On 2 May 2018, EdenChain held a community meet-up, hosted by James Ahn, CEO of Edenchain. James shared his vision for Edenchain during the meet-up and we would love to share some of the points discussed with the rest of our community!
During the meet-up, James discussed the rationale for building Edenchain as a permissioned blockchain and why Edenchain will be the preferred option for enterprises to adopt. To put it simply, Edenchain appeals to enterprise users because it allows enterprises to keep sensitive data private, in their own external storage, while affording secure on-chain and off-chain interoperability, and low cost of development through the use of APIs.
Fully public blockchains such as Ethereum and EOS are lacking in two important aspects.
- They do not focus on security between interoperability of on-chain and off-chain data.
- They require developers with technical experiences in blockchain development to build services and products on them.
Edenchain is a fork of the Hyperledger Sawtooth which many large enterprises are using, proving that it is a technology that is adopted by many enterprises. In addition, Edenchain uses a combination of existing technology which has been proven to work (Ethereum Virtual Machine, ECC-TC encryption, Median Voter Theorem), and new technology (Parallel Execution of Transactions, Proof-of-Elapsed-Time, E-Oracles).
Another key differentiator of Edenchain is its Secure on-off chain connectivity. In the traditional setup using a centralised server, there is only one server requesting for data from the external source. A hacker can easily intercept the data and alter its contents. However, in Edenchain, multiple nodes will request for data from the external source, and a hacker must intercept at least 51% of the nodes to compromise the integrity of data. It is much harder to intercept multiple nodes in a short period of time.
The confluence of security, scalability and ease of adoption will enable Edenchain to achieve our vision of creating a programmable economy.
Question and Answer
During the meet-up, our community had also raised interesting questions.
Q: There are other permissioned blockchains such as Hyperledger Fabric in the market, how will Edenchain compete to increase market share?
A: Technology superiority. Edenchain reengineered Fabric to improve scalability. Edenchain is also more flexibile and can provide the client with that which is needed. Most importantly, Edenchain uses APIs which makes it significantly easier to for developers to use blockchain technology. HelloEden is a turnkey solution for smalller/medium companies to adopt blockchain. The high cost of development and scarcity of blockchain developers is a huge constrain for enterprises looking to adopt blockchain technology.
Q: What is Edenchain’s strategy to develop the enterprise ecosystem, and how will Edenchain quickly build new partnership?
A: HelloEden is the core strategy for promoting adoption of Edenchain platform. It is intended to be an ecosystem of services that enterprises would need (e.g. legal, technical development, ICO advisory, marketing). Through existing partnerships such as the Across Asia Alliance, which has more than 780 startups with real businesses, Edenchain will identify startups which have products and services that can extract the greatest value from blockchain technology, and help them adopt the technology that will lead to improvements in operational efficiency and cost savings.
Edenchain does not aim to reinvent the wheel. Most blockchain companies are still in their development stage and testing their consensus algorithms. But Edenchain uses proven technology backed by large companies such as Intel (Proof-of-Elapsed-Time) and IBM (Hyperledger) which speeds our pace of development. This puts Edenchain ahead of other competitors as we are already in the process of securing partnerships and looking to engage businesses to encourage adoption of the platform.
Edenchain’s solution is unique and there are no comparable projects with a similar offering in the top 100 (ranked by market cap). We understand the market is fast moving, and we are focusing on multiple fronts to build an ecosystem capable of delivering blockchain technology at a global level.