In today’s world it is difficult to imagine life without the Internet, smartphone or television. These technologies have literally “captured” our lives. But now, we are on the threshold of a technological revolution, which will also become an integral part of our life — blockchain technology. Blockchain will become such a global technology that it will be used in all spheres of our life. Let’s talk about an economic system that can be implemented with the help of blockchain.
The blockchain economy
Thanks to the new economic system, which will be based on the blockchain, the need to use an intermediary to obtain services or perform a certain operation is almost completely eliminated. The role of intermediaries in the modern economic system can not be exaggerated, because many large campaigns are in fact intermediaries in a particular industry. In a world where the economy is built on the blockchain, transactions are carried out directly, which is much more profitable for both sides of the transaction. Here are some of the advantages of such a system:
- Transaction delays due to problems on the side of the intermediary.
- Transaction fees.
- Trust. Since the interaction will be carried out between the client and the provider, all operations will be transparent.
The participation in such a system will be beneficial for the participants, so they will be able to receive income from such a network simply for the fact that they are one of its nodes. Thanks to this network, all assets will have their own convertible currency, the value of which is regulated directly by its market(tokenization of assets). It will be possible to literally exchange one service for another, by exchanging one asset for another, without the participation of Fiat money.
Tokenization of assets
In the modern world, the main assets are real estate, precious metals, currency, shares and others with global value. The new economic system involves the creation of many new lines of assets that have value under certain conditions. Thanks to blockchain, all assets will be replaced with special tokens. Tokens of various assets can be combined to create a new asset.
Smart-contracts
For those who have no idea what smart contracts are:
The smart contract is a condition written computer language in which signatories to a smart contract, exchange of any assets: Forex, real estate, stocks, etc. for Example, the currency of the buyer is transferred to the program and is frozen there for as long as the seller does not fulfill his part of the contract. If the condition is violated, the amount is returned to the client’s account, and the smart contract is canceled. If all the conditions are met, the exchange of assets. Smart contracts is carried out in six main stages:
- Execution & Processing
- Set Conditions
- Encrypt & Blockchain Technology
- Code the Business Logic
- Network Updates
- Identify Agreement
There are two fundamental protocols of smart contracts — Bitcoin and Ethereum smart contracts, but in addition to these, NXT will be used in Eden.
Bitcoin Smart Contract written in the programming language “Turing-Complete” is the founder of smart contracts, but has a number of disadvantages.On the basis of the programming language “Turing-Complete” new, more flexible and perfect protocols are created. The most famous at the moment is the Ethereum.
Ethereum Smart Contract. Ethereum supports Turing-Complete language, but compared to Bitcoin the Ethereum Protocol is more advanced.
NXT Smart Contrast is more of an API that can communicate with external networks.
Eden
The prototype of the system described above will be Eden. It will use the best modern blockchain technologies, which will be optimized for faster, more efficient and safe operation of Eden. Let’s take a look at the Eden device.
Eden will have three main layers in its architecture: distributed ledger layer, validation layer and a bridge layer. Each will be mentioned below.
Structure of Eden platform
Since Eden is not just a product, but a global network, the main elements that will be used in Eden are listed below:
- Proof-of-Elapsed-Time (PoET)
- Distributed Ledger Layer (DLL)
- Execution Layer (EL)
- Ethereum Virtual Machine (EVM)
- Bridge Layer (BL)
Let’s get acquainted with each of them.
Proof-of-Elapsed-Time
Instead of forcing participants to solve cryptographic tasks, this algorithm uses a trusted execution environment (TEE) such as SGX, which ensures that all blocks are produced completely randomly. The work is not required.
The proposed Intel method is based on a guaranteed waiting time, which provides TEE. According to the company, this algorithm can be scaled up to several thousand nodes and will work effectively on any Intel processor that supports SGX.
The only problem with this Protocol is that the user will have to rely only on Intel hardware.
DDL
A DLL is a smart data store that can provide data about a transaction by its identifier. Also, for quick access to information, DLL uses block cache, which uses a separate node and stores data on current transactions. At the same time, if some of the transactions are not placed in blockcache, but the request for its data occurs often, it will automatically be loaded from the DLL in blockcache. Due to this distribution, storage memory will be used most efficiently.
Execution Layer (EL)
The Execution Layer (EL) is a special algorithm for checking, processing and protecting data using the functions of Eden smart contracts.
EL uses proven environment in which to run(TES) transactions and further insertion in the register of Eden. Himself TES operates using Etherium virtual machine(EVM).
Ethereum Virtual Machine (EVM)
EVM is a special part of the smart contract Protocol that specializes in efficient transaction processing using smart contracts. Eden will use EVM to significantly improve the performance of your system.
The advantages of the EdenChain Platform
The authors intend to create a high-performance, low-cost, reliable and secure blockchain network. EdenChain aims to become a global platform for a programmable economy. Platform Eden Chain features:
- The ability to scale parallel execution of transactions.
- High performance.
- A high degree of security of the connection.
- A trusted and reliable transaction execution environment.
- Guarantee of safe data import between online and offline services.
- No incentives for miners.
- Use of the FIFO system.
- Low-cost transaction processing cost.
- The amount of the Commission is determined by the number of completed transactions on smart contracts.
- Possibility of tokenization of tangible and intangible assets.
- Use by startups to launch their own ICO.
- Application in sectors such as crowdlending, services, business to business, rank economy, Internet of things, etc. in almost all countries of Europe, Asia and North America.
Team
The development of EdenChain is carried out by a strong team, which is primarily aimed at creating a truly new revolutionary product, and not to make a profit, as many do. Let’s take a look at founders of Eden:
James Ahn (CEO, founder)
James graduated with honours from the Korean University KAIST, where he is currently awarded a master’s degree. After graduation, James decided that he would devote his life to IT-technologies. So it happened — to date, James ‘ experience is about 20 years. During this time, he managed to become a technical Director of Cyber Renaissance Inc, a representative of HR and DeepNumbers, consultant for NIA Platform and other large IT corporations. James also wrote four books on Finance and machine learning.
Jenny Ryoo (blockchain developer, co-founder)
Jenny also comes from Korea, where she graduated with honors from the national Korean University, where she received a bachelor’s degree, and was awarded a master’s degree at the University of Dongguk. she has less experience than James, but after 10 years of her work in the IT field, she managed to do a lot of research, become a co-author of the book and write two of her own works.
Hokyun Kim — blockchain developer
EdenChain has in its team a powerful blockchain developer from Korea with more than 18 years of experience in IT and with a large number of successful projects behind them. As you can see, most of the EdenChain team members are Korean university graduates and Hokyun - not an exception. Hokyun was directly involved in the development and promotion of Saw & PinckandPlace. Also, Hokyun put his hand to such an email service as WAP Mail Gateway.
Bryant Park — blockchain developer
The second, but not the pose of importance of the developer in the EdenChain team is Brian Park. He spent his student years at Hanyang University. Even then, Brian was interested in programming and IT-technologies. Brian was hired by SK Telecom as a developer. During his time at SK Telecom, Brian developed a new Direct Push technology. This technology was intended for smartphones based on the Windows Phone operating system, and in particular for Mobile Outlook. Brian also participated in the optimization of video calls within SK Telecom. In addition to working at SK Telecom, Brian helped the Korean University achieve more efficient use of energy at the program level.
Conclution
Eden is a blockchain technology that increases speed and security, which are typical technical requirements for the application of blockchain technology in a programmable economy. Because of data consistency problem, a sequential implementation is not scalable and increases computing power for processing no more transactions can increase processing speed. Eden uses the technology of the namespace to associate transactions that contain the same namespace. Operations belonging to different namespaces have no data integrity problems and can be performed in parallel simultaneously. As the number of namespaces increases, individual users can speed processing by adding processing power, which can help in achieving higher levels of scalability. If individual users require faster processing, they can create each namespace. Edenchain is one of the most promising ICO of 2018, capable of solving some scalability problems, and having a fairly broad partnership.
Author: https://bitcointalk.org/index.php?action=profile;u=1854300