EdenChain ICO Review — A Programmable Economy Platform
EdenChain is creating a third generation smart-contract blockchain which they will utilize to implement a Programmable Economy. With the EdenChain platform, users can capitalize tangible / intangible values, and trade them over the blockchain. EdenChain also aims to provide a pervasive blockchain and token platform for applications across the board, including IoT, Energy, AdTech, P2P finance, Healthcare etc.
In regards to technology:
- With the growth of innovation in regards to a programmable economy, the two factors that currently hold these platforms back are security and performance.
- The original platforms created were extremely secure, but process transactions at an extremely low rate, making the possibilities of mainstream adoption impossible.
- Current existing platforms offer solutions which improves performance but at the trade-off of security.
In regards to the global market:
- Tangible Assets: These tangible assets such as real estate, furniture, valuable arts, automobile, etc. are sold in a market managed by intermediaries. Both parties involved in the transaction require these services due to; lack of experience in these transactions, the process in which to finalize the sale, the necessity for oversight, and many more. These fees could range anywhere up to 20% or possibly more.
- Intangible Assets: The lack of platforms that provide a means to broker deals for intangible assets (time, social influence, services, networking, fame, etc.) causes the few current existing platforms to monopolize and charge extremely high fees to connect these deals.
EdenChain attempts to create the best possible solution to solve these global and technical issues that are present with modern day global market economy. Their approach to solve efficiency issues without sacrificing the user’s security could turn their platform into one of the most appealing up and coming projects out there.
- The EdenChain platforms allow any user to create a marketplace, attach their assets and trade via cryptocurrency, all without the necessity of a third-party.
- The platform offers a high level of security in regards to interoperability by implementing a consensus algorithm to ensure data integrity between on-chain and off-chain.
- 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.
Main Features & Tech Overview
EdenChain’s blockchain architecture is comprised of 3 layers: a distributed ledger layer, a validation layer, and a bridge layer.
- Distributed Ledger Layer: Based on Linux Foundation’s open source project, Hyperledger Sawtooth, this distributive ledger layer provides the decentralized database functionality to EdenChain. The layer in 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.
- PoET (Proof of Elapsed Time) is a consensus algorithm that uses a CPU command in the Software Guard Extension (SGX) to select a leader randomly without utilizing large amounts of energy to solve a hash problem. SGX allows applications to run trusted code in a protected environment.
- Validation Layer: The layer where a transaction is executed and verified, and includes an Ethereum Virtual Machine (EVM) to run a smart contract. Transactions are executed and verified in this layer, which includes the EVM. With a Transaction Execution Scheduler, it forwards transactions to corresponding nodes based on namespaces. The router can be automated, allowing resource management across transactions and nodes.
- One can also operate the blockchain with optimal resources and computing power through real-time monitoring of the workload allocated to the Trusted Execution Environment.
- By grouping related transactions into batches, the validation layer ensures efficient execution as well as eliminates any data dependency issues.
- The validation layer’s transaction scheduling function has a significant impact on the performance and scalability of EdenChain.
- Bridge Layer: This layer consists of an e-bridge that connects EdenChain with external data sources through secured interoperability, enabling the on-chain smart contract connects with the off-chain modules. This 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.
Advantages of a Permissioned Blockchain
- Efficiency: Smart Contracts ran in a permissioned blockchain are faster and more efficient.
- EdenChain achieves this by using a certain number of nodes based on a namespace, and ensures 100 percent processing of all transactions.
- High Availability: EdenChain utilizes cloud services to ensure high availability and operates an EdenChain system with a multi-datacenter pattern using a global DNS and a load balancer.
- A multi-datacenter pattern is a pattern provided by the cloud service provider Amazon. It is used by many Internet companies such as the Apache Foundation, Netflix, CloudFoundry, and Atlassian, furthermore, recommended by MS Azure.
HelloEden: The All-in-One ICO Solution
The HelloEden platform is an all-encompassing tokenization ecosystem developed in conjunction with an ICO implementation process for a distributed infrastructure.
Through the various partnerships secured by EdenChain for their HelloEden platform, existing businesses can perform a, “reverse ICO” or new businesses can launch an ICO on HelloEden’s one stop solution for all of their needs.
These various partnerships would ease the process for any businesses interested in adopting blockchain technology. These initiatives could make EdenChain one of the widely adopted platforms due to simplicity of on-boarding.
In Summary: One of the major platforms initially released, HelloEden, will have a variety of partnership services such as:
- ICO Marketing
- Legal Services
- Wallet Services
- Coin Issuance
- ICO Ratings
These services will function to help assist any business that are existing or new, avoid the stress of adopting blockchain technology into their business.
- The Private Sale Series Round A has concluded.
- The Private Sale Series Round B will begin in May.
- The whitelisting has closed for the crowdsale.
- The crowdsale will begin in May.
- The MVP / First Alpha is scheduled to be released before the ICO (April).
- Ticker: EDN
- Token type: EDN will be ERC-20 post crowdsale, and swapped into EdenChain’s wallet format when the mainnet launches in Q1 of 2019.
- ICO Token Price: 1 EDN = 0.0600 USD
- Hard Cap: $24,000,000 USD
- Total Tokens: 1,000,000,000
- EdenChain’s project is extremely ambitious. They are attempting to tackle various issues and markets all at once, which could end up being overwhelming.
Team + Advisors
- Amassed over 20 years of experience in the field of IT
- Worked as CTO of 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.
- Developed a big data platform for the National Assembly Library
- While working with the government, James managed to improve efficiency in performance, energy consumption, analytical processing, and handling of large volumes of data.
- Over 10 years of experience in the field of IT
- Wrote an award-winning bachelor’s and master’s theses at Korea University and Dongguk University
- Developed big data analysis service for the activation of knowledge service of national academic information integration data based on the clouds of National Information Society Agency / National Assembly Library
- Worked at various sectors of government research projects such as:
- Korea National IT Industry Promotion Agency (NIPA)
- Development of Real-Time Big Data Analytics Platform (2014) Software Development Support Project, NIPA).
- Korea Institute of Energy Technology Evaluation and Planning (KETEP)
- Development of Server Power Saving System based on software technology.
- Over 18 years in the field of IT
- He was the first in the world to develop Saw & PinckandPlace.
- He developed SK Telecom’s WAP Mail Gateway which provides standardized APIs on 7 portals, reeling in 200,000 paid subscribers within a month of service launch.
- Other enterprise products developed by Hokyun includes signal detection and decoding systems, and signal processing algorithms.
- Over 15 years in the field of IT
- Worked at SK Telecom where he built a business-dedicated virtual workspace based on the Sandbox virtualization technology
- Participated in the development of software-based power saving technology applicable to a cloud environment for the Korea Institute of Energy Technology Evaluation and Planning.
- Developed a system of sharing outside data for Samsung Display.
- Developed Direct Push technology for mobile outlook connection based on SK Telecom’s Window Mobile.
- Partner at Byzantine Partners
- Member of the Society of Blockchain Developers in Korea
- Has been in financial market for 10 years as a derivatives trader, an analyst and a portfolio manager at reputable global investment firms.
- At Franklin Templeton, he has performed a role of portfolio manager over 6 years, managing more than US $1.6 billion funds for fixed income, derivatives and alternative assets.
- Founded a successful social network mobile application as a CEO and applied Blockchain technology to his service.
- Research Analyst for top global investment firms such as Goldman Sachs and Barclays.
- As a co-founder of a tech start-up, HJ launched a social network mobile application and applied blockchain technology to his service.
- Depth of knowledge and analysis was well regarded amongst institutional clients during his research analyst tenure as he received multiple votes from institutions and hedge funds.
- Silicon Valley-based Venture Capitalist and brings with him more than 16 years of professional investment management, research and deal experience across the broad Technology sector
- An Investor with Columbus Nova Technology Partners (CNTP), a global, multi-stage, technology investment firm operating out of Silicon Valley and New York City.
- A Venture Partner with Flatiron Investors, a New York-based early-stage venture capital firm.
- Was a Sr. Investment Analyst focused on Technology-related investments with The Olayan Group.
- Graduated University of Portland with a Marketing Degree.
- Has experiences in various corporations and is currently in charge of Marketing and PR of the new leading blockchain firm EdenChain.
Graduated Dongguk University with a Master’s degree and started the first career with EdenChain.
- Has an experience as an editor of press, and had an interest in IT which lead to joining EdenChain.
- Currently in charge of Marketing and PR.
- Started his career with the MAS, Singapore’s Central Bank and financial regulatory authority after graduating from Singapore Management University.
- Joined Tikehau Capital, a listed European asset manager with US$16bn in AUM
- Based in Singapore, he was responsible for the sourcing and execution of Asian private equity and venture opportunities across multiple sectors.
- Graduated from Korea University and built his career in LG group with numerous key projects in group companies.
- Led the IT consulting and system establishment projects in Data warehouse and Business Intelligence area (LG Electronics, LG Card, Korea Railroad Corporation etc.)
- In charge of reviewing ideas and prototyping of new business items in “LG Innovator” project
- Conducted new business development and staff training in ICBM (IoT, Cloud, Big Data, Mobile) division.
One of their advisors, Mina Jeong, is the CEO and managing director of M&K PR, one of the leading PR firm in Korea. EdenChain is making a push to building a big community in Korea and has already generated a huge following in their Blockchain community.
The Advisor team is extremely solid, having vast experienced backgrounds ranging from Samsung, Nokia, Oracle, American Airlines, Visa, Deloitte, Ernst & Young, Intel, Ford etc. with influence in Korea and Silicon Valley.
Partners and Investors
3 Major Users are already signed up to board their first alpha:
- 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.
- 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.