EdenChain (EDN) ICO Analysis: Programmable Economy on the BlockchainsteemCreated with Sketch.

in blockchain •  5 months ago

Executive Summary

Project Description

It is quite difficult to develop a working platform for programmable economy and there are 2 major reasons for this: unsecured connectivity and low performance levels. EdenChain plans to circumvent these problems and provide users with a highly-secured, interoperable, high performance blockchain with minimal processing fees. On EdenChain’s platform, smart contracts will allegedly make all assets — tangible and intangible — tradable in the form of tokens.

The project claims that it will use Merkle trees and Namespace technology to develop an execution system that is capable of parallel processing, making the EdenChain network highly scalable. Since there is no limit on the number of namespaces, and the transactions in each namespace can run in parallel, an infinite number of transactions can be run on EdenChain. Each namespace will reportedly be able to handle 1000 tps and if more computing resources are made available to deploy the namespaces, the network’s total tps will scale linearly.

EdenChain has numerous potential use cases for individuals, app developers and industries — startups in different sectors (e.g. IoT, P2P finance, B2B services, and shared economy) may use it as a platform to launch their ICOs. Furthermore, the platform will reportedly have masternodes and DApps can be built on EdenChain. The project also plans to launch their own cryptocurrency exchange.

EdenChain’s token, EDN, will start out as ERC20-compliant, and it will be used for the following: to run a masternode, a number of EDN tokens will be required; EDN will also be used to facilitate blockchain services such as B2B and B2C services. Service providers on the platform will need EDN before they can provide any service, and deposit fees, exchange fees, and transaction fees will all be paid using EDN. The platform’s main net is scheduled to be launched in Q1 2019 and when this happens, all EDN tokens will be swapped 1:1 for EdenChain coin.

Existing Product

According to the team, an alpha version of the EdenChain platform will be released in April 2018.

Hard Cap and Valuation

There will be a total of 1 billion EDN tokens and the project aims to raise $24 million for 40% of the token total. The remaining 60% will reportedly be shared as follows: 18% will be shared among the founders, team members, and the project’s advisors; 15% will go to their strategic partners; 12% goes to their accelerator program; 10% is given to EdenChain’s foundation, and the final 5% will be used for bounties and marketing campaigns.

Unsold tokens are to be burnt.

Price Per Token

1 EDN = $0.06.

Presale participants will reportedly get bonus tokens.

Important Dates

EdenChain’s ICO is scheduled for late Q2 2018. At the moment, they are accepting presale requests from strategic partners. Minimum contribution is $100,000 per participant, and prospective participants have to submit proposals to green@edenchain.io. This proposal should include:

  • Desired amount of tokens (in ETH).
  • Strategic value to the project.
  • Proof of strategic value.

Roadmap

EdenChain has 2 different roadmaps — one for business and the other for technical development. Both rodmaps are summarized below:

Business

Q2, 2018

  • EdenChain ICO.
  • Partnership with potential clients
  • Alliance Program
  • HelloEden ICO Platform Alpha Version Open.

Q3, 2018

  • Financial investment consortium.
  • Partnership with major blockchain network.

Q4, 2018

  • ICO on EdenChain.
  • CleanDeal Service Open.
  • EdenChain Real Service PoC.
  • Partnership with major blockchain network.

Q1, 2019

  • ICO on EdenChain.
  • Partnership with major blockchain network.

Technical

Q2, 2018

  • HelloEden (ICO Platform) launch.
  • EdenChain Alpha Version.
  • Wallet Alpha Version.
  • EdenCoin Issuance.

Q3, 2018

  • EdenChain Service Launch.
  • EdenChain Beta Version.
  • EdenExchange Alpha Version.
  • Web Wallet Launch.

Q4, 2018

  • Testnet OpenEdenChain Platform.
  • Custom Coin Issuance Service Open.
  • EdenChain API Service Open.
  • Mobile Wallet.

Q1, 2019

  • Platform Migration to Cloud.
  • E-Oracle Network Launch.
  • EdenChain Optimization.
  • Mainnet Open.

Marketing Power

As of the time this post was published, EdenChain had over 9,500 members on Telegram, 1,000+ followers on Twitter, over 240 followers on Medium, 140+ followers on Facebook, and over 100 Reddit readers.

Team Members’ Areas of Expertise

Only few of the team members have well-detailed online profiles, as a result, the information provided below was extracted from the project’s website.

Business experts

James Ahn, Founder and CEO

  • CEO of DeepNumbers Inc. — a machine learning company focused on the financial sector — for a year.
  • CEO at MHR Inc., a cloud computing company with openstack speciality, for 8 years.
  • CTO at CyberRenassance Inc.

Alan Moonsoo Kim, Advisor

  • Founder and CEO of BeNative, a corporate language service, for 5 years.
  • Founder and CEO of Smatoos — an online news site covering the convergence of education and technology — for 7 years.

Target market experts

EdenChain’s target market is mostly technical, as a result, some experience in software engineering is important.

Kangho Kim, Chief Strategy Officer

  • 10 years’ experience in the financial market.
  • Partner at Byzantine Partners, an investment firm focused on blockchain technology, for 2 months.
  • Portfolio Manager and Research Analyst at Franklin Templeton Investments for almost 6 years.

HJ Moon, Chief of Business Development (Asia)

  • Business Analyst at Goldman Sachs for 2 years.
  • Assistant Vice President at Barclays for almost 4 years.

Don Chang, Advisor

  • Master’s Degree in Computer Engineering from University of Southern California and Ph.D from aSSIST.
  • Currently working as a PM in the Big Data department of the National Defense and Science Institute.
  • Application Programmer at VISA for 2 years.
  • Director at Oracle for almost 5 years.

James Jahnke, Advisor

  • 20 years of developmental experience and knowledge of technology, financial markets and computational finance.
  • Senior Software Developer at Chicago Trading Company, a derivatives trading firm, for 13 years.

Marketing experts

Kathy Roe, Marketing

  • Graduated from the University of Portland with a Marketing Degree.

Mina Jeong, Advisor

  • Founder & CEO at M&K PR — a PR agency providing Strategic Communications Consulting, Media Relations, Marketing and Marketing Communications Service — for 17 years.

Marat Zhanispayev, Advisor

  • Owner of ADV Kazakhstan for 15 years.
  • Co-Owner of ADV Marketing Kazakhstan for 13 years.
  • The ADV Group is a marketing communication group in the CIS region and is currently uniting 6 advertising groups.

Legal experts

Yoonsang Cho, Legal Advisor

Software engineering experts

James Ahn, Founder and CEO

  • 20 years’ experience in IT.
  • Master’s Degree in Software from Korea University and KAIST.
  • From his work at DeepNumbers, MHR and CyberRenassance (see above).

Jenny Ryoo, Co-Founder & Blockchain Developer

  • 10 years’ experience in IT.
  • She participated in the development of the big data analysis system of the National Assembly Library and developed data abstraction, interface and a module for basic statistical analysis.

Brian Park, Blockchain Developer

Hokyun Kim, Blockchain Developer

  • 18 years’ experience in IT.
  • First in the world to develop Saw & PinckandPlace, a full auto-system that performs 3-step manual process.
  • Hokyun developed SK Telecom’s WAP Mail Gateway.
  • He has developed signal detection and decoding systems and signal processing algorithms.

Blockchain development experts

No team member with blockchain development expertise.

Token sale structure

No team member with token sale structure expertise.

Token economics

No team member with token economics expertise.

Conclusion

Strengths

  • Korea is an emerging market for ICOs (e.g. ICON).
  • Masternodes and DApps are attractive features.
  • Low processing fees.

Potential risks for investors

  • The project is not tackling a new problem.
  • There is a risk factor regarding the EdenChain team:
  • First “big project” for many team members.
  • No team member with blockchain development or token economics experience.
  • Team background heavily related to Korea → Gaining traction from outside can become hard
  • Some blockchains claim to be faster and cheaper, e.g Zilliqa.

Disclaimers:

  • Nothing written in this article is a legal or an investment advice.
  • Information is provided on a best-effort basis and is subject to change without prior notice. Be sure to verify everything you read with a project team.

The analysis was produced by Research Center team members: Alexander Hinz, Mark Jedd, Eugene Tartakovsky.

We are constantly working on improving our work and welcome all constructive feedback. Let us know what you think.

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There is definitely an emerging pattern here. A lot of similar projects are doing their ICO now or already did. Personally I think the biggest risk with all these projects is that they don't have at least 2 experienced people on the team from the start that can function as their internal 'team red'.

Team red are the people who will try to find holes in plans, shoot ideas and isn't scared of asking the right questions at an uncomfortable moment. The end goal is to make the project better and realistic. If experience in the space is lacking I'm less certain about whether all the things promised are technically achievable.

I agree with the concerns you guys have with this one :-)

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Update

EdenChain’s ICO is scheduled for May 2018. Whitelisting starts on 1 April 2018 08:00 UTC.

Schedule

Presale Round A

  • Ongoing for institutional and strategic investors
  • Minimum $100K
  • Bonus: 20%
  • ETH/USD rate pegged when SAFTs are signed

Presale Round B

  • Commence in May 2018, for strategic investors and active contributors of the community
  • Bonus: 10 -15% (It depends on the result of Presale Round A)
  • ETH/USD rate pegged at start of Presale Round B

Crowdsale

  • Crowdsale date will be held after Presale Round B (date to be announced in April), open to whitelisted community members
  • No bonus
  • ETH/USD rate pegged at start of crowdsale
  • Individual contribution cap will be tiered based on their level engagement with the community (further details to be announced in April)