Edenchain ICO Analysis

Edenchain is an ambitious enterprise forward platform for a programmable economy. It seeks a balance between decentralisation, security, privacy and performance, with strengths in adoptability and reliability.

Technical Overview.

The architecture consists of three layers;
A Distributed Ledger Layer — based on a Hyperledger framework.
A Validation Layer — which uses an Ethereum Virtual Machine (EVM) to execute smart contracts.
A Bridge Layer — which securely relays data between on-chain and off-chain nodes.
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.

Analysis.

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.

Safe & fast

To make the adaption for developers easy they are supporting Solidity, which is the most popular smart contract language at the moment.

EdenChain can execute a large number of transactions quickly, but they don’t say how many. They say that they will need to conduct further tests to determine the exact amount. That’s something I like about the project because they won’t promise any number without testing it.

To make the blockchain safe, EdenChain employs the E-bridge layer to retrieve data from numerous data sources, encrypts this data and makes use of the median voter theorem (MVT) to protect this data from being compromised.

DApps & Masternodes
Two other important things that can boost the interest on Edenchain:

You will be able to build DApps on Edenchain, and they will support Masternodes.

Team & Advisors
So this looks like a well thought and massive project. But who are the people behind it? Again I will quote the texts directly from their website.

Team

CEO James Ahn has a master’s degree in software from Korea University and KAIST with 20 years of experience in the field of IT. He has written four books and several papers relating to machine learning and finance and made presentations at several conferences for the development of technology, such as Pycon and Open Technet. He now teaches a Digital MBA course at Seoul School of Integrated Science & Technologies, and regularly writes to MTech in the Maeil Business Newspaper.

Co-Founder Jenny Ryoo wrote award-winning bachelor’s and master’s theses at Korea University and Dongguk University, respectively. She has ten years of experience in the field of IT. She has performed customer analytics studies to analyze and predict users’ behavior patterns by analyzing web user logs of the National IT Industry Promotion Agency. She is the co-author of one book and has written two papers.

Besides those two there are two other blockchain devs with a lot of experiences listed on their website, 2 for marketing and 1 for business development as well as four team intern advisors in the fields marketing, ads, and finance. Looks super stable but I don’t know how many of them are working full time for Edenchain.

Advisor
The advisor section also looks pretty huge because they have listed ten(!) people including the “one of the most successful internet businessman in Korea,” Changki Park, who founded the most significant financial information portal in Korea, Paxnet and he worked at Samsung for 14 years. I’m no Korea expert so I asked a Korean friend, and he lowered my expectations a bit by saying that Park isn’t the chosen one as pointed out at the Edenchains website.

Another one is Karl Pfister-Kraxner who completed the mission to restructure Samsung’s Electronics business in 14 countries.

The last one I would love to highlight is Mina Jeong, the founder, CEO and managing director of M&K PR, one of the leading PR firm in Korea.

For me as an investor its super significant to see if the team and the advisors can cover all the critical areas of an ICO’s and a successful after-ICO-business. In my opinion, Edenchain has an a good team that can achieve a lot.

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