EdenChain’s 4th AMA

By August 30, 2019 English

Dear community,

Hope your summer has been a great one. As we are moving into the last third of Q3, we are hosting this AMA to share our progress with the community, and also to hear the community out.  Many of you have submitted good questions, and we appreciate your interest in our projects. For some of the questions, we find that it will be more informative for you that we make a referral to the blog post with pertinent information. For the remaining questions, we consolidated them by issues and topics to give you a clear and concise answer. Thank you for your continued support to EdenChain and our vision of the realization of blockchain mass adoption.

After finishing the products what are the next milestones and roadmap for Eden?

The next milestone is expanding the usability and utility of EDN. We intend to achieve this by increasing the number of users in our ecosystem as well as building partnerships. Throughout our ongoing efforts, we have discovered few areas with good potential to pursue this goal. Fortunately, the areas we have found have problems which EdenChain’s technology can help dramatically. It seems to be a good fit.  All the team desperately will do our best to create further opportunities that can help achieve this goal of added usability for EDN. While we are only at the beginning stages of these efforts, we will make sure to keep the community abreast of any significant achievements.

When are they going to announce the Masternode program?

Our Masternode Program creates a mutualistic symbiotic relationship between EdenChain and node participants. Your contribution, such as sharing dApp link, communicating with dApp users, and EdenChain community, may increase your rewards as there is a correlating relationship between the performance of dApps on EdenChain and the rewards received by node participants. On the other hand, these contributions will collectively boost EdenChain’s brand value. As the core nature of EdenChain’s Masternode program is rooted in a revenue sharing system, we will first lay a firm foundational work to secure steady revenue streams – as that is an absolute prerequisite for bringing tangible benefits to the participants.  We will make an announcement on the Masternode program once the game dApps that we are targeting start to gain significant traction.

What does the community have to do to participate in the Masternode program since there will be a selection procedure what exactly will we have to do?

Community members holding a sufficient amount of EDN (as indicated previously) will be eligible to apply for participation in EdenChain’s Masternode program. Once the date is decided, we will release a pre-announcement for the Masternode program including detailed information about the selection procedure. The entire process for the Masternode selection will be open and transparent. One of the methods that we are considering is community voting. 

 You mentioned a “strong marketing push after mainnet” in previous publications. When can we expect this marketing-push to be at full force and what does it entail?

Eden team acknowledges that marketing plays an important role in building the EdenChain brand, attracting new business opportunities, and maintaining community loyalty. We are well-aware of the frustration that many community members have recently expressed due to the lack of communication or noticeable marketing results. There are over 1,600 altcoins, which indicate that the field of cryptocurrencies is expanding. We are preparing and implementing long-term marketing plans that entail the strategies to maintain stability in this volatile crypto market, and to become a leading blockchain project by focusing on building the ecosystem and a strong service.

I believe that the essence of marketing comes from value – you must first have something of value to excite people. Without the value, bubbles around empty promises will soon die down. As a tech company, I firmly believe that the best marketing strategy is producing high-quality products and services, whose value can hold their own ground.(But please do not misunderstand me, I am not saying that marketing is not important, yes it is important, very important).  I expect a big change in the global economy in the near future. The change will act as a threshing ground that separates the wheat from the chaff: companies with solid products (values) from companies that are without. We will continue our endeavors to advance our technology and mature the services to grow our intrinsic value that will withstand any volatility from the market or industries. On that raised platform, we will create a lot of marketable contents that will increase the value of EdenChain’s technology and EDN token. 

Is EdenChain planning to have community meetups or attend blockchain conference like other blockchain projects any time soon?

I have not been able to attend many external events since I have put my utmost focus on the development. However, as we are expecting the core product development to be completed this year, I am planning to be more active in introducing EdenChain and Eden’s core products at blockchain events.

Why does the token swap gets pushed further and are we on track to finish the swap in Q3? When is the token swap actually going to happen?

The token swap will likely be completed in Q1 2020. The major reason for the delay in the schedule is Pegasus, our multi-currency payment gateway. Pegasus is a somewhat serious service because it is supposed to deal with precious assets, namely cryptocurrencies. There should be no error and transaction speed should be acceptable for actual use. Due to the nature of pegasus, transaction volume will be boosted at least 2-4x because one transaction has the following sub-transactions. To deal with this situation, Edenchain has a special module named “Eden Pool”. First version of “Eden pool” will be presented in Q4 2019. Then we will do intensive testing to make sure that EdenChain and Pegasus are well integrated and working correctly. This is the right approach to take. 

Please explain in more detail how the bridge layer works with Edenchain. What are its differences to Chainlink? How is it better for companies to use?

 While a lot of platforms focus on building secure on-chain systems, the security between off-chain and on-chain is an inevitable issue that needs a good solution if the platform service wants to service real-world enterprise applications. Unfortunately, it is also a complex problem that is often neglected by many platform companies. The following is one of the reasons that makes the issue a complex one. Even if the off-chain and the on-chain connection is provided, the platform must ensure that the same data for the same TX (or block number) should be provided, regardless of the difference in location and time of where the information is sourced. Suppose a new block has received value for information A that is not consistent with the value for the same piece of information stored in the previous block. Then, it will lead to a change in hash value and a new block will be rejected. EdenChain’s Bridge Layer is constructed with all these complications in mind. As we are a Permissioned Blockchain, EdenChain already provides an advanced security system for the nodes. Moreover, the system ensures the pertinent input remains consistent, providing stability to block creation that will withstand marginal differences possibly coming from changes in time and location of the information retrieval. The provided value is encrypted and stored by the SGX, which can be later reused for past or current TXs. The bridge Layer’s E-Oracle also ensures reliable delivery of values ​​using the MVT, while the SGX ensures secure processing and connection. Moreover, E-Protocol of the bridge layer ensures that data transmitted through ECC-TC is not affected by other nodes. As demonstrated above, the Bridge Layer provides a methodical security system for reliable service.

 How will Dorothy benefit EDN holders and EdenChain as a whole?

Tokens are not necessary to use blockchain platforms but are required to use blockchain services. To extend the usability of EDN, we need to create an environment with a lot of outlets where EDN can be utilized. In other words, we need a lot of quality dApps that accept EDN tokens. To do so, we need have “something” that attracts dApp developers. Our answer to this  “something” is Dorothy. Many dApp developers are operating on a small scale. Often they lack the means to advertise their dApp or to stay in communication with their users. Dorothy aims to support developers in these areas by providing developers tools to communicate and network with dApp developers. On the other hand, EdenChain will strengthen the relationships with these dApp developers, and eventually have them adapt our MoA and Pegasus systems. When more of quality dApps adapt EdenChain services, EDEN usability will automatically increase. 

[more info on this in the following question and answer]

Would you be able to elaborate on the types of criteria that EDN utilizes when adding Dorothy partners? In your opinion, which of these projects is going to be the best fit for the EdenChain platform?

Let me first explain the strategic role of Dorothy Partnerships. It is crucial to take a strategic approach that allows Dorothy to secure high-quality dApps and developers to harvest the result of the Dorothy Partnership Program. We are planning to prioritize Dorothy partners in providing Pegasus and MoA. In doing so, it will significantly open up their user base as customers can pay using any cryptocurrency. Moreover, it will liberate developers from the obligation of staying with a certain currency because of the platform their services require. In return, we will be able to build real use cases for Eden’s core products. Ultimately, partnerships will allow us to work with them to build up a large EdenChain ecosystem.  

We have selected a list of dApps with big growth potential and offered them participation in the Dorothy Partnership Program. As of today, we have established over 57 partnerships. Many have expressed interest in Pegasus and MoA. Nodenum, a tech company based in the U.S. has been selected to test the integration of MoA and Pegasus into their gambling dApps. The gambling dApps will be available on Dorothy next quarter. 

 Any plans to implement a fiat gateway for Pegasus soon?

Pegasus is the code name for Eden’s multi-currency payment solution to deliver seamless payment experiences. It will remove the barriers created by inter-currency transactions. Furthermore, Pegasus is designed to achieve complete interoperability between all blockchain platforms, leading to a seamless payment experience. 

Eden team expects Pegasus to play a crucial role in expanding the blockchain ecosystem and realizing blockchain mass adoption. For instance, Pegasus handles currency exchanges on users’ behalf and facilitates a seamless dApp experience. Therefore, it will provide them an experience similar to that of using Apps on centralized platforms. Our priority is to integrate all cryptocurrencies to realize our goal –  seamless blockchain experience. We will consider adding a fiat gateway for Pegasus if necessary. 

 Dorothy is meant to include MoA, how does that work? Will there be an Eden/Dorothy wallet?

MoA is an integrated and mobile-friendly wallet for crypto asset management and tokenization. EdenChain developed MoA to satisfy three key functions: tokenization, integration, and asset management.

  • Tokenization enables anyone to tokenize their tangible and intangible value and create a digital asset by filling out a simple form.
  • All MoA wallets are installed with Pegasus. Powered by Pegasus, MoA gives users the experience of having a private exchange agent available 24/7.
  • MoA includes asset manager and investment portfolio functions, providing users a comprehensive view of their crypto activities.

Dorothy will be integrated with MoA and Pegasus for a seamless dApp experience. With MoA, you have the option of exchanging your EDN to TEDN, our internal token specialized for dApp usage on the EdenChain platform. When you are using TEDN, you will be able to save a lot in exchange fees while keeping up the high speed in dApp operation. You can find more information on our blog, EDN vs TEDN.