EdenChain’s Masternode Program

By June 26, 2019 English

EdenChain’s Masternode Program

EdenChain’s masternode program is an opportunity for long term EdenChain supporters, especially those who believe in our vision and strategy, to contribute and share the fruits of our success. EDN holders can stake a predetermined number of EDN tokens through a hyper node or a super node to unlock the ability to contribute to Edenchain through marketing/ promotional efforts or node governance. Masternode contributors will receive token rewards based on their contributions.

Overview

EdenChain is a permissioned blockchain platform unlike its permissionless counterparts, such as Bitcoin and Ethereum. Because of its structural difference, EdenChain’s Masternode participants will collaborate with EdenChain to fulfill roles unique to it, and different from those required of traditional node participants. Permissionless blockchain platforms need people who provide computing power to the blockchain network. As a permissioned blockchain, however, our needs lie more in building strong business partnerships and less in gathering computational resources. We think that community plays a more prominent role in brand success in the blockchain industry than it does in other fields, and our program is designed to reflect our belief. We view masternode participants as business partners who will communicate with the community and helps us manage the public relations on behalf of EdenChain’s success.

Characteristics of EdenChain’s Masternode Program

1. New Business Opportunity = New Masternode Session

Eden wants to share the fruits of EdenChain’s business with more community members. As such, we want to inaugurate a new Masternode session with each new business opportunity. New nodes will be elected for a new session, giving more people a chance to participate.

2. Revenue Sharing

As an enterprise-centric blockchain company, EdenChain has a considerable interest in revenue-generating dApps. We want to highlight their business models and technological superiority that led them to success. Our Masternode Program creates a mutualistic symbiotic relationship between EdenChain and node participants in the following ways. First, 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. For the node participants of the first Masternode session only, EdenChain guarantees an additional 10% bonus in celebration of the opening of the Masternode Program.

3. High Number of EDN staking

Let us explain the rationale behind setting a high number of EDN stake as a qualification to participate in the program. Before designing our Masternode Program, we researched for structures that enterprises would prefer to find in our program. During the process, we discovered that enterprises and dApp companies favor a smaller number of node participants due to better governance and controllability. Aligning our model to this preference, we require a high number of EDN to raise the bar of entry and limit the number of available positions. However, we want to also open the opportunities to members with smaller EDN stakes, which led to the Masternode Pooling System. With the pooling system, people can gather their EDN balance under one name to meet the qualification. EdenChain acknowledges only the group name; users have full freedom over recruiting members in the pool.

As a side note, we encourage enterprises to have at least one member from their community as a masternode to monitor various feedback from the community.

Key Masternode Features

  • -EdenChain is a permissioned blockchain platform that uses cloud services to ensure a high degree of availability. In this structure, node participants do not need to provide computing resources to support EdenChain.
  • -In the EdenChain Ecosystem, the Masternode Program creates a mutualistic symbiotic relationship between EdenChain and node participants. Any level of business contributions from nodes may increase our brand value, thereby increasing their revenue share. To qualify as a Masternode contributor, participants must stake a predetermined number of EDN tokens for a set period.
  • -Masternode contributors are rewarded for their business contributions.
  • -Each new business opportunity will have a separate Masternode session.

EdenChain’s Business

Figure 1. EdenChain’s Ecosystem

Operation of EdenChain’s Masternode Program is closely related to EdenChain’s business. Therefore, we highly recommend you to have a basic understanding of our business. EdenChain’s major business comes from the EdenChain Ecosystem.

Eden Ecosystem

EdenChain Ecosystem currently has four major components. Each part plays its unique roles, designed to work synergically to boost EdenChain’s business.

When we started the EdenChain project, our focus was exclusively on platform development, not including dApp store or a payment system. However, as our understanding of the crypto world has gotten more in-depth, we realized that it is imperative for us to independently develop these two components to facilitate the mass adoption of EdenChain technology.

For a healthy blockchain economy, we need to think about the following stakeholders.

  1. Platform Provider: who will develop and manage the blockchain platform?
  1. Service Provider(dApp Developer):  who will provide blockchain service to the service user?
  1. Service User(dApp User): who will use and pay blockchain service provided by the service provider?

At EdenChain, we updated our initial direction to address the last two questions.

To attract service providers, we built a dApp store, Dorothy. Developers benefit from Dorothy in two-fold. First, dApp developers efficiently expose their products to potential consumers. Second, a store with good UI/UX attracts dApp users.

For consumers, it provides a convenient way to browse products and find what they want. Therefore, a dApp store satisfies two stakeholders: users and providers. Providing a store is a tested business model employed by major tech companies, including Apple and Google. We believe that a quality dApp store is imperative for mass adoption of the blockchain industry.

Next, we addressed the payment issues to establish high traffic and heavy commercial activities in our dApp store. For a business to thrive, payment should be easy, quick, and secure. Thanks to blockchain technology, payment is secure. However, it is anything but easy and fast. The complicated payment process is a paramount issue to resolve as the seamless payment system is the huge contributor that led much e-commerce to success. For instance, purchasing an app from a centralized market platform usually requires users one or two steps. We firmly believe the dApp world must have a payment system of equal caliber for dApps to become more widely adopted. This firm belief led us to our crypto payment solution project. Our payment solution is created with simple and intuitive UI/UX to provide dApp users experiences comparable to that of using mobile app stores. No more headaches or testing of your patience as the payment solution will take care of those in the back.

Committing to our vision of becoming an enterprise-centric platform company, we lowered the hurdle for dApp mass adoption by creating an environment where even a blockchain novice can browse, play, and pay for dApps.

Key Components in Ecosystem

EdenChain: Fast, secure, and reliable blockchain platform for enterprises.

Figure 2. A Screenshot of EdenChain E-explorer

EdenChain is a permissioned blockchain platform, designed for scalability in minds for real-world blockchain services. It consists of super-node and hyper-node for parallel execution and flexibility. It provides REST API for blockchain service development without requiring a deep understanding of blockchain technology.

EdenChain has several key technologies to achieve a seamless experience for service users. Key strengths are scalability, accessibility, and digital asset management with multi-currency support.

Dorothy: user-centric dApp store, created by fellow users

Figure 3. Screenshots of Dorothy

Dorothy is a dApp store that does things differently. A platform designed from the ground up on the principle that users should be able to find and experience all dApps flawlessly, regardless of the blockchain their favorite dApps run on or which cryptocurrency they prefer to hold. To achieve this, Dorothy is fully platform-agnostic, integrated with a wallet that supports multi-currency payment.  Dorothy provides familiar user experience, much like that of the App Store or Google Play. Just under the surface of this smooth UX is an interconnected system with three core components:

  • -Dorothy — the universal dApp Store with one-step login
  • -A Multi-currency Payment Solution that allows anybody to pay with their cryptocurrency of choice regardless of which dApp platform(s) they are participating in
  • -An integrated wallet with asset management

Our ultimate goal is for the Dorothy ecosystem and the greater dApp ecosystem to grow and succeed together. We want to set the stage for dApps to become as common and easy to use as regular apps found on your smartphone today.

MoA: integrated asset manager for easy tokenization

Figure 4. Screenshots of MoA

MoA is a system developed by EdenChain to satisfy three key functions: tokenization, integration, and asset management. First, it provides users tokenization service for their tangible and intangible value. Anyone can easily create a digital asset by filling out a simple form.

Second, it functions as a wallet with extra security and convenience when used on EdenChain platform. Notably, all MoA wallets are installed with Pegasus: the multicurrency payment solution. Powered by Pegasus, MoA gives users experience of having a private exchange agent available 24/7.

Third, MoA helps you manage your assets. Providing intelligent analytics tailored to your portfolio it helps you make data-guided investment decisions.

Pegasus: seamless payment solution for your blockchain commerce

Pegasus is a code name of EdenChain’s payment solution project to deliver seamless payment experiences to every dApp user. Existing payment systems provide required functionalities, but they lack accessibility to users without a firm grasp on blockchain technology. Furthermore, it places a heavy workload on the user to complete payment. It concerned us that the present system is malevolent to blockchain enterprises. Pegasus is EdenChain’s approach to address the issue. It is designed to achieve complete interoperability between all blockchain platforms, leading to seamless payment experiences. Not only can users use multiple currencies on a given platform, but it also provides EDN added utility to be used across all dApp platforms. Pegasus will be integrated into Dorothy, assisting easy and fast crypto payment.

  • -Seamless crypto payment
  • -Multi cryptocurrency support
  • -Added EDN utility
  • -Lower transaction fee regardless blockchain platform

Understanding our Blockchain Platform

Figure 5. Overview of EdenChain’s Blockchain Platform Structure

EdenChain’s platform gives developers the ability to create their own blockchain systems through Namespace technology. It means that each Eden dApp can have full control over their chain configurations, which guarantees greater transparency and privacy. Each of these dedicated blockchains is operated through a specific set of super nodes/super blocks. To ensure that the transaction data stored in each super block is fully secured, the transaction data hash key is stored in hyper nodes. As the EdenChain network expands and the number of dApps increases, more super node/super block networks will be created to support greater platform scalability. In a network of 100 dApps for example, up to 100 super blocks can be created. As an additional layer of security, all transactional hash keys will be stored in the hyper node /hyper blocks network after the transaction is processed through the super blocks.

There are two types of master nodes in the EdenChain platform: (i) Super nodes, and (ii) Hyper nodes.

Super node

Super nodes are nodes that contribute to a super block. In EdenChain, super block refer to a dedicated blockchain system for a specific dApp. The minimum number of super nodes in a super block is 3-4 nodes. When a dApp executes a blockchain transaction, the transaction will be stored in the corresponding super block. Each super block is a unique blockchain system and is not connected or related to other super blocks.

Super node contributors are integral to EdenChain’s Ecosystem. All nodes contributors are appointed as an EdenChain’s business partner and receive a dApp contribution reward.

Hyper node

The hyper nodes form the hyper block of the EdenChain blockchain. The hyper block is considered the ‘global block’ that holds the single proof of transaction in the entire EdenChain’s blockchain. It means that in this structure, there will only be one hyper block blockchain supporting the whole EdenChain network of multiple super blocks. Unlike super blocks, the number of hyper block does not alter with the increase/decrease of dApp numbers.

All transactions produced by the individual super block will have its hash keys stored and processed in the hyper block. As the hyper block is expected to handle a large number of transactions and guarantee the absence of data manipulation, hyper node contributors may be allocated a reward for supporting the governance of the network.

Rewards to Masternode Participants

Revenue Share Scheme

A master node contributor could be rewarded in revenue sharing. The basic scheme of rewards is as follows:

  • % of Shared Revenue
    • Hypernode
      • 15% of EdenChain’s total revenue
    • Supernode
      •  15% of assigned dApp’s revenue
  • Reward distribution period
    • Every half year

The scheme is subject to review and update.

Revenue Streams

Figure 6. EdenChain’s Revenue Streams

We expect that EdenChain’s revenue will come from four major sources:

  1. 1. Transaction Fees: dApps running on top of EdenChain is supposed to pay a transaction fee
  2. 2. Token Exchange Fees: Dorothy and MoA(Wallet service) support token exchange for multi cryptocurrency. We charge a fixed amount of exchange fee from the exchange transaction.
  3. 3. Revenue Sharing with dApp Developers: For selected dApps, we participate in the development, providing in-depth technical support. Later, we share the revenue with the dApp developer.
  4. 4. Dorothy: As Dorothy’s user base expands, there will be added ways for monetization such as advertisement and premium service.

Transaction fee and Token Exchange fee are likely to be our major sources of revenue for the time being. Revenue sharing with dApp developers is a promising option, especially for game dApps. Game dApp has considerable potential; once becoming popular, it will be a good source of revenue. We will keenly look for opportunities for game co-development.  As EdenChain’s Ecosystem matures, there will be more revenue streams that generate higher revenue.

Bonus tokens

The year 2019 marks the launching of EdenChain Masternode Program. In celebration, we want to give bonus tokens to the node contributors selected for the first session. We define the bonus as 10% of staked token amounts.

For hyper node, 2,000,000 EDN will be given, for master node 300,000 EDN end of the year.

Masternode Participants

Qualification

Table 1. Qualification for Participating in EdenChain’s Masternode Program

Super nodes (requirement 3,000,000 EDN)

  • Community members can participate in smaller lots, with 150,000 EDN per lot to stake in a supernode
  • Minimum number of stakers: 1
  • Maximum number of stakers: 20

Hyper nodes (requirement 20,000,000 EDN)

  • Community members can participate in smaller lots, with 500,000 EDN per lot to stake in a hypernode
  • Minimum number of stakers:1
  • Maximum number of stakers: 40

The revenue from Super node/Hyper node will be distributed in proportion to the number of EDN staked by the node participant and his/her contribution.

Masternode Selection

Process

Figure 7. Selection Process for EdenChain’s Masternode Program

Masternode Program has significant meaning for EdenChain because having the right partners is crucial for EdenChain’s Ecosystem. Therefore, we want to execute the selection procedures with transparency and strictness. The selection process consists of 3 steps.

  1. Masternode Program announcement: the announcement for Masternode selection will include all the important dates and conditions to apply.
  2. Applicant form submission: after the announcement, we will wait for a certain period to receive the applications.
  3. Voting for the selection: after performing the due diligence on each applicant, voting will be done to make the final selection.

The entire process for Masternode selection will be open and transparent.

Period

A Masternode session is terminated a year from the start date to give an equal opportunity to all community members. We will elect new hyper node and super node participants for each new masternode session.