EdenChain – Platform for the Enterprises of Tomorrow- An Economized Overview

EdenChain – Platform for the Enterprises of Tomorrow- An Economized Overview

Blockchain technology is speedily impacting the way we interact with each other and the world around us. The economy of the world is in such a position that prices of assets; both tangible and intangible have been skyrocketing for years and still is, reasons including the presence of middlemen and the application of centralization which creates monopolies of trade. Now, Imagine an economy where ‘middlemen’ are eliminated, and decentralization is applied, an economy that is programmable, an economy where enterprises can transact directly with consumers and the whole community can share profits that were supposed to be handed to middlemen in this current economy; This, I believe is what EdenChain and its ecosystem is all about.
One way in the blockchain technology would make an impact our world is if the world’s economic system is merged with the blockchain technology. This merging would bring about a ‘Programmable Economy’, more like a shared economy. This is Edenchain.
EdenChain is a programmable economy and blockchain platform that capitalizes tangible and intangible values and assets using the blockchain smart contracts. The Programmable Economy is a unique economic system that invariably makes it very possible for the trading on these values and assets to occur without the need or requirement for middlemen. A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract and credible transactions without third parties or middlemen involvement.

ORIGIN AND PRIMARY PURPOSE
Did you know that the name Eden was actually gotten from an advert placed by a church on a subway? After series and series of brainstorming with his team, the CEO of Eden finally stumbled upon that advertisement of a church called ‘THE NEW GARDEN CHURCH’ and he decided to give the name EDEN to this project because of the idea that the name represents in our everyday ‘CHRISTIAN’ world. What about people in other religion? I am just asking anyway. I hope that this is not the reason why IRAQ citizens were restricted from participating; it’d look like the team is being biased.
Well, EdenChain is the 3rd smart contract blockchain. At the first summit of team members and global advisors in June 29, 2018 at Seoul, CEO James Ahn made the first speech presentation by sharing his vision for a programmable economy and about how the idea of the entire Eden ecosystem came about, that Enterprise users has had a strong need and preference for a permissioned blockchain platform because of how it creates a controlled environment for enterprises to learn about the use-cases of blockchain, he also said that it would be the crucial first steps undertaken by enterprises before they begin to adopt public blockchain. Since Eden is a permissioned blockchain, it has positioned itself to capitalize on this new opportunity.
The primary purpose of EdenChain is to solve the current economy challenges of eliminating middlemen or third party interferences on transactions, and promoting decentralization to reduce monopolization through leveraging the blockchain technology.

PROBLEMS

The common problems that face blockchains include speed, transaction cost and interoperability, but despite these problems, I understood that EdenChain is taking a step further to solve the problems concerning poor performance and unreliability of connections. That’s more like strengthening security, privacy, and accessibility for all its users.
The team created Eden as a private PERMISSIONED blockchain because since some public blockchains are originally designed to be permissionless that data and smart contracts are stored and ran on all nodes for every person on the network without restricted access, anyone with a Computer and the Internet could easily gain access to these information which causes outright vulnerability. Public blockchains are secured than centralized servers as attackers need to control at least 51% attack on the nodes to fork the blockchain and manipulate the records. However, public blockchains are not designed to meet the escalated enterprise security and privacy requirements that gives rise to rapid development of private permissioned blockchains.
To solve the problem of poor performance, Eden uses the Merkle Tree and name space technology that groups related transactions and separates unrelated transactions through a parallel transaction process. Eden claims that after development, each namespace would be able to perform 1,000 transactions per second. To solve the problem of lack of connectivity, Eden operates its systems at multi data centers on clouds across major continents which are connected in a secured ecosystem through customizable firewalls, VPNs global DNS and, a load balancer. They adopt Median Voter Theorem (MVT), PoET in SGX enclaves,and separation, protection and encryption of on-chain modules from off-chain modules through Elliptic Curve Cryptography-Threshold Cryptography(ECC-TC).
VISION
EdenChain is a working PROGRAMMABLE ECONOMY. Eden envisions a world where everyone is able to employ blockchain smart contracts in monetizing any asset at all, tangible or intangible, into tokens and trade them freely without involving middlemen. They actually believe that with the application of Programmable Economy, transaction costs would be moderate, profits that would have been taken by the middleman alone would be shared amongst participants in the nodes, and that new markets would be created through the capitalization of foreign and domestic goods.
EXPANSION
Everyone knows that the next stage for every business after starting up is expansion. After further research on how Eden plans to expand business globally, I discovered that their plans to go forward actually look like that of already global businesses. Just like the Chief strategy officer of Edenchain said at the First Summit at Seoul this year, they plan to penetrate key markets and establish regional offices there to encourage adoption of the EdenChain Platform. By the first quarter of 2019, they should have set up offices in San Francisco, London, Malaysia, Dubai, China, Moscow, Japan, Australia, and Mexico. They already have offices in Singapore and New York, the next stop is London. These offices would serve the purpose of building regional communities, more like, bringing the service to your doorstep; it would form partnerships with local enterprises that really want to leverage the permissioned blockchain technology for development, and also work closely with local ambassadors to build on the network.
Well, I think this expansion is really nice but, I also think that before this expansion strategy of multiple offices everywhere would be carried out, proper education of the project, its program, and its uses should be communicated to a lot of people and businesses, else, Eden may land in places where their technology would not be or only slightly appreciated especially during the arrival of the big guns. So maybe, in their bid to create more partnerships, they could consider partnering or outsourcing PUBLIC RELATIONS to some media companies because I personally did not see anything concerning that on their TEAM AND GLOBAL ADVISORS, although their activeness on the social media, especially TWITTER is amazing.
CHALLENGES TO EXPANSION
Let’s think out of the Box for a moment. First of all, Blockchain is not the Internet, we all know that right? Now, what happens to EdenChain when Blockchain DIES? Yea, think about that. That’s one.
Developers for EdenChain’s project are actually in short supply. They wouldn’t be able to handle the heat alone or build the required ecosystem alone when the time comes. It is an admirable and achievable dream for the world’s economy but they need more hands on deck, really.
Government regulation started being a stumbling block to blockchain a long time ago, and it may not stop soon, it already had its first limiting effects to Edenchain’s expansion when Eden clearly stated in their whitepaper disclaimer that “US residents and permanent residents cannot donate to Eden and receive tokens due to the uncertainty around US legal regulations”. Not just US though, it includes, China and Iraq.
Competition is one healthy variable for developing businesses but it can be a demeaning factor to enterprises that are not well organized and prepared for them. Although Eden has shown to be working effortlessly in preparation for the inevitable arrival of the big enterprises in the blockchain market by creating a unique identity and brand for themselves, we all know one thing for sure, ‘HISTORY NEVER FAILS TO REPEAT ITSELF’, now it depends on what side of history Edenchain would fall into.
ROADMAP REVIEW
Beginning from the Q1 of 2018, before the EdenChain ICO was initiated in Q2, the Eden team spent time and resources in building relationships and communities for the required progress of EdenChain. Let’s begin with past milestones achieved from February 2018 Q1.

The effect of these milestones on the project includes:
• Wider relationship advantages: Marat Zhanispayev, one of EdenChain’s advisoris the business development leader of Spatium, a dual software and hard solution for cryptocurrency users and it plans to become a financial ecosystem that would control no customer funds and provide financial services like Peer to Peer exchange, and portfolio investment platforms to Eden. The MOU gives an assurance to the security of the coins of users and this MOU is actually playing its role in the global business expansion of Eden.
• Promotional Education and Awareness Creation: Within the Q1 of 2018, James Ahn and his team spent a good amount of time at seminars and summits and conference. I believe that this gave them the chance of learning, developing, and teaching their potential clients about the blockchain technology, EdenChain technology, its Vision, business and technical expansion plans. If continued, People and enterprises that do not actually know about the technology and the amazing opportunities that it presents can have a chance of knowledge and understanding for application and development. Did you also know that James wrote and published a book on the Introduction to Blockchain, meant for individuals and enterprises that want to understand what the Blockchain technology is all about in simple language? Nice.
The past milestones carried out by the Eden team actually had a positive ‘butterfly’ effect on their market and the project as a whole. People and Enterprises became more and more interested in the products and services that Eden had to offer, although of course, there were critics and doubts, like ‘the team is biased in their team selection’, ‘they are all Koreans’, ‘they would be bought up and things would change because their dream looks bigger than them’ and all but, they are actually doing well currently.
The Roadmap is clearly separated in two sections, the Business map and the technical map. It begins from Q2 2018.

BUSINESS ROAD MAP (Q2 2018: April, May, June)
EdenChain ICO: The White listing started on April 1 2018, the crowd sale commenced on May 24th 2018 and ended on the 25th May 2018, within that period there was no private sale. The statistics of the crowdsale as follows:
– 8,500 accounts were white listed over three rounds (1 Apr, 22 Apr, and 15 May)
– After conducting KYC, 3,500 accounts were successfully verified. 5000 accounts were removed due to incomplete submissions, prohibited nationalities and duplicated submissions.
– 3,230 accounts participated in Crowd sale Round 1 and there was a whopping 94% participation.
– Round 2 was closed under 2 minutes
– 3,230 ETH was raised in Round 1
– 300 ETH was raised in Round 2

The rest of the milestones that have been achieved and are to be achieved are stated below;

Well, on account of the above milestones, the roadmap to Eden’s future, I have a few things to chip in, which is Eden’s capability to handle this amazing yet cumbersome task in less than a year. Let us examine a few significant Strengths and loopholes.

EdenChain’s Strengths

Highly experienced team and Multi-discipline Advisors: Well, although to me it’s a necessary basic for every serious project, Eden has a dedicated team and a good group of advisors that are involved in various fields of professionalism. With a team cemented with incredible abilities, highly trained and qualified with mental, physical and psychological capabilities, EdenChain could actually take Blockchain technology to unprecedented levels with their ideas though.
SEC Complaint: When it comes to giving problems related with the SEC distance, EdenChain have an A+ in that. According to the team, they made sure they adhered to the stringent policies of the SEC. The entire project is in full compliance with the US Securities and Exchange. So that’s a plus. Rules change though.
Absence of Inflation: Anyone searching for a coin with inflation should actually stay far away from EdenChain. They have distaste for inflation. Their tokens are limited in number, 1 billion tokens and nothing more. Any extras will be burnt up annually using the Hyper-deflation model in which price for the coin would increase gradually as supply decreases, just as the law of supply and demand assumes.
Partnerships with respectable firms: With nothing less than 20 partners, Edenchain can be likened to a child with over 20 parents. Most Blockchain projects go through the thick forest, climb infernal mountains, and scale oceans just to seek reputable partnerships. The reverse seems to be the case for EdenChain. Respectable firms beckon on them to form an Alliance, there is a program for that in the Road map as well. This project may be the cure for the Blockchain disease.
Namespace Parallelism Advantage: Edenchain is among the first, if not the first to offer “namespace parallelism” to achieve high scalability. One might ask how is this is a strength. Well, imagine scenarios were enterprises crave for magnanimous scalability and performance-they do currently anyway-where people wish that transaction could be confirmed in milliseconds. Then, they got only one option, EdenChain.
EdenChain’s Loopholes
Not Open-sourced: If you wish to speed up the progress of Edenchain’s project by contributing to the source code, sorry to disappoint, you just can’t. The project seems to not be open sourced yet.
Unavailable Test-Net: The test-net needed to prove to the world that this team is really serious is still in development at the moment. Competitors can take advantage of this to interfere or damage the vision of Eden.
Lack of Developers: Few people working on the project is a big NO for this project. They have just a team of 11, this might seem adequate currently but what happens when there is a wide global adoption within the period of achieving these milestones? More team members and developers would certainly be needed, right? And then there would be a rush of employment and all that stuff. That doesn’t sound good for the business side of the map.

CONCLUSION
Well, Edenchain is approaching the third generation Blockchain space with a solution that seems easier for enterprises and users to employ. While businesses will likely consider centralized databases, there will be use-cases where a “sufficient” level of decentralization makes reasonable sense. Businesses studying Blockchain technology seem to prefer speed over complete decentralization.
EdenChain has an amazing roadmap really, amazing plans, but I personally am very patient to see how much of their plans come to play, most especially between the date of this writing till the 2019 Q1. I am very interested to hear their game plan to recruit companies to build on their platform. I wish them great success on achieving this PROGRAMMABLE ECONOMY!