EdenChain is a Blockchain Platform Technology which aims to implement what they call a Programmable Economy. With the EdenChain platform, users can capitalize tangible/ intangible values, and trade them over the blockchain. According to communication from the company, Edenchain could be used easily by company/organization/individual who needs to implement blockchain technology and tokenise it.
The company aims to provide a pervasive blockchain and token platform for applications across the board, including IoT, Energy, AdTech, P2P finance, Healthcare etc.
Key Elements needed for a programmable economy
At the core of Edenchain is a powerful smart contract play which isn’t based on the Bitcoin or Ethereum blockchain. They do so to cater specifically for security and increased performance. This comes through in their adoption of the permissioned blockchain approach, akin to Hyperledger or Kedana.
Increased Security
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 (MVT) Securing trust, and defending against hacker attacks.
Increased Performance
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.
Upcoming traction
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.
- 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
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.
Upcoming ICO and our take
EdenChain will be running an ICO in Q2 2018 and will have a hard cap of 24,000,000 USD. 1 EDN is priced at 0.06 USD. It is particularly heartening to see that 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.
Blockchain deviations from Bitcoin and Ethereum aside, the platform will serve as an enabler to blockchain companies looking to build technology solutions and run an ICO. We foresee EdenChain greatly reducing costs and friction in getting products up and running. Much like advanced technology platforms and services that take away the worry of designing basic software, EdenChain, if scaled correctly, can be its equivalent in the blockchain world.
We’ll be watching this ICO in the coming months.
Visit EdenChain – http://edenchain.io/
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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