledger data can be added through transactions.
- The validation layer is where a transaction is executed and verified, and includes an Etherem Virtual Machine to run a smart contract. The validation layer has a transaction scheduling function, which has a significant impacton the performance and scalability of EdenChain.The bridge layer is used to securely import data needed by an on-chain smart contract within the blockchain in cooperation with an off-chain.
- In the bridge layer, nodes naturally exist on-chain and off-chain, and an E-Protocol using ECC-TC, which is an encryption technique, is used for reliable communication between these nodes.
Partnerships locked-in
The EdenChain platform is due to launch their first Alpha in Q2 2018, and they already have 3 major users on board. These are
- HelloEden – HelloEden will be the first to implement EdenChain in Q2 2018 and is mainly targeted at the Korean Market. EdenChain will provide ICO coin release, marketing, and investment, a total service on the basis of a platform. They have partnered with the number one tech PR/marketing firm M&K in korea.
- CleanDeal – Cleandeal is a B2B open-market platform, run by YT Corp and will be launched in Q4 2018. The platform provides coin and Blockchain technology that is needed for B2B service for Cleandeal.
- MyCreditChain – MyCreditChain is using Edenchain Platform to provide coins and Blockchain Technology to provide P2P service. This will be launched in early 2019.
The Team and Advisors
EdenChain has a balanced core team, with two key leaders competent in business and technology. Founder and CEO James Ahn has over 2 decades of experience in IT and has spent time as a CTO at CyberRenassance Inc. He served as a consultant to the NIA Platform, a technical advisor to the National Computing & Information Service, and an advisor to Cloud for the Korean Agency for Technology and Standards. He also wrote the EdenChain technical whitepaper, it’s a masterpiece.
Co-Founder and CTO Jenny Ryoo has spent over 10 years in technology. She has performed customer analytics studies to analyze and predict users’ behaviour patterns by analyzing web user logs of the National IT Industry Promotion Agency. She has conducted research on smart grid technology for Green Office of the Korea Institute of Energy Technology Evaluation and Planning. She studied systems for real-time big data processing for the National IT Industry Promotion Agency.
On the advisors front, the biggest name on their board is Hyung Guel Kim who worked in the famed LCD division in Samsung Electronics as an executive director. Apart from that, They have seasoned entrepreneurs, legal and marketing counsel too. Their adviors don’t have minimal experience in the BLOCKCHAIN space.
Pre-sale update – from their medium
Throughout the week, our team had been receiving 500+ emails a day, expressing interest in pre-sale and to learn more about EdenChain. We are grateful for such an overwhelming interest in EdenChain and making this decision has not been easy. In the best interest of EdenChain, we will be putting our strategic pre-sale round on hold till further notice.
In the coming weeks, we will dedicate all our energy on technical developments on the MVP, forge stronger strategic partnerships and hire additional key personnel to strengthen our team.
We will step up on our engagement efforts with our valued community.
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