Last week, we posted a video in which James Ahn, the CEO of EdenChain, responded to questions from the community in a brief AMA session. We understand that many of you had difficulty hearing James’ words within the video. Please refer to the text below for the Q&A script containing the questions of the community and James’ corresponding answers.
What is your view on 2019 and EdenChain’s corresponding milestone for this year?
History teaches us that finding the value of new technology requests practical problem solving from a user’s viewpoint. It is the user who uses it, not the tech company. When you research internet history, you may be surprised that it is quite similar to what has been happening the crypto world today. One key insight we learned from history is that the business comes into existence only on top of blockchain technology. A dApp is supposed to present its unique value driven by blockchain technology to users. To my regret, there has not been a mass adoption of blockchain technology yet. This is so because blockchain developers, who have the solution – decentralization – try to fit everything into this solution without considering user’s real problem. EdenChain will be different. We will throughly focus on users’ real problem and seek ways to provide real value to users with business partners.
One of EdenChain’s 2019 milestone is generating a revenue of $10M. Yes, this may not be a very challenging target. However, it seems to be a feasible target to start with. I have found through extensive research that the goal will be achievable. Since we have enough funds secured for operation, the revenue will be spent wholly on increasing the value of EdenChain through Ecosystem building, incentives to partners and such. I am quite excited to see what we are going to achieve this year.
Can you give us more detailed information on the Masternode Program including masternode ratios and what advantages can we take from the program?
Masternode details will be given after the mainnet launch, so please be patient.
The primary reasons we are not hurrying on the the masternode program are: 1) legal issues and 2) market volatility. Since EdenChain is a permissioned blockchain, it is supposed to have a different masternode program from other permissionless blockchain platforms (please refer to a previous masternode blog post for details). I strongly believe that 2019 is likely to be recorded as the advent of an experimental period pioneering the direction of blockchain technology. I would like to exploit this opportunity with our masternode participants.
Masternode participants, whom I would prefer to call business partners, will have the opportunity to gain blockchain business experience as well as financial benefits. The participant can run their own business without a major investment – a heavy tech team, renting a physical office, and so on. A solid business and marketing strategy might be enough to start a blockchain business. Furthermore it is very low risk. What participants will need is motivation to implement great ideas and dedicate time. Let’s grow together in the Edenchain platform.
Lastly, I imagine that many businesses will seek pools of token holders to help stake their businesses in the Edenchain masternode ecosystem, benefit current token holders by enabling them to participate.
Do you have any news on new listings with major exchanges that you can share?
The current status is that we have completed the initial step and secured a good partner. Due to market conditions and regulations, completing this first step took much more time and resources than what I had expected. We will be working hard to finalize the remaining process.
Are we going to see some real life usage of EdenChain as a permissioned blockchain for enterprises? Please add your opinion on Hashgraph and the future of permissioned blockchain.
Yes, presenting real usage of EdenChain is our primary goal in 2019. For the time being, Eden’s effort is likely to be dedicated to the Gaming and Gambling sectors. These two sectors, especially gambling, have proven their business potentiality. According to the “Annual dapp market report 2018”, 43% of the total dApp transaction volume in 2018 was attributed to gambling dApps. The actual transaction volume amounted $2.9B amongst 258 dApps. This figure surpasses DEX’s totals. Until we find another potential sector, Gaming and Gambling will be our major target sector.
I believe that permissioned blockchains will fill most of the blockchain space. The reason is that to have a competitive edge, a company needs full control over its blockchain platform, including policy, operation, and accessibility. This enables a company to embed its business strategy into the platform. In contrast, permissionless blockchains, by nature, cannot offer this. As competition get stronger, demand for the permissioned blockchain will rise.
Lastly, I have some exciting news. Please see our announcement regarding Eden’s collaboration with QuantEdge. QuantEdge is an established business providing predictive analytics for the Sports/eSports Gaming and Gambling industries. They are the perfect industry to demonstrate the capabilities of Edenchain.
Does EdenChain have enough funds left over from the ICO to survive the bear-market?
Fortunately we have enough funds for operation. Therefore, we can focus on developing technology and business without serious financial problems. As the history of new technology teaches us, only survivors deserve the crown. We can refer to the the history of internet for that. In our case, we use funds wisely, reduce unnecessary spending, and prioritize budgeting. When we take a different angle on this bear market, it is a good time to be an actual and ambitious doer.
We would like more stability by seeing an update of the roadmaps and confirming whether the core team has gone through huge changes.
Core team members did not leave EdenChain except for our former CSO, Kangho. All the core developers have been working on technology development and sacrificing almost everything for this project. That’s why we were able to release our E-Wallet, E-Garden, and dApps. I really appreciate their passion.
I also want to emphasize that EdenChain is a startup, meaning that it needs time to be stabilized. A member can come and go, and it is also possible that a team member may not fit into the corresponding position. Before working together, it is hard to know if both the company and team member can be productive to each other. This is natural in the startup world.
We want to be agile in enlarging our spot in the crypto world, since it is such a dynamic and volatile environment. Everything evolves so fast in this world. To come up with the speed of change, we will strive to be flexible.