Can we imagine a platform whereby a seller connects with a buyer, the price of a commodity decided upon and the transaction carried out in its simplest form without the interference of any middleman and 100% profit realised?.
We are in computer age where everyone cannot do without their phones and internet connection. Individuals and companies have made use of the internet to advertise their goods and services. Cloud services and artificial intelligence technology have replaced so many existing services and human power.
Here are some of the problems associated with existing services:
- Middlemen monopoly
- High transaction fees
- Lack of secured connectivity
- Poor performance and speed
- Market limited to some class of people
All these and more are what the project aim to solve.
WHAT IS EDENCHAIN?
Edenchain is a platform that utilize blockchain technology to capitalize and trade goods and services rapidly, securely at a lower cost. This project make use of what is called PROGRAMMABLE ECONOMY TECHNOLOGY. This is a technology that brings about capitalization of all blochain-based values and assets to secure their ownership and trade them speedily across the internet. This platform is utilized in assets such as real estate, automobiles, gold, stocks, insurance; in services such as ICOs, Shared Economy Platforms; in sectors like finance, gaming and so on. Eden has partnered with the number one Tech PR/ Marketing firm M&K in Korea.
EDENCHAIN'S APPROACH TO BRING SOLUTION
TOKENIZATION AND ASSETIZATION: Tokenization refers to converting tangible and intangible assets to blockchain-based tokens after meeting up the requirements and then the new ownership is securely registered while the latter is the process of transferring ownership of intangible things such as game items, fame on social media, followers on social platforms, networks and connections.
SMART CONTRACT: This refers to a digital form of conditions and an agreement that will function automatically when those conditions are met. A software code is developed and encrypted relative to how the performance will look like. Among the two types of smart contracts - DETERMINISTIC and NON-DETERMINISTIC, the latter is more vulnerable to hacking because this type of smart contract requires external data in its execution.
In order to curb this, eden platform makes use of the following:
- E-bridge- which connects eden with an external system while retrieving data from multiple sources. It ensures that a trusted off-chain data source is utilized and this external data is securely transmitted when linked to an on-chain module.
- Executor and validator: which runs in an isolated environment to ensure security to the smart contract while only data verified by validator is allowed to get to Distributed Ledger Technology (DLT) before smart contracts are recorded.
- SCALABILITY AND SECURITY OF BLOCHCHAIN TECHNOLOGY FOR IMPROVED PERFORMANCE: Blockchain technology can only be safe when there is trust in interacting with external system. Eden achieves this by integrating E-oracle technology which provides external data access for smart contracts. This software in collaboration with ECC (Elliptic Curve Cryptography) and TC (Threshold Cryptography) protect against attack from both hacker and malicious participant. Secret keys from both ECC-TC nodes cannot be obtained and both their codes cannot be decrypted. Also with it is the Software Guard Extension (SGX enclave) where only external data that is HTTPS supported is processed. SGX deletes data used for communication with external systems immediately after the execution ends. Through the adoption of Median Voter Theorem (MVT), eden securely encrypts multiple data sources from attack of hackers. Others are distributed ledger layer, bridge layer, Merkle Tree, Namespace to mention but a few.
THE TEAM
ADVISORS
CONCLUSION
In conclusion, edenchain is the first programmable economy platform targeting Korean market, poised to provide security services to blockchain users and businesses. Its vision is to provide a secured system by the aforementioned ways to prevent hackers from getting to sensitive information in the system.
Some of the benefits are:
- Creating a better market where individuals of different classes can participate in the market whereby
- sellers and buyers are connected to trade freely without the need of a middleman.
- transaction costs are lowered
- more profits are realized
- Secured connectivity free from hackers.
- Robust technology to scale up blockchain technology.
- Simplified process of transfer and conversion of assets through smart contract and tokenization.
FOR MORE INFORMATION ABOUT EDENCHAIN
Website: https://edenchain.io/
Whitepaper: https://edenchain.io/wp-content/uploads/2018/05/EdenChain-Whitepaper_v1.2.pdf
Join the Telegram Group: https://t.me/edenchainio
Follow on Twitter: https://twitter.com/edenchainio
Follow on Facebook: https://www.facebook.com/edenchainio