Over time, blockchain development in our world has experienced exponential growth, even many of our everyday activities have been completely redefined by leveraging on this top technology. It is not without fact that blockchain technology has enjoyed a great success improving different sectors which affect our daily activities by providing solution to a handful of the world problems. The most relating solution is the provision of a medium for carrying out transactions online without fear of being tampered with as it is secure and transparent which make transactions carried out on the blockchain network fool-proof, this solution has gone a long way in improving our lifestyle that it seems that it is now indispensable since its integration has gone a long way in modifying the way we relate with our ecosystem, however, as more projects seem to base on this technology, many technical flaws have been reviewed and they can be found in its speed, security, performance, scalability and high transaction fee. All these flaws must be corrected so as to encourage the continued adoption of the technology.
In general sense, the dire need for a perfect platform is amenable, this is the platform that Edenchain wants to provide.
Edenchain is a programmable economy project that will leverage on the viable blockchain technology and provide high performance processing speed which will eradicate the technical networks in the existing blockchain networks. All types of assets (tangible and intangible) will be traded through this programmable economy platform. With the use of smart contract networks, they are able to subsidize all type of asset value through tokenization. In summary, they are providing a technology that will allow you transact with cryptographic currency quickly and securely.
It is evident that despite the meteoric growth the blockchain technology has enjoyed, it still has some flaws in it. Billions of transactions is expected to be carried out per second on the blockchain network and for it to gain massive adoption, the level of performance must match with the level of demand. The issue of performance due to the absence of scalability is still a pressing issue for blockchain network, this has failed in increasing the number of transaction carried out per second on the blockchain. Lack of secured connectivity is another flaw of the technology. When exposed to external system, ensuring secured connectivity is still lacking in the existing blockchain networks. This exposes the network to danger as it allows hacker to take advantage of any slight lax in the safe keeping of vital transaction information. The above listed flaws calls for the emergence of a new programmable economy that would put an end to all this issues and place the blockchain network as the best platform to carry out fast, safe, transparent, efficient and secure transaction.
This search has led to the need for Edenchain.
Edenchain will provide a more automated and reliable blockchain for the execution of transactions. They plan to transform the type of authorization chain from the conventional permisionless one to an authorized or permissioned one, this will allow the adoption of the chain network by various individuals or commercial organizations without any risk. This is why Edenchain is needed.
Programmable economy is developed when blockchain meets the global economic system, therefore, the problems of both the blockchain technology and the global market constitutes the problems of the whole programmable economy.
Problems Regarding The Technology: Yes, the blockchain technology is growing and its advancement have had positive on us and blockchain based projects. However, this advancement has also proven to be inefficient in many instances, most especially in the transaction case. Transactions on the blockchain are slow and sometimes vulnerable, which allows hackers to work on it.
Undeniably, blockchain is secure but it is susceptible to attacks when transaction occurs. Most of the blockchain based projects do not seem concerned about this problems and have directly led to low mainstream secure adoption.
Performance is also another issue, although many of the existing platforms have offered solutions to help improve the overall performance efficiency, still the whole system performance is not efficient.
Problems Of The Economic Market: When we are talking about assets with value, it could be tangible assets like real estate, automobile, furniture, jewelries, etc or intangible assets such as services like networking, advertisements etc. The tangible assets are sold in economic market where the middlemen are top gainers, their service is required by both buyers and sellers so as to solve the issue of trust, in the process of finalizing the deal, the middlemen gets as easily as up to 20% of the total deal or even more.
With intangible assets, there are few platform that offers broker deals, this enable the few ones to charge exorbitant rates for the connection of both buyer and sellers and sealing of deals, thereby monopolizing the economic market.
The Edenchain platform is providing unique solutions to solve both technical and globe market problems of the programmable economy. They are going to solve the technical problems by using cut edge technologies; such as combining Namespace with Merkle Tree, transactions are isolated by Namespace and will invariably increase performance and scalability via the construction of an executing system that has the capabilities of enabling parallel processing by Namespace and therefore, multiple transactions are carried out in a second, which makes it comfortable for blockchain users.
Security is also guaranteed on the Eden platform and it will be done by applying a consensus algorithm which will ensure data integrity between all blockchain network.
They are also providing solutions to solve global market issue by allowing users to create its own marketplace, with attachment to their assets and trade it via cryptographic currency with no need for middlemen as all transactions are based on the smart contract network which plays the role of middlemen by providing trust to both parties (buyer and seller). Peer to peer, business to business, and the elimination of middlemen are what traders on the crypto platform have always desired and Edenchain Is providing them.
The Edenchain platform comes with a truly sophisticated technological prowess and distinctive architecture whose objective is to provide a fully automated service through the strength of smart contracts, while also providing a secure channel to connect to the external system.
The Eden platform is built on three distinctive interacting layers; Distributed Ledger Layer, Validation/Check Layer, and Bridge Layer.
Distributed Ledger Layer: This is the layer on which the data used on the blockchain network is separately stored. It provides a decentralized database functionality to Edenchain. All data generated on the Eden blockchain will be stored in blocks where it is not open to modification but addition only.
Validation/Check Layer: This is the layer on which data transactions are carried out and verified, thereby providing significant functions and allowing the smart contract network to experience smooth running on the Eden blockchain. It uses the Ethereum Virtual Machine (EVM) to increase the Eden smart contract performance and create a particular type of smart contract.
Bridge Layer: This is the layer that connects the Eden platform to external system with secured connectivity, thereby enabling the built in smart contract to connect to modules outside the platform while also neutralizing the threats of hackers. Zero-Knowledge trusted connectivity is guaranteed between on-chain and off-chain. The on-chain module provides opening for reacting to external data request demanded by smart contract while off-chain module runs data requested with an on-chain module by penetrating the real external system, thus the verification of data, selection of a certain value and transmission to the on-chain module is carried out.
All the listed above layers will be central to the functionality of the Eden platform. Its interaction is fundamental to efficient and secure interoperability of the next generation blockchain; Edenchain.
Edenchain has many competitors in the current market in the race for the next generation of smart contract technology, the major ones are the Ethereum, Eos, ICON, Neo and many more, but Edenchain seems to be the bigger winner as it will be used in diverse range of sectors like *Finance, IoT, Shared economy, Multiple game applications and also providing a suitable platform for new projects looking to conduct their ICOs. Since the Eden platform is looking to dive into the stream of the world programmable economy, it is aiming t balance the structure between the procedures of decentralization, security, scalability and performance.
Edenchain strength of adaptability, scalability, performance, security will put it ahead of it's competitors.
• The Edenchain platform will use the POET(proof of elapsed time) system for the consensus to minimize the resource utilization and the rate of energy consumption. This function will allow users to regulate and carry out their transactions on a FIFO(first-in-first-out) basis. This will make the whole processing system more reliable and of low charge benefits.
• The platform will make use of Namespace which create a smooth form of data consistently, and allow transactions to be processed in a parallel form. Every Namespace is capable of processing up to 1000 TPS(Transaction Per Second) which will provide a high level of linear scalability and allow for the generation of millions of transaction which is not enjoyed on any other blockchain platform.
• Every smart contract must have the ability to work with a variety of external system so as to process automated contracts, Edenchain provides secure connectivity that protect the whole system against hackers attack which is possible to occur during the interaction of the smart contract and external systems. Truly, Ethereum uses Oracle to interoperate with the external environment, however, safety of data from hackers is not guaranteed. Edenchain uses E-Oracle which provides function for smart contract to interact with external environment with secured connection. This function is currently not provided by any blockchain technology platform.
• Edenchain also topples its competitors by allowing the usage of DApps and Masternodes on its platform. This will provide the application linkage most developers and users within the cryptospace have always desired.
• Increased Speed: The Eden platform allows you to increase the speed of each through your own circuit by increasing the platform scalability speed and thereby eradicating problems such as clogging as experienced on the Ethereum platform.
• Increased Security: The Eden platform will use advance technology to increase the platform security several times over the existing security offered by similar platforms. The transactions carried out on this platform are encrypted, this makes all transaction records untraceable by hackers, thereby allowing buyers and sellers on the platform to trade without the fear of their financial information being leaked or abused.
• Creation Of Instant Cryptographic Currency: The Eden platform offers user a rare system through which they can be able to digitize all available assets (tangible and intangible) very fast and accessible.
• Low Transaction Cost: With the state of the art smart contract technologies that will be utilized on the Eden platform, reduction of transaction cost generated is achieved as the need for third parties/middlemen are completely eliminated.
• Reallocation Of Income: Another features that places the Eden platform above competing platforms is that income are redistributed to both buyers and sellers during transaction as the fee that makes middlemen top gainers are reallocated to them, thus making Edenchain a fully decentralised platform.
The Eden platform will provide its own cryptographic currency which the Eden token with the ticker EDN. It is an ERC20 standard type token. It will be required to carry out transactions on a fully functional Edenchain platform. It will also be the standard token on the Eden exchange when it fully becomes operational.
Investors And Partners
The Eden platform has acquired excellent partners and it will only continue to grow as many sector wants to be associated with this wonderful project. This partnerships cover a range of niche starting from small project that are newly launched to large banking and financial institutions. Their investors will also continue to grow as the ability to trade assets, be it tangible or intangible is an attractive offer for many.
CONCLUSION
Base on the wonderful features of Edenchain, it is quite certain that projects such as this one have not been seen in a long while. Their plan to create a sustainable programmable economy that is designed to solve all existing problems of the sector is applaudable.
With a team of experts that are well-backed with experience in technical and business development field, this project is simply something to look forward to.
The platform will combine sophisticated technological tools with excellent partnerships and provide stiff competition to existing platforms like Ethereum, Eos, ICON, among others.
With all these, I am convinced that Edenchain will finally provide solutions to solve issues rocking the programmable economy which existing blockchain platforms have been unable to solve.
More information is available about Edenchain in the following links;
Website: https://edenchain.io
WhitePaper: https://edenchain.io/wp-content/uploads/2018/05/EdenChain-Whitepaper_v1.2.pdf
Telegram: https://t.me/edenchainio
Github: https://github.com/edenchain
Linkedin: https://www.linkedin.com/company/edenpartnersinc/
Facebook: https://www.facebook.com/edenchainio
Twitter: https://twitter.com/edenchainio
Reddit: https://www.reddit.com/r/edenchainio
Author's Name: Ibukun Tunde
Author's Telegram Username: @Kokooluwa
