EdenChain: Blockchain for the Programmable Economy or an Illusion?


Having read their project website and documentation, I recognise that this is a Korean project and since I do not speak Korean, I cannot vouch for the project or understand their video. Perhaps the message literally has gotten lost in translation in this instance. I am willing to give them the benefit of the doubt, but what follows are a few thoughts for mulling over:

Firstly, the website describes this project as blockchain technology for the programmable economy. The premise being (and please do not quote me here) ‘tokenising’ any asset into a coin, not just for ICOs but for anything that can be traded as an asset (think houses, securities, land, endless list) using Ethereum smart contract language with off-chain data/logic and on-chain DLT. EdenChain uses parallel processing and oracle structure to speed up transactions through batching. Other than their technical architecture and encryption, I am struggling to see how this project is any different than a multitude of trading platforms already out there or what their USP would be? Did anyone else read up on a project mid-2017 called BrickBlock? They coined the phrase Equity Token Offering (ETO). How is EdenChain’s tokenising of assets any different than an ETO?

Secondly, there are contradictions between the website information on the project and the technical paper. The technical paper basically explains technical articles related to each of the specific functions used and has nearly three pages of references. It fails to specify what the business model/use case for this project is or how the platform would work in principle.

Finally, the allocation gives 23% of total token supply to advisors, shareholders and team (no vesting period is mentioned), 15% of tokens to strategic partners and 40% for their token sale. Therefore the allocation to project team members (and friends) is nearly the same amount as the total tokens for sale. Also, there is a distinct lack of token metrics which is key to a project that does not have a working MVP or Beta to test. How will the token work on the platform or maintains its value? Why do you need a special token for the platform in the first place?

My biggest concern is how can EdenChain claim interoperability, large transactional volume and reasonable fees when none of this has been explained in any detail in their technical paper or their website. The team has much work to do on communicating their vision effectively and on explaining their token metrics.
NOTE: Starting with a coherent vision always helps when translating it into reality.

By CeAnn Simpson

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