The blockchain industry has brought an explosive revolution to the world, One that might be considered the greatest revolution of all time. Blockchain is a calculated combination of math, cryptography, computer science and economics to achieve decentralized and distributed economy. With the blockchain, the world is being reshaped- Finances become easier and safer to manage, transactions speeds are at an all-time high, new technology are evolving and the power back to the people, blockchain is democracy of the Internet, finance, consensus, verifications data and content.
With the blockchain, opportunities and greater innovations become limitless. One of such innovations to have emerged from this era of revolution is “EDENCHAIN”.
The name “Edenchain” was given to its platform as a result of the team’s quest to have a name that explains, without prior knowledge, what it represents- a cutting edge next generation blockchain technology. Edenchain is a blockchain based platform that can be used to capitalize and trade all kinds of assets in a peer to peer environment (the Internet). These assets could be tangible (shoes, clothes, gold, and rice) or intangible (time, fame, reputation, social media influence). The platform would represent an enormously huge market where values never before traded can be capitalized and might replace the traditional online marketing platforms (e.g. EBay). Simply put, Edenchain hopes to create a platform where one can make income by capitalizing something as trivial as one’s credit card point.
Edenchain hopes to achieve this programmable economy through tokenization. Tokenization is the process of converting certain kinds of assets into blockchain based assets. Assetization is the process of assigning ownership to intangibles such as One’s number of friends on a social network. In other words, assetization assigns values to intangibles thereby making them assets while tokenization converts assets into blockchain-based tokens. Tokenization removes the middle man as all tokens on the blockchain are majorly traded peer to peer with a distributed ledger, a verification process with high security and immutable data. This also reduces costs and guarantees security. Blockchain based tokens and their ownership are registered through a smart contract on the Edenchain Platform. Owner’s conditions are specified according to the characteristics of the asset and are embedded into the smart contract.
Tokenization is primarily achieved through smart contracts. Smart Contracts can be referred to as an automated trade agreement that runs without human intervention achieved through the blockchain. They are fully predictable and are available for reliable transaction processing. Simply put, they are ‘contracts’ that are signed and executed on the blockchain.
The Edenchain platform aims for global adoption, and that is why the platform was designed to be simple and easy to use. You simply register the asset which you want to trade and they will be tokenized by issuing you a supplied smart contract template. Tokenization of any type of assets can publicly prove ownership of the asset and can buy or sell them on an exchange.
Smart contracts play a vital role in the performance, security and long term viability of the Edenchain platform as it’s the pillar on which tokens are going to be built on the platform.
Due to the need for mass adoption, the Edenchain platform has inculcated already existing programming languages to solve existing blockchain problems such as performance, scalability and security. It is very important to have a secure and high performance blockchain as it would be the foundation on which the smart contracts are built.
The Edenchain blockchain is a permissioned blockchain (you must be authorized/granted permission before you can make changes on the network). This kind of system has the advantages of performance and efficiency. Efficiency is improved on the network by using a certain number of nodes which are run according to namespace. Performance is improved as transactions are programmed to be executed on a First in, first out (FIFO) basis ensuring that all transactions are executed. The service availability issue that is likely to plague a permissioned blockchain is resolved by using cloud services (specifically, the Amazon Cloud Service) with data centres across continents with a load balance to monitor workload. This would ensure that the network is up at all times and users do not have to worry about a server being down.
Smart contracts that run on edenchain are non-deterministic. This means that they require external data in their execution. Deterministic Smart Contracts are the safest (as they do not require external data for execution) but it is important for a smart contract to be able to work with a variety of external systems in order to process contracts automatically. With this kind of Contract, several needs arise. The need for:-
i) Trusted Connectivity: a system that interworks with external systems but protect against hacker threats. i.e. a system that is hacker proof
ii) Performance and scalability: a system that guarantees at least 30,000transactions per second without having to rely on incentives
iii) Security: a system that guarantees that data stored on it cannot be altered or modified by third parties
To cater to these needs, Edenchain has built a system that has high performance, is reliable and capable of running smart contracts capable of secured interoperability with external systems.
To tackle the need for trusted connectivity, EdenChain uses the E-Bridge layer to retrieve data from multiple data sources when a non-deterministic smart contract is interfaced with an external system. A software on the e-bridge encrypts the data, and uses a median voter theorem (MVT) to protect against hacker attack. The E-bridge layer acts as a connector that connects Edenchain with an external system. E-Bridge is designed in such a way that there are software modules located off-chain that are not in the blockchain, and an executor located on-chain that interwork together to guarantee security. The MVT assigns value to a set of through popular demand. Before the value will be assigned or changed, there must be at least a 51% vote in favor of the data amongst the nodes. With MVT, majority wins the vote. The MVT is implemented in the SGX (Software Guard Extension) present in the e-bridge of the platform. For hackers to succeed, they must succeed with more than half of the nodes which is fairly impossible.
The performance and scalability of the platform would be improved vastly on the platform by running parallelized transactions according to namespace. A namespace is a kind of identification value for identifying specific kinds of transaction. With the name space, two data that are not related do not look the same. Parallel executions of transaction take place when two different nodes execute transactions in a parallel manner instead of one after the other. This means that the platform can execute infinite number of transactions in seconds since transactions do not wait for each other.
Security of data that has been sent out or received on Edenchain happens on the distributed ledger layer of the chain. The layer stores all data generated by the EdenChain in a block. The data cannot be modified and can be only added. The layer stores the data on a disk device and assumes that all of the stored data originated from a legitimate transaction. Depending on how often a set of specific data is used, the distributed ledger layer can decide to store them or not improving memory use. Also, Edenchain uses the traditional Ethereum Virtual Machine (EVM) to lower accessibility to smart contracts on the network thereby improving security.
With potential problems such as trusted connectivity, performance and scalability taken care of, Edenchain smart contracts won’t only be generally used (as they can work with a variety of external systems); they can also be fast, efficient and trusted.
Conclusively, the Edenchain platform proposes a never-before seen market where peoples’ views can even be capitalized. With this project, everyone has an asset. The platform has succeeded in using already existing programming languages to further improve trust instead of building a different, never-before used language. Smart contracts are very important to the core of the Edenchain. Hence their guaranteed security, high performance and connectivity are highly needed for a project that aims to lead the world’s market.
For more information, please visit the website @edenchain.io