The term "programmable economy" was introduced by the consulting company Gartner in 2015. The essence of the concept in the use of electronic currency and the latest software technologies for the organization of new ways of financial interaction both between people and between companies. A programmable economy can translate monetary relations to a new level. In addition, high-tech solutions such as, for example, "smart" things and "smart" real estate will firmly enter our lives. Moreover, a new approach to legal support of any activity will be used: all obligations will be regulated by means of automatically executing smart contracts.
But at this stage of development, the society is not yet ready to adopt a new economic model. For the massive introduction of high-tech solutions in any market sector, new digital tools are needed. The EdenChain project team is working on this task.
Since the basis of a programmable economy will be smart contracts, one of the tasks of EdenChain is to develop an effective technical solution that will guarantee a high level of security, including between off-chechen elements. In addition, the project team will offer tools for the tokenization of any assets. Thanks to the platform, everyone can transfer real estate, energy resources, intellectual property, insurance products, games, employment, vehicles and even business reputation to tokens. Blocking the project EdenChain will make purchases of tangible and intangible assets in automatic mode and without intermediaries.
Similar solutions are already offered by many projects. This is Ethereum, the leader in the use of smart contracts, and Seele, which is promoting the 4.0 block system, and other projects, the main idea of which is the tokenization of assets. What are the advantages and distinctive features of EdenChain?
The main problems that the project team sees in existing developments are low transaction processing speed, security problems and high commissions. The developers set themselves a difficult task: to eliminate the listed shortcomings and create a new block system that can meet the needs of a programmable economy.
Key features of the EdenChain platform:
- High transaction speed, which is achieved through parallel processing of data.
- Low commission. The cost of transactions is reduced by reducing power consumption: processing of each unit will be performed by a user selected at random. For this, a mechanism will be used to achieve a consensus of Proof of elapsed time (PoET).
- A high level of security in the transfer of information between the on-line and off-chechen systems, which will be achieved with the help of special software modules.
The EdenChain platform is divided into three modules: a bridge-layer, a layer responsible for validating and processing information, a distributed registry based on Hyperledger technology.
The connecting bridge layer connects the platform with external sources of information, and is also responsible for the interaction of the various modules with each other. Through the layer of validation and processing of information, transactions are performed and smart contracts are executed. The distributed registry stores all the necessary data and records the transaction history.
The EdenChain platform is not geared to a specific field of activity. The project team creates a solution that can be implemented in almost any business. The main customers can be private companies and non-profit organizations working in the field of health and finance, as well as projects that are somehow connected with the Internet of things, e-commerce. Also EdenChain can be used to launch ICO.
The EDN token conforms to the ERC20 standard, but after the launch of the platform, it will be based on its own standard.
Terms ICO: There is no information on the dates of the ICO on the official website. It is known only that 1 000 000 000 EDN will be issued, and the cost of one token is 0.06 $.
Project team: The project has a South Korean team.The team consists of strong experts who have successful experience with high-tech solutions: cloud technologies, Big Data, block-development.
Partners: The key partners of the project are large Korean companies operating in various industries.
EdenChain is a large-scale project with great potential: the developers plan to create a universal block system that can solve the tasks of not only individual companies but also entire market sectors and is able to bring economic relations to a new level.