ICO Review — 5 reasons why Edenchain should be the new Icon

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Crypto ICO Review - US/FR

8 min readJul 31, 2018

EdenChain is a blockchain platform technology that can be used to capitalize and exchange all types of assets through programmable economy technology

1. The current Blockchain are limited

The blockchain is a technology that allows to store and transmit information transparently, securely and without a central control body. It could be compared to a huge database that contains the history of all the exchanges made between its users since its creation. The great particularity of the blockchain is that it relies on a decentralized architecture, that is to say that it is not hosted by a single server but by some users. There is no intermediary so that everyone can check for themselves the validity of the chain. The information contained in each block (transactions, property titles, contracts, etc.) is protected by cryptographic methods that prevent users from modifying them afterwards.

Many Blockchains have emerged and their use has grown steadily through crypto-currencies and other uses. However, its use in the industrial sector, and particularly for the establishment of a programmable economy, is hampered by two major problems:

The impossibility of scaler for large-scale needs; current blockchains allow only a small number of transactions per second
Lack of security and vulnerability to hacker attacks

Bitcoin (BTC) is a so-called first-generation blockchain which, although very secure, lacks efficiency, scalability and allows for very few transactions per second (TPS).

Ethereum (ETH) is considered the second generation blockchain. Ethereum has made many improvements over Bitcoin (mainly smart contracts) but is only able to reach about 20 GST, which is still too low for large scale adoption. For example, the popular CryptoKitties game has been able to clutter the Ethereum blockchain, slowing the transaction speed considerably.

Third generation blockchains such as EOS, Cosmos, Quarkchain or Dfinity are trying to improve this low GST number. However, this improvement in the number of TPS may affect the security and efficiency of these blockchains.

Below is a graph showing the number of transactions per second possible on Bitcoin and Ethereum Blockchains compared to major players in the financial and social media market.

Therefore, a proper balance between scalability, security and efficiency does not exist yet despite all existing attempts.

In addition to these scalability and security issues intrinsic to the current Blockchain, the programmable economy is confronted with three other problems:

Most transactions involving tangible assets are sold and managed by intermediaries, which increases transaction costs.
There are no intermediary platforms for companies and individuals to capitalize on their intangible assets.
There is a lack of developers with blockchain knowledge to help companies adopt blockchain technology, which slows the adoption of technology.

On the basis of this, Edenchain decided to build a highly secure, interoperable blockchain with reduced processing costs that can be used in a wide range of applications and industries.

2. A complete solution

Edenchain is a third generation blockchain which aims to allow any tangible and intangible assets to be capitalized and traded using smart contracts. EdenChain can be used to provide a platform for startups to launch their own ICOs, to manage their IoT data, to do B2B, to offer services, P2P Finance, shared economy, etc …

EdenChain is trying to create the best possible solution to solve the problems of the current Blockchain. Their approach is to solve the problems of efficiency without sacrificing the security of the user. The solutions proposed by Edenchain are:

The platform allows users to create a market for their assets whether they are tangible or intangible. Users will be able tokenize their assets and then exchange them as cryptocurrencies, all without the need of a third party.
To ensure a high level of interoperability security, the platform offers hardware and software solutions. On the hardware side, the SGX enclaves created by Intel are used to protect against attackers. On the software side, a consensus algorithm is used to ensure data integrity between on-chain and off-chain as well as elliptic curve cryptography and threshold cryptography.
The combination of Namespace technology with Merkle Tree technology isolates transactions by Namespace for high performance and scalability. The system allows execution of parallel processing by Namespace, which allows easy scaling. Each Namespaces can handle up to 1,000 transactions per second.
In order to shorten the time and cost of development and to overcome any knowledge of Blockchain, an APi will be available to developers to interact with the Blockchain Edenchain.

Edenchain is a permissioned blockchain which means that it is customizable and scalable for changing business needs while maintaining a high degree of control, privacy and security. Companies are unlikely to adopt pure public Blockchains because they have sensitive data that can not be found in the public domain and disclosed to their competitors. Edenchain offers a certain intimacy with a certain decentralization.

The blockchain architecture is composed transparently by three distinct layers:

The distributed ledger Layer (DLL)
The validation layer
The bridge layer (BL)

Distributed Ledger Layer (DLL): Based on the Linux Foundation’s open source project, Hyperledger Sawtooth, this layer provides decentralized database functionality. The DLL stores all the generated data within blocks thus preventing them from being modified. The DLL allows to find all this data using either the identifier of a block or a transaction. The DLL has a BlockCache module to optimize memory usage and minimize disk access.

The validation layer: This layer, which contains the virtual Ethereum machin (EVM), executes and verifies transactions. Using a transaction execution scheduler, it passes transactions to the corresponding nodes based on the namespaces. The router can be automated, allowing the management of resources between transactions and nodes. The blockchain can also be operated with optimal resources and computing power through real-time monitoring of the workload allocated to the Trusted Execution Environment (TEE). By grouping related transactions into batches, the validation layer ensures efficient execution and eliminates any data dependency issues.

The bridge layer (BL): This is an important technical element that differentiates Eden from other blockchains and guarantees an unconscious connectivity of connectivity between the chain and the offchain. This layer consists of an “electronic bridge” that connects EdenChain to external data sources through secure interoperability, allowing the online smart contract to interact with off-line modules. Because nodes exist both on and off the string, an electronic protocol uses an encryption process called Threshold Cryptography (ECC) for trusted connectivity.

3. A great team

The team is one of the key factors in the success of a project and even more in the creation of a Blockchain. Edenchain’s is a solid mix of talented and experienced developers and business leaders. It consists of eleven members and thirteen advisors.

The four main members of the team (The CEO and the three Blockchain developers) are between 30 and 40 years old and are very experienced in high-end technology.

James Ahn (co-founder and CEO) has more than 20 years of experience in IT. He is the founder and CEO of two companies: MHR Inc. (Software Development for Machine Learning) and DeepNumbers Inc. (Machine Learning in the Finance Industry). He is also a Technical Advisor to the National Computing & Information Service and Cloud Advisor for the Korean Agency for Technology and Standards.

Jenny Ryoo (co-founder and blockchain developer) has 10 years of experience in the field of computer science and has conducted various research for the Korean government including real-time data processing systems.

Hokyun Kim has more than 18 years of experience in the field of computer science. In particular, he developed SK Telecom’s WAP Mail Gateway technology, which provides standardized APIs on 7 portals, bringing together 200,000 paid subscribers one month after launch. He has also developed signal detection and decoding systems and signal processing algorithms.

Brian Park has over 15 years’ experience in IT, including SK telecom and Korean telecom. He has developed direct push technology on Windows Mobile and has participated in the development of a cloud-based software-based energy-saving technology for the Korean Institute for Energy Technology Assessment and Planning.

Overall, the team of advisors is very good. All project advisors are very experienced in their fields and have worked in large companies such as Oracle, IMB or other as well as in the scientific sector.

4. Great partners

The company’s partners include Byzantine Partners (a venture capital firm), Across Asia Alliance (one of the largest networks of venture capital firms) and Finger, a company specializing in advanced technologies.

In addition, three major partners have already positioned themselves to ship a first alpha version:

HelloEden will be the first to implement EdenChain in the second 2018 and mainly targets the Korean market. EdenChain will provide ICO with coin release, marketing and investment, a total service on a platform basis.
CleanDeal is an open B2B platform, marketed by YT Corp and to be launched in the fourth quarter of 2018. Edenchain provides the required block and part technology for the B2B service for Cleandeal.
MyCreditChain uses Edenchain to provide coins and Blockchain Technology to provide a P2P service. This will be launched in early 2019.

5. An All-in-One ICO Solution

Edenchain also offers a complete platform for managing ICOs. This platform is called HelloEden. It is a complete platform that offers the following services:

An ICO evaluation system
A tokenisation ecosystem (coin issue)
A wallet service
Legal services
A KYC / AML system

Thanks to the various partnerships EdenChain has secured for their HelloEden platform, existing companies will be able to perform a simple “reverse ICO” or new companies will be able to launch their ICO on the single and simple solution.