The blockchain technology has created new possibilities in diverse areas of application in the global economy. For instance, we now see cryptocurrency being used as digital tokens on the internet for financial settlements.
One of the ways in which the blockchain is disrupting the financial sector is its use for designing a marketplace for buying and selling assets - both tangible and intangible. In fact, the new structure called EdenChain is developed for people to capitalize and monetize valuables of different kinds.
What Kind of Platform is EdenChain?
EdenChain is designed to be a kind of blockchain-based marketplace in which participants can freely monetize their assets into tokens for trading without the obnoxious influence of intermediaries.
In this case, blockchain technology is adopted to create an automated economic ecosystem called a "Programmable Economy".
Eden has a unique 3-layer structure akin to a 3-storey building. The foundation is blockchain and the other layers are called Distributed Ledger Layer, Validation Layer and the Bridge Layer with each layer having different characteristics and purpose(s).
According to the Whitepaper, Distributed Layer is where data used on the platform are stored and only validated data can enter there. On the other hand, Validation Layer is where execution and validation takes place. Finally, Bridge Layer is the place where secured interactions with external systems take place.
Aside from the innovative 3-layer architecture, Eden also boasts of adopting special concepts to create a decentralized, asset trading market of smart contracts.
Assets to be traded on EdenChain could be tangible (which are of physical forms like gold, real estate, machinery, car, etc) or intangible (which are of nonphysical types like copyright ownership, trademark, patent, credit card points, reputation, time, etc).
For example, with proper agreement, you get paid for using your time to execute tasks as a freelancer for clients on fiverr. However, fiverr will always deduct a significant percentage, say 20% of your earnings. Which means that if you earn $100 on fiverr for working as a graphic designer, fiverr will deduct $20 from your money straight. Some other platforms even deduct more than that.
In addition, brokers earn huge commissions for helping you trade your stocks on the capital market. The funniest thing is that these transactions are even somehow sketchy and the brokers swindle unsuspecting individuals of hard-earned cash.
Fortunately, EdenChain is created to eliminate this problem and allow people to freely trade their assets in an open, secured and decentralized marketplace.
Now, let's look at the strengths and weaknesses in comparison with similar projects
Next Up: EdenChain- Part 2: Strengths and Weaknesses
Questions regarding this innovative platform, EdenChain are welcomed from our esteemed readers.
Additional information on EdenChain can be gotten from their Website or from the Whitepaper
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