A World Class Platform for the Enterprises of Tomorrow.
The Engine Behind the Most Dynamic Enterprise Infrastructure
A blockchain platform that allows all of your values to be capitalized and traded.
High Performance & Truly Scalable
Parallel Execution of Transactions
100% Transaction
Supports Wide-range of dApps & Industries
Broad Language Support
Ethereum Virtual Machine (Solidity-friendly)
Cloud-based Multi-datacenters
Defensible, Trusted & Secured
Permissioned Environment
3-staged Key Generation, Encryption & Decryption System
Customizable Functional-specific Firewall
Median Voter Theorem (MVT) lowers vulnerability
CPU and software protection
Optimal Capacity
Cost is on a per Transaction basis
Optimal Resources for Required Computing Power
Energy-efficient Proof of Elapsed Time (PoET) Consensus
Hardware Integration
Transactions processed on a first-in-first-out basis
The EDEN Architecture
A blockchain infrastructure powered seamlessly by three distinctive layers: the distributed ledger, the validation layer, and the bridge layer.
Bridge Layer
This layer consists of an e-bridge that connects EdenChain with external data sources through secured interoperability, enabling the on-chain smart contract to interact with the off-chain modules.
As nodes exist on both the on-chain and the off-chain, an E-Protocol uses an encryption process called the Elliptic Curve Cryptography (ECC) – Threshold Cryptography (TC) for trusted connectivity.
Validation Layer
Transactions are executed and verified in this layer, which includes the Ethereum Virtual Machine (EVM). Using a Transaction Execution Scheduler, it forwards transactions to corresponding nodes based on namespaces. The router can be automated, allowing resource management across transactions and nodes.
One can also operate the blockchain with optimal resources and computing power through real-time monitoring of the workload allocated to the Trusted Execution Environment (TEE). By grouping related transactions into batches, the validation layer ensures efficient execution and eliminates any data dependency issues.
Distributed Ledger Layer
Based on Linux Foundation’s open source project, Hyperledger Sawtooth, the distributed ledger layer provides the decentralized database functionality for EdenChain.
Proof-of-Elapsed-Time (PoET) is a consensus algorithm that integrates a CPU command in the Software Guard Extensions (SGX) to select a leader randomly without utilizing large amounts of energy to solve a hash problem. SGX allows applications to run trusted code in a protected environment.
Permissioned Blockchain
Customizable and scalable for ever-changing business needs while retaining a high degree of control, privacy and security.
Secured Interoperability
E-Bridge architecture ensures zero-knowledge trusted connectivity between on-chain and off-chain modules.
Hardware & Software Protection
The implementation of the consensus algorithm within Intel’s SGX Enclave provides a safe and secure environment.
HelloEDEN
An all-encompassing tokenization ecosystem developed in conjunction with an ICO implementation process for a distributed infrastructure.
Team
A Diverse Team With More Than 50 Years of Blockchain, Cloud and Big Data Expertise
James Ahn
CEO, FOUNDER
James has a master's degree in software from Korea University and KAIST with 20 years of experience in the field of IT. He worked as CTO at CyberRenassance Inc. (Japan) and later as a representative of MHR and DeepNumbers. He served as a consultant to the NIA Platform, a technical advisor to the National Computing & Information Service, and an advisor to Cloud for the Korean Agency for Technology and Standards. He has written four books and several papers relating to machine learning and finance, and made presentations at several conferences for the development of technology, such as Pycon and Open Technet. He now teaches a Digital MBA course at Seoul School of Integrated Science & Technologies, and regularly writes to MTech in the Maeil Business Newspaper.
Jenny Ryoo
CO-FOUNDER, BLOCKCHAIN DEVELOPER
Jenny wrote award-winning bachelor's and master's theses at Korea University and Dongguk University, respectively. She has 10 years of experience in the field of IT. She has performed customer analytics studies to analyze and predict users' behavior patterns by analyzing web user logs of the National IT Industry Promotion Agency. She has conducted research on smart grid technology for Green Office of the Korea Institute of Energy Technology Evaluation and Planning. She studied systems for real time big data processing for the National IT Industry Promotion Agency. She also participated in the development of the big data analysis system of the National Assembly Library and developed data abstraction, interface and a module for basic statistical analysis. She is the co-author of one book and has written two papers.
Hokyun Kim
BLOCKCHAIN DEVELOPER
Hokyun graduated from Korea University and has 18 years' experience in the field of IT. He was the first in the world to develop Saw & PinckandPlace. The full auto system that performs 3-step manual process, Sawing -> Cleaning -> vision inspection sorting in the final stage of CSP mass-produce, in one process, was certified as the world's leading product by the Ministry of Commerce, Industry and Energy. He developed SK Telecom's WAP Mail Gateway which provides standardized APIs on 7 portals, reeling in 200,000 paid subscribers within a month of service launch. He has developed signal detection and decoding systems and signal processing algorithms.
Brian Park
BLOCKCHAIN DEVELOPER
Brian graduated from Hanyang University and has 15 years of experience in the field of IT. He built a business-dedicated virtual workspace based on the Sandbox virtualization technology of domestic mobile carriers (SK Telecom, KT). At SK Telecom, he developed the Direct Push technology for interworking with Mobile Outlook based on Windows Mobile, and carried out a project for developing the system for analyzing quality of experience of WCDMA video call serviced by SK Telecom (Video Call Analyzer Tester). He also participated in the development of software-based power saving technology applicable to a cloud environment for the Korea Institute of Energy Technology Evaluation and Planning.
Kangho Kim
CHIEF STRATEGY OFFICER
Kangho has been in financial market for 10 years as a derivatives trader, an analyst and a portfolio manager at reputable global investment firms. At Franklin Templeton, he has performed a role of portfolio manager over 6 years, managing more than US $1.6 billion funds for fixed income, derivatives and alternative assets. His skill set is not only expanded to the financial market but to IT industry by having founded a social network mobile application as a CEO and applied Blockchain technology to his service. He is also a member of the Society of Blockchain Developers in Korea. Kangho also has a Master of Science in Global Finance from New York University’s Stern Business School and HKUST Business School, and a Bachelor of Economics from Korea University in Seoul.
HJ Moon
CHIEF FINANCIAL OFFICER
HJ has built his career as research analyst in top global investment firms such as Goldman Sachs and Barclays, covering major industries and companies in Korea. His depth of knowledge and analysis is well regarded amongst institutional clients during his research analyst tenure as he received multiple votes from institutions and hedge funds. As his passion in tech continues, he is diverting much energy in researching blockchain technology. As a co-founder of a tech start-up, HJ launched a social network mobile application and applied blockchain technology to his service. He graduated with a Bachelor of Economics from Korea University in Seoul.
Richard Jahnke
BUSINESS DEVELOPMENT, US AND EUROPE (SAN FRANCISCO)
Silicon Valley-based Venture Capitalist and brings with him more than 16 years of professional investment management, research and deal experience across the broad Technology sector. Currently, Richard is an Investor with Columbus Nova Technology Partners (CNTP), a global, multi-stage, technology investment firm operating out of Silicon Valley and New York City. Prior to CNTP, Richard was a Venture Partner with Flatiron Investors, a New York-based early-stage venture capital firm. And, before that, he was a Sr. Investment Analyst focused on Technology-related investments with The Olayan Group. Richard earned a MS in Global Finance from New York University's Stern School of Business, a MBA in Finance and Entrepreneurship from the University of Illinois, and a BS from the University of Michigan.
Aaron Tay
FINANCIAL ADVISOR (SINGAPORE)
Aaron started his career with the MAS, Singapore's Central Bank and financial regulatory authority after graduating from Singapore Management University. He traded a variety of financial instruments at the MAS, managing part of the central bank's foreign reserves. He subsequently joined Tikehau Capital, a listed European asset manager with US$16bn in AUM. Based in Singapore, he was responsible for the sourcing and execution of Asian private equity and venture opportunities across multiple sectors. More recently, he was closely involved in the launch of a venture capital fund.
Jessica Park
MARKETING
Graduated Dongguk University with a Master's degree and started the first career with EdenChain. Has an experience as an editor of press, and had an interest in IT which lead to joining EdenChain. Currently in charge of Marketing and PR.
Kwangho Lee
TECHNICAL ADVISOR
Kwangho graduated from Korea University and built his career in LG group with numerous key projects in group companies. As a system engineer, he led the IT consulting and system establishment projects in Data warehouse and Business Intelligence area (LG Electronics, LG Card, Korea Railroad Corporation etc.). In LG CNS, he developed and executed assessment center program for Big Data team and was a judge of “Idea Farm”, which is an in-house new business idea bank. Also, he was in charge of reviewing ideas and prototyping of new business items in “LG Innovator” project. He conducted new business development and staff training in ICBM (IoT, Cloud, Big Data, Mobile) division.
Kenneth Lee
BUSINESS DEVELOPMENT MANAGER (SINGAPORE)
Kenneth graduated from Nanyang Technological University in Singapore, with a degree in Mathematics and Economics. His career started off at the Ministry of Finance as a data analyst to better inform the design of Singapore’s tax policy regime. Prior to that, he served a short stint with a venture capital firm, conducting analysis and doing due diligence on high-potential companies in adtech.
Global Advisors With Multidisciplinary Expertise
Don Chang, Ph.D.
ADVISOR
Received Bachelor's Degree from Seoul National University in Nuclear Engineering, Master's Degree from University of Southern California in Computer Engineering, and Ph.D. from aSSIST (Seoul School of Integrated Sciences & Technologies). Currently working as a PM in Big Data of National Defense and Science Institute. Work experience in U.S.A., worked in Oracle Corp, Visa Inc., EDS, American Airline. , in Korea, work experience in Oracle Korea Consulting Executive, Sibel Korea Regional Manager, SAS Korea Vice President, Deloitte Korea Consulting Partner Director of HQ, Ernst and Young Consulting Director of HQ. Currently providing consult and technology regarding Block chain, AI, and Big Data to the public service agencies and large corporations. Also provides lecture and research results in Universities and Conferences regarding Block chain, AI, and Big Data. Published books are [How to work with Big Data], [Living as an IT Expert].
Joongheon Kim, Ph.D.
ADVISOR
Joongheon Kim is a professor at Chung-Ang University, School of Software (formerly, School of Computer Science and Engineering), and currently a director of Chung-Ang University Distributed Platforms and Security Lab. He has received Ph.D. in Computer Science from University of Southern California (USC). His major research field is in the theory, design, and implementation of distributed computing platforms including Deep learning software platforms, Fully distributed peer-to-peer network platforms, e.g., Blockchain, and Energy storage systems, wireless power transfer, smartgrid/microgrid systems. He is a senior member of the IEEE; and a member of the ACM and IEEE Communications Society.
Sungho Kim, Ph.D.
ADVISOR
Received Bachelor's Degree, Master's Degree, and Ph.D. from KAIST(Korea Advanced Institute of Science and Technology Constitution) KISTI(Korea Institute of Science and Technology Information) Supercomputing Center Cluster R&D Team Manager Head of the KISTI Supercomputing Center Major Research field in KISTI : National Supercomputing Infrastructure Setup , Supporting Service, Development of BMT Suite for Sub-Exascale Supercomputing, New-Generation Digital cable broadcasting service with cloud computing environment, Management of Large-Scale Server using GPU, Cyber-Infrastructure resources structure and management, Supercomputing Infrastructure Structuring enterprise, Efficiency and Optimization of Super-computer, National-Grid based Business Development and Research, Made Presentations regarding (Presented regarding) Super-computing and Grid-Computing in National and International Academic Journal and Conferences Published various Research Papers and Reports in regards to Mechanical Field, Aeronautic Field, and Fluid Dynamics.
IckChan Joo, Ph.D.
ADVISOR
Received Bachelor's Degree from Seoul National University, Master's Degree and Ph.D. from Stanford University in Aeronautics & Astronautics Soosung Corp Vice President, IM Investment & Securities Co.Ltd and Eugene Investment & Securities Co.Ltd Executive, Heungkuk Securities Co.Ltd Head of Research Department, Worked as a Fund-manager and Analyst in Mirae Asset Daewoon Securities Co., Ltd and Kieun Economic Research Laboratory. Have been nominated as a best analyst for consecutive years, becoming one of the leading expert in the research field. Received Boeing Scholarship at Stanford University, researched in Computational Fluid Dynamics and Numerical Value Analysis. Participated in R&D of aircraft in KAI(Korea Aerospace Research Institute).
Alan Moonsoo Kim
ADVISOR
Alan is head professor of digital strategic planning and MBA at the aSSIST Graduate School of Business Administration and the founder of BeNative, a global education service. His main research areas are the mechanism and management strategy of artificial intelligence and blockchain. BeNative has partner companies and clients such as NetEase in China, Hitachi Group in Japan and Taiwan Mobile. ETOOS, which he established in 2000, was selected as a Korean rapid growth company by Deloitte and successfully sold to SK Group. He graduated from the Seoul National University College of Engineering, CKGSB EMBA in China, and completed doctorial course at the aSSIST Graduate School of Business Administration.
James Jahnke
ADVISOR
James Jahnke brings with him nearly 20 years of professional development experience and strong domain knowledge of technology, financial markets and computational finance. James is currently a Director & Sr. Developer at Chicago Trading Company (CTC), one of the world's leading proprietary trading firms and active market maker on numerous derivatives exchanges globally. In his current role, James is focused on front-office development, supporting the company's next-generation electronic trading systems and software solutions/tools to enhance and improve overall infrastructure performance, efficiency, and usability. Jim did his undergraduate studies in Computer Science at the University of Michigan and earned a Masters degree in Global Finance from New York University's Stern School of Business.
Mina Jeong
ADVISOR
Mina is a founder, CEO and managing director of M&K PR, one of the leading PR firm in Korea. With Mina's leadership, M&K PR has grown from a small IT PR firm into the largest technology communications agency in Korea. Also, she guided the company to earn the reputation as a pioneer in digital communications. Over the decade, Mina has served as a senior consultant to global leading companies in IT industry such as Oracle, Citrix, Dassault Systemes, FireEye and Intel. Mina graduated from Ewha Women's University and majored in PR and Advertising.
Marat Zhanispayev
ADVISOR
Marat is Owner of ADV Kazakhstan and Co-Owner of ADV marketing Kazakhstan. ADV Group is one of the leading marketing communication groups in CIS region. Currently the Group unites 6 advertising agencies. ADV Kazakhstan especially has the business operations in Kazakhstan and Central Asia and representing Interpublic Group and Havas international communication networks. Core business includes: 360 degrees, media buying, media planning, media placement, digital, brand and strategic planning.
Yoonsang Cho, Lawyer
ADVISOR
Graduated from Seoul National University in Department of Foreign Studies Worked as an in-house-lawyer at Mirae Asset Securities and Shinhan Financial Group Participated in a project to establish Shinhan Financial Group's Information Protection System Current member of Korean Bar Association with special commission on start-up regulation. Conducting legal consulting for start-ups in various fields and FinTech for Shinhan Futures Lab and Hyundai Card Studio Black.
Hyung Guel Kim
ADVISOR
Worked in LCD division in Samsung Electronics as an executive director, With the establishment of Mobile Display Business Team we have been providing the best hard/software solution to top 5 smart phone producers : Samsung,Nokia, Apple etc.. Within few years of the establishment we have penetrated the market, with consecutive sales growth reached 1 trillion won in sales being the basis of Samsung Display Co.(SDC). Received a Master's Degree from University of Detroit in Computer Science. Participated in Factory Automation Project of ABB Robot, and was in charge from the development to setup of Robot System for Man-less production line for Chrysler Auto Factory. In Ford Motor Co., was a TF leader of auto-electronization, in developing Multi Modularized Computers linked Vehicle LAN in Ford Explorer. This LAN allowed a network driven vehicle by Car AI.
Young Choe, Ph.D.
ADVISOR
Young Choe is a co-founder and CTO of Pax Datatech, which develops Paxchain - a blockchain 3.0 platform - to create a new economic paradigm through dApps powered by auto-smart contracts. He is a software professional having broad experiences from development to top management, from theories to practices & businesses at various global companies and organizations including NVIDIA, BMC Software, Samsung Electronics, SK Hynix, 3Ksoftware, North Carolina State University, Sungkyunkwan University, Yonsei University, CE Linux Forum, Korea Embedded Software & Systems Industry Association, and Open Source Software Foundation. His area of expertise spans from Blockchain to Software Engineering, Compiler and Language Technology, Cryptography, Embedded Software and Systems, Open Source Software, and Management of Technology. He has experiences in investment analysis and M&A, and was writer/reporter for Technology Trend and Alternative Futures.
Mirza Uddin
ADVISOR
Mirza is a venture capitalist who focuses on a wide array of early-stage technologies. He has previously worked at Two Sigma, one of the largest quantitative hedge funds. While at Two Sigma he was heavily involved in researching Blockchain startups and analyzed hundreds of investment opportunities in the sector. He has also worked for Index Ventures, a global multistage VC that has previously invested in companies such as Dropbox and Facebook. Prior to that, he worked for The Boston Consulting Group, where he helped advise one of the largest Fortune 500 tech conglomerates. He began his career at East Ventures, a prominent Japanese VC that was an early investor in OmiseGo. Mirza attended Harvard University, where he simultaneously enrolled in several courses at both MIT and Harvard Law School.
Benn Godenzi
ADVISOR
Benn is a co-founder of Interoperability Alliance (IOA) and founder of MB Technology, Outlast Nutrition. As an early adopter of Bitcoin in 2010, Benn played a crucial role as a co-founder in establishing and developing Blockchain Interoperability Alliance (IOA) with three global leading projects, Aion, ICON and Wanchain to share and collaborate on research and design for cross-chain transactions and communication. Benn also focuses on full time ICO marketing team management, fundraising, networking, private investor relations and social media growth within the cryptocurrency space. As an advisor, he will be a crucial asset for EdenChain to make a close relationship with IOA.
Our Investors
Trusted by a Growing Community of Leading Partners
Token Sales
Target
$24,000,000 USD
Total Supply
1,000,000,000 EDN
Token Allocation
Roadmap
-
2018 Q2
Business
- EdenChain ICO
- Alliance Program
- 1st Developers meetup
- HelloEden ICO Platform Alpha Version Open
- Partnership with potential clients
Technical
- EdenChain E-Explorer MVP
- Edenchain E-Edge MVP
-
2018 Q3
Business
- 2nd Developers meet-up
- Financial investment consortium
- Partnership with major blockchain network
Technical
- HelloEden (ICO Platform) launch
- EdenChain Beta Version
- EdenExchange Alpha Version
- Web Wallet Launch
-
2018 Q4
Business
- ICO on EdenChain
- 3rd Developers meet-up
- CleanDeal Service Open
- EdenChain Real Service PoC
- Partnership with major blockchain network
Technical
- Testnet OpenEdenChain Platform Open
- Custom Coin Issuance Service Open
- EdenChain API Service Open
- Mobile Wallet
-
2019 Q1
Business
- ICO on EdenChain
- Blockchain Conference
- 4th Developers meet-up
- Partnership with major blockchain network
Technical
- Platform migration to Cloud
- E-Oracle Network Launch
- EdenChain Optimization
- Mainnet Open
Blog
Explore Eden World
Frequently Asked Questions
Where is EdenChain incorporated?
EdenChain Partners is incorporated in the BVI. Our registered office is Intershore Chambers, Road Town, Tortola, British Virgin Islands We also have an office registered in Singapore at The Arcade Building, 11 Collyer Quay, Singapore 049317.We are incorporated overseas because we have decided this will help reduce our exposure and risk to the potential of government regulations affecting the future of EdenChain’s development.
Where is EdenChain based?
The team is based in Seoul, South Korea. The office is in Gangnam.
What is EdenChain’s vision?
In one sentence, EdenChain is a blockchain-based platform that allows all the values to be capitalized and traded. The platform works on what is called a Programmable Economy Platform technology, and can capitalize and trade all kinds of assets.
We envision a world where you are able to employ the blockchain smart contracts to capitalize any and every tangible and intangible asset into tokens and trade freely without the interference of any middleman.
EdenChain believes that with the application of Programmable Economy, transaction costs can be lowered, profits shared among the community members, and a new market through the capitalization of foreign and domestic goods can be created.
What exactly can EdenChain do?
EdenChain is looking to be the global platform for a programmable economy. We seek to build a highly secured inter-operable, high performance blockchain with low processing fees. EdenChain can be used in a wide range of applications and industries; to provide an ICO Platform for start-ups to launch their own ICOs across all sectors such as IoT, B2B, services, P2P Finance, shared economy and etc. EdenChain supports Solidity, currently the most popular smart contract language. As smart contracts are heavily used for sensitive services such as payment and settlement, stable and reliable smart contract programming languages are more important than programming languages that are easily written by developers.
What is EdenChain trying to solve?
The successful implementation of Programmable Economy platform brings with itself two major problems—performance and non-secured connectivity. EdenChain focuses on solving these technical issues by employing software and hardware that can elevate the performance of the entire network and protect the blockchain against external hackers. Since EdenChain has the ability of monetizing all kinds of assets and executing secure, cost-efficient, and faster transactions, it can be adopted across various industries, such as IoT, Finance, Shared Economy, Games, ICO and etc.
How scalable is EdenChain?
EdenChain can execute a large number of transactions quickly. The Namespace technology employed by the platform separates unrelated transactions from each other, thereby allowing the processing of multiple transactions in parallel. We have no data consistency problem so adding more computing resources to system will increase performance in linear manner.
How fast is EdenChain?
In theory, EdenChain can handle an infinite number of tps because there is no limit to number of namespaces and transactions in each namespace can be ran in parallel. Each namespace runs 1,000 tps. In this sense, with more computing resources available for use to deploy the namespaces, the total tps of EdenChain will scale linearly. We will need to conduct further tests to determine the exact number of tps.
How secured is EdenChain?
EdenChain employs the E-bridge layer to retrieve data from numerous data sources, encrypts this data and makes use of the median voter theorem (MVT) to protect this data from being compromised.
When will the MVP be out?
Edenchain’s first MVP, E-Explorer, was already out in late April and second MVP E-Edge was out in early May.
When will we be able to look at Github?
Our Github will be out in 2Q 2018.
Will there be Masternodes?
Yes, there will be Masternodes. More details about Masternodes will be announced as the team develops EdenChain.
Can DApps be built on EdenChain?
DApps can be built on EdenChain.
What consensus algorithm is being adopted?
EdenChain utilizes both a hardware and software solution to arrive at a consensus.
Firstly, EdenChain uses Proof of elapsed time (PoET), designed and marketed by Intel. This works similar to Proof of Work (PoW), but requires far less amount of electricity as a leader is selected at random to solve for the next block. The integrity of the selection process is secured by Intel’s Software Guard Extension (SGX). The second consensus protocol is Median Voter Thereom (MVT) for continuous-type data fed to the nodes by E-oracle servers.
EdenChain also has a unique triple layer architecture — the base layer, the validation layer (virtual machine), and the off-chain communication layer with oracles.
Does EdenChain support interoperability?
Yes, it does with a highly secured interoperability between on-chain and off-chain services.
What is the total supply and circulating supply?
Total: 1 billion EDN (no more tokens will ever be created)
Circulating: 400 million EDN
Is this an ERC-20 token?
Yes. When the mainchain is completed in 1Q 2019, each EDN will be exchanged 1:1 with the main EdenChain token.
What will happen to the unsold tokens?
Any unsold tokens will be burnt.
Which countries are restricted from investing in EdenChain?
Citizens of the US, China and Iraq are restricted from investing in EdenChain.
What will drive demand for EdenChaincoins?
Node participants will require holding a certain amount of EDN (i.e. masternodes). Service providers will also require EDN to provide blockchain services (B2B, B2C, C2C). Consumers will also require EDN to use the services of the service providers.
Service providers’ service deposits is a deposit you pay to use the EdenChain Platform. There are several reasons for receiving deposits in the EdenChain. The main reason is risk management. Service providers using the EdenChain platform will most likely issue coins. Since issued coins can be exchanged with other coins in the EdenChain, the value of the coins must be maintained and stable. Service deposits can be converted to resolve problems in the event of an incident and can be returned when the service provider terminates the service.
Consumers, like service providers, must pay for transaction processing costs or currency exchange costs with EdenChain. Another use of EdenChain is the use of Secured Wallet. Secured Wallets are hardware based and it greatly increase security compared to software wallets, reducing the risk of hacking. Consumers are required to pay a fee or deposit to use the Secured Wallet provided by EdenChain.
The node participant must deposit a certain percentage of the expected transaction processing revenue to obtain authorization to process transactions originating from EdenChain.
How will EdenChaincoins hold value?
EdenChaincoin introduces a hyperdeflation model to preserve the value of coins. Initially, tokens will continue to increase from 400 million through token sales, but starting in 2020, annual coins will be burned at transaction rates of a certain percentage, resulting in a gradual decline in circulation and coin volume. As the EdenChain Ecosystem is activated, demand steadily increases, but the supply gradually decreases, so prices can rise according to the principle of supply and demand.