Empowering the individual means empowering the nation. And empowerment is best served through rapid economic growth with rapid social change.
EdenChain is designing a new economic order where physical and non-physical assets are integrated through tokenization of these values via their innovative platform. Smart contracts are used for the integration of these two categories of values creating what is known as the Programmable Economy, a term that indicates the impact of tech on the economy. Blockchain is the source of this economy as its aspects and features enable the programs that have been set by this platform. For years, optimization of blockchain tech has been the focus of many projects as the aim carried by decentralization is pushed by a part of the technological sphere. EdenChain’s blockchain addresses the issues of poor performance delivery and average security through leading-edge measures that will be discussed in this article.
The aim of this new economic phase is to credit the creators and consumers of products and services by eliminating unnecessary intermediaries to the point that P2P interactions become the norm in the economy. EdenChain’s plan will see the emergence of new economies through innovation created by the more personal interactions between creators and consumers. It will also see the redistribution of wealth which is currently concentrated in between the final consumer and the innovator. The monopolization of the economy by middlemen will cease to exist which will allow more people to thrive once their concentrated wealth is distributed 👪.
Integrating Tech Into The Economy
The relevance of any businesses at this point in history is how well they use tech to optimize their functions. The faster a business adapts to tech the more likely it is to survive. Technology is not only a good optimization of businesses, but it also serves as a great way to improve products and services. Currently, blockchain projects are being initiated to help the economy and world market adapt to the existing threats in various sectors.
Part of the strengths of blockchain is the capability to tokenize property, either physical or virtual property. Exploitation of this feature promises to improve economic services and solutions, and that is why Eden is creating a platform that can allow creatives and innovators to exploit tokenization for the evolution of the world’s economy.
Emerging technology is also playing a crucial role in the world at this point. Innovations such as the internet of things are allowing creatives and innovators to think well beyond their scope of study, coming up with unique solutions in the process. These emerging technologies such as IoT are creating new sources of revenue generation resulting in new economies. EdenChain plans on having a platform that will allow innovators to organize their revenue generation ideas creating new economies that will sustain the world market.
This project also comes at a time where smartphones, tablets and other handheld, portable devices are on the palms of more than 2 billion people, A.I tech is being streamlined, data has become the new gold and cloud services are essential to smart device owners. By creating revenue-generating activities that can be controlled simply by a few convenient taps on a screen, vibrant and sustainable economies are likely to emerge and truly flourish.
The Programmable Economy 📜
This represents the grand vision for this project. As aforementioned, the rearrangement of the current economic system to match the tech that that has been exposed to the world is crucial. There is money making ideas that are still blurry to most economies. Physical properties such as cars, gold and oil each have their own value with a definite process of calculating this value present. For non-physical objects such as followers or fame, there is no real way of determining how much a person is worth as a result of their fame or how many people they can influence.
These new revenue streams are what this project is targeting. Tokenization of these revenue streams will allow users of the platform to give value to both their real-world physical assets and their non-physical assets. By connecting the buyer directly to the seller, this platform allows both parties to agree on a value that the buyer is willing to pay and the seller believes is worth their product or service🤝. Take, for example, the value of time. Each one has their own valuation of time depending on the services they render. Certain products take more time to make while others can be done quite quickly, but the pricing for these products may not be necessarily proportional to the time spent making them. A P2P connection allows each person to state their own valuation and agree upon their common valuation of the time or the product. This is partly what EdenChain envisions as to what a programmable economy will be, as these services are made available through various software and applications.
➡️Tokenization is key in this arrangement. Both physical and non-physical properties can be tokenized using the EdenChain platform.
➡️Tokenization is simply the process of giving value in virtual currency, to both physical and non-physical assets.
➡️The value is to be given in EDN tokens, which are the official currency for use within the EdenChain ecosystem.
➡️Tokenization involves processes such as providing attestations for properties, especially intellectual property. Owners of these properties will have to prove that they are the originators of certain intellectual property or they are the owners, having acquired their assets through the right legal channels.
Owners of assets such as fame and a good following or influence may use attestations to confirm their influence over the population.
The details pertaining to the ownership of property will have to be stored in secure digital spaces. Smart contracts will be employed ensuring that the ownership and other legal necessities are clearly drawn out in them. They will contain the characteristics of the assets together with other specifics such as whether they can actually be sold or not. Various smart contracts containing intellectual property and other non-physical assets can be combined to form new assets. The innovation and creativity of the owners of these assets will determine the type of new assets likely to spring up from the use of EdenChain 📰.
The tokenization process can be summarized as, coding non-physical assets into a smart contract which then holds a certain value in tokens. This is the basis of the programmable economy.
🏋The Engine Running EdenChain
The entire system powering EdenChain is built to improve on the inefficiencies that have been there and are still being observed in some blockchains. Average security and performance will only take blockchain as far as its community, and even that would be a stretch. The mainstream adoption of blockchain requires performance that will outdo centralized systems while providing better services. EdenChain’s platform is targeting the economy and how to improve it; therefore performance and security have to be of a superior standard and with the ability for improvement depending on the demands placed on the system.
For centralized networks such as Facebook, which handles 157000 requests per second, they can easily support the load they have on the network since most requests are not demanding. With blockchain platforms such as this, there is a need for a transfer rate that can support the requests that come in, especially since more data is required to complete a request on blockchain compared to centralized systems. Bitcoin and Ethereum are the perfect examples of great platforms with limited ability in regards to scaling which has hindered their full potential from being realized 🔐.
Now, EdenChain improves greatly, through its system structure, delivering a promising project with extremley robust performance, speed, efficiency and robust security as compared to its peers.
EdenChain went with a private or permissioned blockchain for its platform simply because it is easier to get better performance results. This option provides the system slightly more control compared to public blockchains which are crucial especially if this project is to meet its performance goals. Entry into this ecosystem requires permission from the administrator which allows the creation of an even more secure platform. The requirements that have to be fulfilled by those desiring to join the platform allow the filtering out of potentially dangerous individuals from joining its ecosystem. Its architecture consists of three distinct layers each with unique individual functions. These three layers focus on the storage, validation and distribution of data that is involved in agreement processes within the blockchain 💪🏽.
The layer for distribution stores data that is being used in the blockchain separately. It also processes data that has been agreed upon in the validation layer. Requests that may have been made, once agreed upon in the validation layer, are brought to the distributed ledger layer for further processing. As exchanges increase, so does the data stored in the distributed ledger. Its ledger grows proportionally with agreements required to process
The validating layer is where agreements requested are executed and verified through the use of Ethereum Virtual Machine (EVM) which runs the smart contracts used in this project. The EVM is leveraged in this platform to provide easy accessibility to the Eden smart contracts and also as a stepping stone to create a variety of smart contracts for this platform. Transaction scheduling is of vital importance to the platform’s performance and features under the validation layer.
The Bridge layer, which is the final layer of EdenChain’s architecture, provides a data sharing solution for on-chain and off-chain storage. Data that is shared between these two storage types in this ecosystem needs to be done so securely. The nodes hosted on this ecosystem are both on-chain and off-chain thus the need for data sharing between these parties. An encryption technique, the Elliptic Curve Cryptography based Threshold Cryptography or ECC-TC is used for secure and reliable communication between these two systems 🔒.
Optimization Of The Private Blockchain
EdenChain, as aforementioned, will be using a private blockchain. After meeting the set requirements, successful members of the Eden ecosystem will definitely expect better services compared to public chains. One of these demands is likely going to be for the platform to be continually available with little or no downtime. Considering the fact that Eden will be dealing with agreements that involve currency, their platform needs to be running smoothly even in the wake of any potential attempted breaches of its platform 🤓.
This ecosystem is prepared for any attacks or natural disasters that may affect its operations and subsequently the operations of their users. A cloud service is employed by Eden to ensure that the platform is always up and running. The cloud services provided will connect data centers from various parts of the world allowing a data center to data center configuration. It also operates an Eden System with a multi-data center pattern using a global DNS and a load balancer which provides the platform with the comfort of operations even while under attack.
Proof Of Elapsed Time (PoET) ⌚️
This comes as the more logical alternative to the POS and POW mechanisms. A blockchain platform can only be as fast if its consensus algorithm is of sufficient quality. The PoET mechanism employed selects a leader amongst the participating nodes in the blockchain, providing the selected leaders an opportunity for block generation. The selection is done randomly with little consumption of energy as compared to other consensus mechanisms. The PoET is implemented in an SGX enclave for security purposes and also to allow the random selection process to undergo smoothly. During the selection process, a CPU command in the SGX enclave is used to determine the node with the smallest wait time that comes right after an exponential distribution as a random number which is then selected as the leader.
Performance is everything in Eden’s ecosystem. Eden combines two powerful innovations to improve their platform’s overall performance and scalability. Namespace is combined with Merkle Tree 🌳 to deliver a truly scalable platform. Namespace allows for scalability in Eden. The execution system that is constructed around Namespace makes it possible for parallel agreements to be handled at the same time. This ensures that agreement processing demands coming in from multiple sources can all be dealt with without having to queue them in order to meet their demands. When combined, Merkle and Namespace are a formidable performance and scalability force.
Apart from screening the entrance into the ecosystem, Eden also employs the E-Bridge layer to re-enforce the security of its platform. The E-Bridge allows for data retrieval from different sources when a smart contract is interfaced with an external system. Encryption of this data then follows after the collection. The Median Voter Theorem (MVT) is used to secure trust amongst players and to defend against possible attacks from cyber attackers or hackers. Better security allows for confidence in community members while trading their various assets using the platform.
Creating A Brighter Future 🌝
EdenChain announced itself as a solution for enterprises that are forward-thinking. It has built its platform around scalability and performance knowing very well that its success would attract a large number of users. Parallel executions of transactions, broad language support, including solidity, which is the most popular smart contract language currently, and cloud-based multi-data centers are all part of this elaborate platform as they are essential to the success of multiple enterprises that may be hosted in Eden.
With the forecasting of a large user base, there is also the need for a secure platform. Users want to know their assets are safe no matter what the platform is going through. Eden’s ecosystem is made to be dependable, defensible, trusted and secure. Its permissioned architecture, 3-stage key generation, encryption and decryption system, its Media Voter Theorem and the protection it offers to software and CPU allows EdenChain to boast having one of the most secure and trusted systems planned ✅.
On efficiency and the environment, Eden stays true to its name. Its energy-saving PoET consensus mechanism and its optimization of computing power make it a supporter of the green economy that the world also envisions.
The cost of transacting in this ecosystem is also likely to be lower than current centralized structures. Its P2P connection makes it easier for better deals to be struck since no intermediaries will be used in the platform. The use of virtual money also reduces frictional costs when transacting through Eden. Instead of paying extra charges in banks for transacting between accounts, EDN offers a cheaper way to transact with cheaper transaction charges as compared to banks and other central systems.
EdenChain is also versatile. Its platform can be used by any enterprise. From healthcare applications to energy, finance and commerce, the world’s economy is set to benefit greatly once this project reaches its full potential. The promise of emerging economies as a result of innovation through EdenChain also makes this platform quite appealing.
With these stated facts, Eden checks all the boxes for a futuristic problem that can solve immediate problems and still provide solutions that will change the world. The Eden experience is set to be first felt in the Korean Market through HelloEden. This will act as a benchmark, showing what can be accomplished through EdenChain. EdenChain is a great project that may very well be the economic evolution that the world may need 🤘.
For further information on this great project please read the following articles by LindaCrypto or CryptoShowdown.
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advise in any situation. Please remember to DYOR before making any decisions.
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EdenChain — Why The Programmable Economy Will Transform Social Trading was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.