[EDEN DIARY_BD] Executing on Edenchain’s Whitepaper By Kenneth Lee

Executing on Edenchain’s Whitepaper

By Kenneth Lee

Fundamentally, running a traditional business and blockchain project (with native tokens) requires extremely different approaches. The silicon valley ethos of having a product-first approach and that users would follow, may have proven viability in conventional business models but has yet to be proven among crypto projects.

Managing and building a strong community can’t be broken down into quantitative metrics, code or algorithms; these provide incomplete insights at best and typically provide misleading indicators.

Instead, building a community requires an elegant touch of human touch and inclusiveness. The most transparent blockchain projects such as Bitcoin and Ethereum have gained massive success with their inclusiveness, allowing everyone who wanted to be a part of the network to participate, and even contributing to the development of the cryptocurrencies.

Despite that, enterprise-focused solutions such as Edenchain require a different approach towards token distribution. Based on the White paper, the primary source of demand for Edenchain tokens should have been enterprise users, purchasing Edenchain tokens for access to the network.

Edenchain requires a two-pronged strategy towards building the project. Designing an effective strategy is easy — which we have completed- but execution complex.

The first prong is to build a strong network of potential enterprise users who are keen to explore potential use-cases of blockchain for enterprises. From the ICO period till July, the Edenchain original team had focused on forming partnerships with large successful companies and Venture Capital firms with startups looking to use blockchain technology. It was a great success with multiple partners expressing interest in building proofs-of-concept using Edenchain infrastructure. These enterprise users will in the future need to demand Edenchain tokens to gain additional access to the network.

The second prong of the strategy requires community building. Enterprises using Edenchain may issue new native tokens on Edenchain, or they can opt to use Eden Coins. Both options are feasible depending on the tokenomics of the products and applications built by the enterprise. For the products of the enterprises to be successful, Edenchain needs a strong organic community who are ready to adopt these life-changing products.

The vision painted in the White paper has the potential to be a leader among blockchain platforms. Now is the time to execute this vision.