Review on ICO EdenChain


Idea of the project

EdenChain — the South Korean team is aimed to create a platform that works on what is called a Programmable Economy Platform technology that can capitalize and trade all types of assets (the global platform for a programmable economy).
This technology can be used in a wide range of applications and industries; to provide an ICO platform for start-ups to launch their own ICO across all sectors, such as IoT, B2B services, P2P Finance, Shared Economy and etc. EdenChain supports Solidity and has a unique triple-levels licensing chain: a distributed ledger layer, a validation layer, and a bridge layer, is using the Poet (Proof-of-Elapsed-Time) and median voter thereom MVT (Bridge Layer), and also through Merckle Tree + Namespace, E-Oracle and other technologies to improve processing safety and external links.
The successful implementation of the Programmable Economy platform brings two major problems: performance and non-secured connectivity. EdenChain focuses on solving these technical issues by employing software and hardware that can improve the performance of the entire network and protect the blockchain against external hackers. Since EdenChain has the ability of monetizing all types of assets and executing secure, cost-efficient and faster transactions, it can be adopted across various industries, such as IoT, Finance, Shared Economy, Games, ICO, etc.

History

The office — Intershore Chambers, registered in the Road Town, the capital of the British Virgin Islands, the city is located on the Tortola island (the largest offshore zone was chosen due to reduce risk for potential government regulations affecting the future of EdenChain’s development). Another office registered in Singapore at the Arcade Building, 11 Collyer Quay, Singapore 049317.
The team is based in Seoul, South Korea. The office is in the Gangnam. A video of the office and the team members on Facebook (https://www.facebook.com/edenchainio/videos/1379729972132968/).
Registration date of a domain name of the company https://edenchain.io/edenchain.io — 01/08/2018, registrar GoDaddy.com, LLC

Token distribution

Let’s take a look at the EDN token. They want to collect only $ 24 million in total with 40% of tokens per seil (1,000,000,000 EDN, 0.06 Cent for 1 EDN), which is quite reasonable and realistic. They could easily be collected for $ 100 million or more with such an ambitious project.
Pre-sale bonus:
• Round A, from $ 100,000–20%
• Round B, from 100 ETH to 10%
• more than 1,000,000 $ — 25%
After mainchain launch in Q1 2019, the main Edenchain token will exchange 1: 1.

Technology

EdenChain competes directly with Ethereum and EOS for the next generation of smart contract technologies, and also offers an ICO platform oriented to the South Korean market.
The first three examples of using Edenchain technology:
  • HelloEden — the first platform of ICO targeting the Korean Market. Edenchain will provide ICO coin release, marketing, and investment, a total service on the basis of a platform. Edenchain has partnership with the One PR / Marketing M & K in Korea.
  • Cleandeal — a B2B open-markets platform, run by YT Corp., that has supply agreement with Hyungji Corp., KHMA (Korea Housing Management Association) Org., Embrain Corp.
  • MyCreditChain is an affiliated company of Pintech Firm Finger, providing P2P financial service. This company is using Edenchain platform to provide coins and Blockchain technology to provide P2P service.
Programmable economy is a concept introduced by Gartner. Gartner identifies the programmable economy as a combination of smart contracts and decentralized computing systems. Gartner’s vice president also interprets it as “built on a digital currency platform.” The integrated solution integrates the subject into a full range of programming structures, including intellectual property, self-employed contracts and decentralized self-employed companies.
«We envision a world where you are able to employ the blockchain smart contracts to capitalize any and every tangible and intangible asset into tokens and trade freely without the interference of any middleman». — EdenChain
Proof of Elapsed Time consensus algorithm
This consensus method is similar to PoW, but it does not require unnecessary computations for energy consumption and can significantly reduce energy consumption. This is a protocol built by Intel in a reliable execution environment and using Intel hardware that supports SGX technology in a controlled security environment. (TEE) randomly generates some delays, while at the same time proving the reliability of the delay, which has the lowest delay, who will receive the final rights to account, implying the concept of voting. (The advantage of Edenchain is that they provide secure communication with data sources that are outside the network, which, for example, does not guarantee the Ethereum network).
MerckleTree + NameSpace
Using Merckle Tree + NameSpace refers to the isolation of transactions through namespaces, which means categorizing and creating systems that allow each namespace to work independently for performance and scalability.
E-Oracle
The bridge layer encrypts and transmits data received from many external data sources and uses the MVT consensus in the process of providing E-Oracle with node continuity data that effectively prevents hacker attacks when connected to external networks. The E-Oracle server is installed in the SGX enclave, which makes it difficult for customers to intrude on the server and ensure data security.
Comparing EdenChain with other blockchain.
According to the technical document of EdenChain, they can create systems with separate and parallel namespaces (“Namespace”), and the total is not limited. It will be a very competitive and scalable solution, which means that the platform will not be overloaded. EdenChain has cheap transaction and a secure external connection.
Permissioned blockchain
In permissioned blockchain there is an administrator who can give access to the network. In this case, the administrator is the Edenchain’s command. In effect, this removes one of the main pillars on which the idea of ​​a distributed ledger relies: trustlessness (the ability of a system existance where no one is required to trust another person). Here it is impossible, because Edenchain is in full control of the system, and, using the system, users should trust their team. This makes Edenchain’s solution centralized in terms of system control (the very fact of using blockchain technology technology and the consensus algorithm in this system can be safely questioned).
Using permissioned blockchain raises several potential problems:
• May cause serious criticism among users who believe that blockchain system should be truly decentralized and should not be managed alone;
• Since the network is centralized, the legislature can stop its operation and are able to influence the conditions of using the network, by regulating the work of Edenchain or the hosting provider;
• The need for an algorithm of consensus is called into question. Is it possible to call this system such a blockchain or is it simply a distributed register in its essence.
The system will work on cloud servers. To ensure continuous operation, they will be located on different continents. This will protect the system from potential threats, such as natural disasters. But even in this way, it is impossible to achieve the level of assurance of continuous work that is provided by decentralized blockchains.
Prototype is not ready (should launch their first Alpha in the early May).
Edenchain offer a complex system with new ideas and a lot of potential, which solves the scaling problem and can handle large amount of transactions. All of this is done with the most efficient use of computing resources. However, the centralization of this blockchain is likely to cause criticism of the public, which can greatly affect the relevance and success of the project.

Team

So, Edenchain looks like a thoughtful and technological project. But who are these people?
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., also at the Blockchain 3.0 Conference on February 8, 2018. He teaches a Digital MBA course at Seoul School of Integrated Science & Technologies, and regularly writes to MTech in the Maeil Business Newspaper now. Co-author of the book of The Overnight Discovery of Blockchain.
Jenny Ryoo, Co-founder Edenchain. One of the three blockchain’s developer in Edenchain. She has 10 years of experience in the field of IT (MHR Inc. senior Research Associate in Consumer Behavior Studies ) 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 about real time data processing (time series) and modeling of stochastic volatility.
Brian Park, blockchain developer: graduated from Hanyang University and has 15 years of experience in the field of IT. He built a business-dedicated virtual workspace based on the Sandbox virtualization technology of domestic mobile carriers (SK Telecom, KT). At SK Telecom, he developed the Direct Push technology for interworking with Mobile Outlook based on Windows Mobile, and carried out a project for developing the system for analyzing quality of experience of WCDMA video call serviced by SK Telecom (Video Call Analyzer Tester). He also participated in the development of software-based power saving technology applicable to a cloud environment for the Korea Institute of Energy Technology Evaluation and Planning.
HoKyun Kim, blockchain developer: graduated from Korea University and has 18 years’ experience in the field of IT. He was the first in the world to develop Saw & PinckandPlace. He developed SK Telecom’s WAP Mail Gateway which provides standardized APIs on 7 portals, reeling in 200,000 paid subscribers within a month of service launch. He has developed signal detection and decoding systems and signal processing algorithms.
Kangho Kim, chief strategy officer: has been in financial market for 10 years as a derivatives trader, an analyst and a portfolio manager at reputable global investment firms. At Franklin Templeton, he has performed a role of portfolio manager over 6 years, managing more than US $1.6 billion funds for fixed income, derivatives and alternative assets. His skill set is not only expanded to the financial market but to IT industry by having founded a social network mobile application as a CEO and applied Blockchain technology to his service. He is also a member of the Society of Blockchain Developers in Korea. Kangho also has a Master of Science in Global Finance from New York University’s Stern Business School and HKUST Business School, and a Bachelor of Economics from Korea University in Seoul
HJ Moon, business development, Asia: has built his career as research analyst in top global investment firms such as Goldman Sachs and Barclays, covering major industries and companies in Korea. His depth of knowledge and analysis is well regarded amongst institutional clients during his research analyst tenure as he received multiple votes from institutions and hedge funds. HJ launched a social network mobile application and applied blockchain technology to his service. He graduated with a Bachelor of Economics from Korea University in Seoul.
Richard Jahnke, business Development, US and Europe (San Francisco):сurrently, Richard is an Investor with Columbus Nova Technology Partners (CNTP), a global, multi-stage, technology investment firm operating out of Silicon Valley and New York City. Prior to CNTP, Richard was a Venture Partner with Flatiron Investors, a New York-based early-stage venture capital firm.

Advisors

The number of advisers is quite large. Among the most famous are:
Don Chang, Ph.D.: received Bachelor’s Degree from Seoul National University in Nuclear Engineering, Master’s Degree from University of Southern California in Computer Engineering, and Ph.D. from aSSIST (Seoul School of Integrated Sciences & Technologies). Currently working as a PM in Big Data of National Defense and Science Institute. Work experience in U.S.A., worked in Oracle Corp, Visa Inc., EDS, American Airline. , in Korea, work experience in Oracle Korea Consulting Executive, Sibel Korea Regional Manager, SAS Korea Vice President, Deloitte Korea Consulting Partner Director of HQ, Ernst and Young Consulting Director of HQ. He worked as an adviser in Ernst & Young (one of the world’s largest auditing companies). Currently is the Project Manager in the Defence Development Agency (big data, AI). Also consults large corporations and public service agencies regarding blockchain, provides lectures in universities and conferences regarding blockchain. Published books are [How to work with Big Data], [Living as an IT Expert].
Alan Moonsoo Kim: head professor of digital strategic planning and MBA at the aSSIST Graduate School of Business Administration and the founder of BeNative, a global education service. His main research areas are the mechanism and management strategy of artificial intelligence and blockchain. BeNative has partner companies and clients such as NetEase in China, Hitachi Group in Japan and Taiwan Mobile.
IckChan Joo, Ph.D.: vice President, IM Investment & Securities Co.Ltd and Eugene Investment & Securities Co.Ltd Executive, Heungkuk Securities Co.Ltd Head of Research Department, Worked as a Fund-manager and Analyst in Mirae Asset Daewoon Securities Co., Ltd and Kieun Economic Research Laboratory. Have been nominated as a best analyst for consecutive years, becoming one of the leading expert in the research field. Received Boeing Scholarship at Stanford University, researched in Computational Fluid Dynamics and Numerical Value Analysis. Participated in R&D of aircraft in KAI(Korea Aerospace Research Institute).

Partners

M&K http://mnkpr.com/— this cooperation is necessary for the future promotion of ICO –projects produced on the EdenChain platform. Mina Jeong, CEO is one of the advisers.
Finger, or rather MyCreditChain (http://mycreditchain.org/) — the site says that this company will use the platform, tokens and blockchain technology of Edenchain to provide P2P mutual crediting services. The former CEO of the parent company Finger, Chang-ki Park is also one of the Edenchain’s advisers, and the project’s road map shows the launch of the MyCreditChain service.
There are also several other Finger subsidiaries in the partners — MoneyTag(http://www.moneytag.net/) and Fintech (they are indicated on the official MoneyTag website). MoneyTag is an international payment company, while Fintech provides credit scoring services.
YT Corp, or rather Cleandeal (http://www.cleandeal.co.kr/) is a Korean B2B platform of a wide range. Allows to buy / sell goods, and to provide / order services of all kinds. In the future, will use Edenchain tokens to pay for goods / services on their platform.
Lending Science (https://www.lensa.co.kr/company/estateivs) is another Korean platform for P2P lending. Presumably, too, will use blokchain Edenchain platform for their work.
BeNative (http://web.benative.com/main_login.php) — the company provides online courses for learning English. The CEO of the company, Alan Moonsoo Kim, is also an Edenchain’s adviser
Lotusport (http://www.lotusport.co.kr/) — web design and branding services. It is most likely that provides services to Edenchain for the positioning of the Edenchain brand.
Microsoft Partner Network is Microsoft’s partner program that provides software for corporate clients.
One of the company’s key partners, MyCreditChain, is itself an ICO mutual loan project, produced MCC tokens. The essence of interaction between projects at the moment is not fully understood.
The main partners that will use the Edenchain network in the future, the company has four: M & K (marketing), YT Corp (B2B services), Lending Science + Finger and its 3 subsidiaries(P2P service spectrum).

Road Map

The EdenChain Alpha version will be released in the end of April, including GitHub. In the second quarter of 2018, they want to launch the ICE HelloEden platform, and then exchange their EDN tokens in the third quarter of 2018.
The most important — the launch of Mainnet — scheduled for Q1 2019, which looks doable.

Marketing

At the time of publication EdenChain numbered more than 13100 Telegrammembers, 1600 followers on Twitter and 89 readers of Reddit.
Expert opinions:
Liu Cryptos about Edenchain:
1. My biggest investment today depends of the availability of funds and the potential of the project. For those who do not know, I would like to repeat that this year I am very optimistic about Korea. Over the past two years, Chinese ICOs have appeared and captured most of the crypto-currency market. Korea, being a major center for the crypto-currency market, did not issue the same quality of projects that China has (with the exception of ICX). I think that this year we will see many successful Korean projects. Edenchain will be one of them. With the trend of localization in the crypto world, we saw that Qtum and Vechain follow the example of successful Chinese projects after Neo. I think that Edenchain, Hycon and others will follow the same trend as the aforementioned Chinese projects. The team of Edenchain has a solid experience, but does not cause a wow effect. On the other hand, consultants and partners are very strong and partially compensate for the average team. Eden boasts a very attractive token metric. The site of the project looks rather raw and not updated. The key advantage of the project is the team of consultants and the fact that this is the Korean ICO platform. Many recent projects simply boast of fast transaction speeds; however, it looks like Eden plans to focus on the elements of the ICO platform. ICO the basis of block-technology, traditionally, grow in price. If Eden fulfills its plans, this project can become a premium ICO platform
2) At the moment our deal with Eden is on a pause. We have encountered some problems with them and are currently making official statements from them.
Ian Balina about Edenchain:
I’m not participating in this, that doesn’t mean that I wouldn’t get in the future, perhaps after ICO. My recommendation for them — to go to the ICO with the already working beta-version of the product. In my opinion, this is really a research project, trying to raise money to do more research and I’m not doing it.
OhHeyMatty about Edenchain:
It’s currently getting a maximum score of 80, my only concern was that there was no VIPs within the leadership in team. They do have a beta-version of product product, according to their roadmap. I haven’t done much due diligence under white paper review, but there’s opportunity there.
Interchain Ventures about Edenchain:
Their team repeatedly disagreed on video chat with us, send photos or talk on the phone after several attempts made by us. This leaves us no choice but to abandon any kind of deal with Edenchain. Perhaps Edenchain will become the project we are counting on. Time will tell.


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