Ever since the Ethereum Network was overloaded by the immensely popular CryptoKitties and the Bitcoin price increased to the point that the transaction price followed the Bitcoin price to new all-time-highs, the scalability issue has been a hot topic. To be able to properly achieve massive real-world adoption of cryptocurrencies and decentralized applications, the corresponding blockchains need to be able to scale the transaction reach into a higher throughput.
At this moment several blockchain platforms have emerged that specialize in obtaining more and more transactions per second. EdenChain is one of those newcomers that aims to develop and launch a next generation high-throughput blockchain platform that will be suitable and fully functional for mainstream cryptocurrency adoption.
As mentioned before blockchain needs to evolve in order to become a successful mainstream payment and utility solution provider. Let’s take a look at the blockchain evolution process.
Blockchain 1.0 can be referred to as a regular digital currency like Bitcoin. It’s based on the Nakamoto Consensus mechanism (PoW), named after its creator ‘Satoshi Nakamoto’.
Blockchain 2.0 is a digital currency or asset that possesses the ability to add an additional layer of a smart-contract. An example of a blockchain 2.0 project is Ethereum.
Blockchain 3.0 are considered improvements to the previous blockchain platforms in terms of increasing the transaction speed and improvements on the security. EOS and Dfinity are examples of proclaimed third-generation blockchain projects.
EdenChain is positioning itself as a blockchain 3.0 platform. By the implementation of Merkle Tree and Namespace it intends to solve the blockchain performance issue. A Merkle Tree is commonly used in the Bitcoin and Ethereum blockchain as a ‘hash tree’ to handle the accuracy of the data, while namespace is used to group transactions by giving it a name that can be associated with the corresponding node that needs to validate and process them.
By adopting Median Voter Theorem (MVT) as a consensus algorithm it provides reliability and privacy to the network. MVT is a voting system that selects the outcome of the vote based on the most frequently selected option by the median voter.
The blockchain security issue will be solved by the implementation of Eden’s key programs in the Software Guard Extension (SGX) Enclave, which disables software and hardware attacks. Intel’s SGX architecture is a secure, trusted execution environment in which EdenChain can develop its own custom security model to defend the blockchain from malicious actors.
The EDEN architecture
EdenChain has a layered infrastructure, that consists of 3 seamlessly adapting layers. The distributed ledger layer is based on Linux’s consortium blockchain and open-source modular platform, Hyperledger Sawtooth. The Proof-of-Elapsed-Time (PoET) algorithm is randomly selecting a leader to solve the hash problems, which is energy-efficient and because of the nature of the blockchain (permissioned) it should be a safe environment. The verification layer executes and validates all the transactions. This layer also included the Ethereum Virtual Machine (EVM). The bridge layer uses it’s interoperability to e-bridge on-chain smart contracts to interact with off-chain modules. To guarantee the safety of the connectivity, an E-Protocol uses the encryption process called Elliptic Curve Cryptography (ECC)- Threshold Cryptography (TC).
As EdenChain’s first MVP, the E-Explorer is a web-based block browser similar to etherscan.io. You can look-up information about the EdenChain block’s, transaction history and current transactions, as well as rich lists, total and circulating token supply and other relevant blockchain information.
Enterprises can easily adopt EdenChain’s blockchain technology through the E-Edge application, which is EdenChain’s second MVP released project. The use of API’s will be enabled through the E-Edge program, making it easier for projects to implement their application and make use of the EdenChain platform. In this way there is no need to hire expensive blockchain developers that are also pretty scarce.
HelloEden an all-in-one ICO-launch platform
EdenChain is enabling blockchain start-ups that want to fund their business by initiating a token generation event (TGE) to join their incubator platform HelloEden. Local media, law firms and marketing companies will cooperate to help start-ups launch a successful ICO through Eden’s ICO-launch platform HelloEden. Especially at the beginning HelloEden is mostly targeting Korean-based ICO projects.
The alpha version of the HelloEden ICO-launch platform is currently being tested and is expected to go live in Q3 of 2018.
The type of DApps and services that can be deployed on the EdenChain network have endless possibilities. For instance, they can be applied to the Internet-of-Things (IoT), the energy market, the gaming industry, e-commerce, decentralized financial services, the healthcare industry, insurance and the sharing economy.
Edenchain has it’s headquarter in the British Virgin Islands, and an additional office in Singapore, but the day-to-day business is being handled in Gangnam Seoul, South-Korea. The EdenChain team has a combined experience in blockchain, big data and cloud computing of over 50 years. James Ahn, founder and CEO of EdenChain is a renowned and well respected blockchain advocate in Korea with over 20 years of experience in the IT industry. Besides Mr. Ahn various other team members have extensive blockchain experience which can help tremendously in the development of this project.
One can argue that while focusing on improving on scalability and security by going for a permissioned blockchain infrastructure, EdenChain has compromised on the decentralized nature of blockchain technology and cryptocurrency. However I do believe there is a lot of room for consortium based blockchain projects to thrive. Scalability and security are a lot easier to obtain in a semi-closed environment. EdenChain is focusing on conquering South-Korea which is a forerunner in technology advancements. If they deliver on what they are planning I foresee a great future ahead for the EdenChain project, but for now only time will tell.
With a tokensale that was oversubscribed by 40x, a crowdsale that ended in less than 2 minutes, signed collaborations with over twenty companies to date and a large amount of institutional investors and venture capitalist firms onboard, Edenchain has set itself up for some great expectations. Just recently, they have announced in their Telegram channel that they will be listed at one of the top volume centralized exchanges somewhere in the third quarter of this year.
According to the roadmap, EdenChain’s testnet will be launched in Q4 of 2018, so it is too soon to tell whether or not they will succeed in their ambitious plan of disrupting the programmable economy through their blockchain platform. I must say they are taking on a lot of different blockchain aspects they want to improve upon. I will be following this project closely and looking forward to seeing their future developments.
Disclaimer: I have participated in the EdenChain tokensale. This article is not intended as investment advice. It is just my personal opinion about EdenChain. You should always do your own research.
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EdenChain: a next-generation Blockchain Platform for The Programmable Economy was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.