INTRODUCTION
The inception of programmable economies where value can be exchanged amongst individuals has been over the years clamoured for. Even its eventual introduction as exemplified by some online retail platforms have not shut the doors to the incessant complains about the system. Among some of the issues complained about by an average user is the influence of third parties in such transactions which Is regarded by some as very arbitrary and to some extent exploitative.
The presence of such third parties comes with additional charges on both the users of the platform and the buyers as charges are levied on them upon each transaction. Some famous trade sites include Amazon, Walmart, etc. These agencies always have charges attached to them for the purchase of items on such platforms. As if the interference of third parties is not enough, the low level of security of transactions on such platforms is not even assured as hackers still wreak havoc on these platforms.
Which leads us to the next problem, the problem of poor connectivity, the lack of a decentralized system becomes evident here, coupled with problems associated with multitasking within the system and the slow rate at which such occurs. In the light of all these problems Edenchain has come to remedy some of these issues that have ravaged the sector in the past few years and to make the system even more secure and profitable for all users as well as introduce the use of cryptocurrencies on the platform.
PROBLEMS EXISTING IN THE UNIVERSE OF PROGRAMMABLE ECONOMIES
For a new mode of doing things to evolve, there must have been undesirable effects the old pattern had on the users. Hence, the need for a new mode of doing things. There are some major technical problems that have plagued the total achievement of programmable economies in the universe of blockchain technology and some of such challenges includes but is not limited to the following; poor performance, the lack of secured connectivity, the presence of third parties.
The problem arising from performance has existed on this platform for quite some time now and according to Coinbase co-founder Fred Ehrsam, he posited that “Facebook can handle 157,000 requests per second, while Ethereum can only handle 7 transactions per second (TPS) in the case of tokens”. It is against this backdrop that the system has suffered a serious jetlag in its formation and institutionalization, calling for an abrupt need to revitalize this sector in the blockchain industry and remedy the problem. The existence of technical issues relating to the performance and scalability of programmed economies must be given due attention as soon as practicably possible so as to ensure the continued growth and adoption of blockchain technology. The is also coupled with the fact that higher levels of scalability and performance are necessary for smart contracts which require far more computations than traditional blockchain transactions. If these obstacles continue to be present, blockchain is most likely to pass through an increased form of neglect from both enterprises and consumers alike.
The second problem is the Lack of Secured Connectivity. An Economist Mark Flood I his work clearly reiterated the essence of a stable and reliable connection where he stated that “it is important to understand that a financial network is an edge in which vertices are connected and that connecting these edges forms a smart contract” (Flood, 2017). It is imperative at this point to state that some Distinct systems most often than not require an increased level of connectivity in order to carry out certain tasks. In order for smart contracts to create more abundant application services and to further realize a programmable economy, an increased level of connectivity that can interact with external systems is gravely needed.
The continued presence of third parties in transactions having to do with programmed economies is a setback to the system. It is an issue that has persisted over time and needs to be looked into as soon as possible to avoid unnecessary charges that may accrue to all users of such platforms and encourage its continued existence and use. After all, what is a system of programmable economies with no users in it?
EDEN AND HOW IT REMEDIES THESE PROBLEMS
The primary aim of Eden is to introduce a varied version of a blockchain-based programmable economy platform that remedies already existing problems by providing high-performance processing speeds, the introduction of this remedies the technical issues that previously existed in the system or on similar platforms. Eden is equipped with the necessary prerequisite to develop a myriad of automated services using smart contracts, making for interoperability with external systems.
The already existing blockchain technologies such as Bitcoin and Ethereum are insecure primarily because they are prone to hacker attacks resulting from the absence of a solid format used in the course of interacting with external systems which are normally required for non-deterministic smart contracts. Eden makes use of its new technology, the E-Bridge layer(EL), to retrieve data from multiple data sources when a non-deterministic smart contract is interfaced with an external system. Eden goes further to encrypts the data retrieved and employs the use of the Median Voter Theorem (MVT) to secure trust and to defend against attacks from hackers.
Performance is a vital technical issue that is essential to the implementation of smart contracts.
Eden makes use of namespaces with Merkle Tree, which in the process isolates transactions based on its particular namespace, and ensures the continued performance and scalability of its system by the creation of an execution system which is capable of conducting parallel processing by namespace, enabling the ability to carry out a vast number of transactions simultaneously in parallel remedying in the process the problem of performance already mentioned.
The Eden platform makes for a compact and reliable system, the commonest show of this feature is the introduction of smart contract language, this is made possible through the use of the Dyerium's EVM. This was necessitated by the need for a cogent form of communication between the user and the platform so as to avoid some problems that arose of previous platforms as a result of the language problem. This is so because smart contracts are heavily used for sensitive services such as payment and settlement. Stable and reliable smart contract programming languages are therefore of great relevance to the success of the system even much more than the development of an unnecessary new type of programming language. Eden has evolved a blockchain network through the use of the EVM and Solidity, which are verified and continually improved by the totality of users.
The introduction of Eden brings closer to fruition the dream of realizing a programmable economy through the process of trading various blockchain-based assets on the Internet. Its inception assures its users of a secured connectivity of all transactions. The ability of one to carry out the tokenization of virtually any type of asset or property as well as proving ownership of the assets in question all within the transaction process on the platform is a welcome development in the world of P2P transactions and transactions on exchanges done within the confines of the blockchain technology.
The use of the blockchain technology to simultaneously carry out multiple transactions on the system, the reduction of security risks accruing from activities of hackers on the system, as well as other problems have been fully catered for on the system. Eden provides for the internal and external security of the blockchain. It uses the E-Oracle technology to effectively defend against hacker attacks in conjunction with external services. E-Oracle technology uses Multiple Data Source, ECC-TC, and MVT technologies. The E-Oracle works simultaneously with the SGX, and the two of them working together is bad news for all hackers as it is nearly impossible to hack into the Eden system. With Eden, one can easily use blockchain technology for as many as possible enterprise options.
TOKEN DETAILS
The Eden token is referred to as EDN token. It is an ERC20 based Token type and at ICO the Token Price was 1 EDN = 0.0600. The goal is to raise funds for the complete actualization of the project plan, the amount set to be raised was 24,000,000 USD and the Total Tokens made available for sale was 1,000,000,000. Token sale was successfully completed as believers of this vision cut their own share of the cake.
TEAM DETAILS
The team comprise of capable and experienced individuals with a common vision, and outstanding profiles related to the project aim. At its head, it has James Ahn as the CEO, and Founder of the project and Jenny Ryoo as a Co-Founder, Blockchain Developer. Hokyun Kim is the specialist behind the development of the Eden Blockchain. Other team members also exist too and they have worked tirelessly to birth this system.
PROJECT ROADMAP
INVESTORS AND PARTNERS
CONCLUSION
The introduction of Eden brings an end to the incessant complaints of users of programmable economies. This signifies an end to the stereotypes that have existed on similar platforms which have attempted to provide such services to users. Eden has come to spark of the interest of investors and customers alike, it has come to show us a feasible way out of problems that have existed on similar platforms. As earlier stated Eden is a blockchain technology. it has its most primary or basic goal as the introduction of an enhanced system that carters for the speed and security of transactions made on the system, this is a step forward in the introduction of programmable economies since it is an essential prerequisite for the application of blockchain technologies.
Having given due attention to the highly inconsistent set of data, which has made serial execution of actions impossible and not enlargeable even with an increased degree of computing power to handle escalated transactions on the system, it has still not remedied the lag in the processing speeds. Eden introduces the use of a new mechanism to tackle this issue. The namespace technology is employed by Eden to bind transactions that have the same Namespace together. Such transactions which fall under different Namespaces are often devoid of issues arising from data integrity and as such can be carried out simultaneously. This makes for an efficient system and makes working on or using the platform conducive. Eden is the way forward for programmable economies and should be used and invested in for the better development of the blockchain industry as well as the usability of programmable economies in the world of cryptocurrencies.
USEFUL LINKS
consider checking out the links below to know more about this awesome project. Download the whitepaper from the website to read more about Edenchain.
Website : https://edenchain.io/
Frequently asked questions : https://edenchain.io/#faq
Team: https://edenchain.io/#team
Telegram: https://t.me/edenchainio
Facebook : https://www.facebook.com/edenchainio
Twitter: https://twitter.com/edenchainio
Blog: https://edenchain.io/blog-english/
Writer: Okoye Divine (Deodivine)