Edenchain ICO Review
The architecture consists of three layers;
This layer consists of an e-bridge where it connects EdenChain with external data sources through secured interoperability where the on-chain smart contract connects with the off-chain modules.
As nodes exist on both on-chain and off-chain, an E-Protocol uses an encryption process called the ECC (Elliptic Curve Cryptography) — TC (Threshold Cryptography) for trusted connectivity.
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 eliminate any data dependency issues.
Distributed Ledger Layer
Based on Linux Foundation’s open source project, Hyperledger Sawtooth, this distributed ledger layer provides the decentralized database functionality to EdenChain.
PoET is a consensus algo that uses a CPU command in the Software Guard Extensions (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.
Advantages to Edens approach.
- It uses Proof of elapsed time (POET) for consensus to lower resource utilization and energy consumption. This allows transactions to be processed on a first-in-first-out (FIFO) basis making fees more reliable and low-cost.
- Namespaces are used to solve data-consistency issues allowing transactions to be executed in parallel. Each namespace is able to process up to 1000 TPS, which enables linear scalability.
- The E-Bridge guarantees zero-knowledge trust between on-chain and off-chain data, which is protected by Intel’s Software Guard Extension (SGX) and ECC-TC and HTTPS encryption.
- Contracts are ERC20-compliant to accommodate Solidity developers and existing tokens.
- Private ledgers allow tangible and intangible assets to be tokenised, enabling reverse ICOs.
- Masternodes will attract diverse investors.
Edenchain is one of the more ambitious projects of 2018. The main goal of Eden is to create a third-generation platform for a Programmable Economy that delivers on performance and security. It aims to do this by building a permissioned blockchain with improved scalability, interoperability and protections. Applications lean towards enterprise level industries like ICOs, IoT, B2B, Sharing Economies, Healthcare, Gaming, P2P Finance and Commerce.
While many companies building core tech focus on proprietary software, Edens approach has been more practical. The platform attempts to strike a balance between decentralisation, security, privacy and performance by optimising and integrating existing frameworks. A close association with Hyperledger and the use of EVM will make the platform attractive to developers, with SDK and API support helping lower technical barriers. Because the project is enterprise focused there is a preference towards cloud infrastructure which is helpful for scalability but may result in compatibility issues. The use of Intel’s Software Gaurd Extension (SGX) also raises questions about supported hardware.
A permissioned blockchain with improved security enables businesses to adopt new digital assets, allowing vast transfers of wealth from traditional financial sectors. To facilitate on-boarding the company is developing the HelloEden platform as an all-purpose tokenization ecosystem where businesses can easily launch an ICO or perform a reverse ICO. Edens effort to make adoption frictionless for enterprise customers and developers is perhaps it’s greatest strength and a defining edge over competition.
Comparable projects are Stellar, NEO, and ICON, while Edens $24M USD hardcap places the company in a good position for a similar performance. Being a Korean ICO may help marketing and business partnerships with a large support base and an enthusiastic blockchain community. Partnerships already include Byzantine Partners, Finger, Lending Science, MoneyTag, Fintech, BeNative, M&K PR, Block Media, Lotusport, Clean Deal, and Across Asia Alliance.
So far the project has relatively little exposure, focusing on practical challenges over marketing. The strong technical expertise of the team makes the success of the project more feasible, with over 50 years of combined experience in blockchain, big data and cloud technology. Advisors include highly respected figures from across the Asian blockchain space, with strong links to industry, public sector and academia. All this contributes to an achievable roadmap for what ultimately is a very ambitious project aiming to fix many of the problems in existing platforms. The crowdsale begins in May with the MVP scheduled to be released very soon.
A quick look at a Twitter search graph for ‘@edenchainio’ reveals a relatively small social footprint with around 9000 followers from 81 days of activity. This shows an initial growth stage with connections mostly to other emerging ICOs such as Atonomi, NuCypher, Open Platform, Quark Chain, Hashgraph, nOS, GoNetwork, Origin Protocol and Yggdrash. The peripheries appear to be mainly speculators, giving the impression Edenchain is somewhat of a Darkhorse.
Edens Telegram channel has seen reasonable growth to around 30000 members over a two month period. Because of a focus on enterprise there isn’t a strong need to accommodate a core user-base during these early stages. However in the short time of activity there is clear progress.
Social media can be an important indicator of future network growth however a more accurate network valuation should be guided by active monthly users and unique transaction addresses on the ledger. Please see our previous article Assessing ICO potential based on social media performance for a brief overview on assessing ICOs using their social media profiles as an aspect of fundamental analysis.
White paper: https://edenchain.io/EdenChain-Technical-Paper-v2-en.pdf