Using smart contracts and blockchain tech, EdenChain wants to develop a platform that will facilitate the exchange of tangible and intangible assets for monetary value without the need for intermediaries. Participants on the platform will reportedly enjoy high performance, secure interoperability, and fees so low, they are negligible.
- Rating: 3.28/5
- ICO Grade: B-
- ICO Platform: Ethereum
- Industry: Blockchain Service
- Price: $0.06
- Bonus: N/A
- Soft Cap: N/A
- Hard Cap: $24 million
- Total Number of Tokens (Available for sale): 1 billion EDN (400 million EDN)
- Website: https://edenchain.io/
- White paper: EdenChain Whitepaper
- Telegram: Telegram
In the current world economy, tangible assets—e.g. real estate, cars, phones, jewelry etc.—are sold in marketplaces with the help of intermediaries. Buyers and sellers need the services of intermediaries to ensure the safety of their assets during these transactions, and for overseeing the process, the intermediary earns a fee.
Conversely, when it comes to intangible assets—e.g. time, service, fame, network, followers etc.—there aren’t many third-parties willing to broker a deal between buyers and sellers. As a result, the few that provide this service charge very high fees. In a general sense, the need for a platform where people can trade their assets, both tangible and intangible, is highly needed. EdenChain wants to provide this platform.
Proposed Solution (The Product)
EdenChain’s solution to the problem above is to provide a programmable economy on the blockchain. On the EdenChain platform, users can create marketplaces, bring their assets, and exchange them for cryptocurrency tokens without the need for a third-party. By doing so, the traders save themselves the fees usually given to the intermediaries. Also, EdenChain provides an opportunity to create new markets that do not exist in the traditional economy.
In additional to individuals looking to monetize their assets, EdenChain will also serve as a platform for companies and industries. ICO, IoT, shared economy, games, and so on can be facilitated through EdenChain.
EdenChain does not only provide a platform where marketplaces can be built, the project also claims to have eradicated scalability issue on its network. This means a large volume of transactions can be processed per second (EdenChain did not provide a tps range). Additionally, there is enhanced security from attacks, and the fees on the platform are very affordable.
The EdenChain team is led by founder and CEO, James Ahn. Ahn holds a Master’s degree in Software and he has over 20 years’ experience in the IT industry. He has also written 4 books and many more papers on finance and machine learning. He is joined on the team by co-founder and blockchain developer, Jenny Ryoo. Ryoo is highly-experienced, and she has worked in the IT scene for over 10 years.
The rest of the EdenChain team consists of experienced developers, marketing experts, and design specialists.
With improved performance levels, high security, and reasonable fees, the EdenChain project has a good chance of creating a top-class programmable economics platform.
However, the aforementioned is just a part of their target market, the other part overlaps with the target market of Ethereum, Cardano’s Daedalus, and many other notable names in the smart contracts industry. That market segment is worth over $50 billion and there is room for significant growth, however, how well EdenChain will perform depends on their final product.
According to their roadmap, the project’s ICO will take place in the 2nd quarter of 2018 but no specific date has been announced. HelloEden, the platform for their ICO launch is also expected to be unveiled in the same quarter (Q2 2018); as is the EdenChain’s alpha release and their wallet’s alpha version.
- A strong team with accomplished advisors.
- A more efficient platform with high scalability.
- The project has already secured partnership agreements with some strong companies.
- No working product has been released.
- They’ve postponed their presale once; this doesn’t inspire confidence in prospective investors.
- If they can really develop a platform with very high scalability and performance, the value of their token, EDN, will grow exponentially in no time.
- EdenChain plans to also develop a permissioned blockchain, traditional organisations will likely feel more comfortable using this than the usual public blockchain.
- The project is firmly focused on securing even more partnerships, and 15% of the revenue from their ICO is allotted towards this.
- The programmable economics market, in particular, is not so popular and the project may need to do extensive publicity to boost adoption.
- Given the nature of the market and the fact that the project seems to be more focused on organisations, it may take long before the platform attains critical mass.
In conclusion, EdenChain is attempting to provide a programmable economy platform, a solution that may be seen—wrongly—as “not so important/pressing”. Nevertheless, they are going about it with an impressive zest and therein lies their most significant strength. They want to build a platform that performs better than the Ethereum network, they have a team filled with veterans and shining lights, their advisor list is impressive, and they plan to implement multiple use cases.
On paper, EdenChain seems like an interesting project. However, there is a general feeling that the project may be overreaching—biting more than they can chew. Only time will tell which sentiment is correct. Prospective investors will be wise to remain informed on developments regarding this project; it has the potential to be a big thing.
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