Edenchain Review — a South Korean blockchain economy
to revival all.
Everyone is talking about the possibilities of Ethereum. It has a lot of options for developers who don’t want to create a whole new blockchain. But it also has its limits, and that’s why competitors like Stellar or ICON are on the rise. Today I want to have a closer look at another new promising guy in the ring and its upcoming ICO — Edenchain.
This is Edenchain
Edenchain is an under the radar project that is gaining a lot of traction in the last weeks. They want to solve multiple issues by creating their blockchain-based platform for smart contracts with high security, performance, and low processing fees.
It can be used in a wide range of applications and industries like IoT, Finance, Shared Economy, Games and it will also provide an ICO Platform for start-ups to launch their own ICOs across all sectors. That’s why you can compare it to Stellar, NEO, but also to ICON.
They already mentioned three uses cases for Edenchain — quoted 1to1 from their website:
• HelloEden is the first ICO platform targeting Korean Market. Edenchain will provide ICO coin release, marketing, and investment, a total service by a platform. Edenchain has partnered up with the number one Tech PR/ Marketing Firm M&K in Korea.
• Cleandeal is a B2B open-market platform, ran by YT Corp. that has a supply agreement with Hyungji Corp., KHMA(Korea Housing Management Association) Org., Embrain Corp.
• MyCreditChain is an affiliated company of number one Pintech Firm Finger, providing P2P financial service. This company is using Edenchain Platform to provide p and Blockchain Technology to provide P2P service.
And besides that, they have also established strong partnerships already:
Safe & fast
To make the adaption for developers easy they are supporting Solidity, which is the most popular smart contract language at the moment.
EdenChain can execute a large number of transactions quickly, but they don’t say how many. They say that they will need to conduct further tests to determine the exact amount. That’s something I like about the project because they won’t promise any number without testing it.
To make the blockchain safe, EdenChain employs the E-bridge layer to retrieve data from numerous data sources, encrypts this data and makes use of the median voter theorem (MVT) to protect this data from being compromised.
DApps & Masternodes
Two other important things that can boost the interest on Edenchain:
You will be able to build DApps on Edenchain, and they will support Masternodes.
Team & Advisors
So this looks like a well thought and massive project. But who are the people behind it? Again I will quote the texts directly from their website.
Team
• CEO James Ahn has a master’s degree in software from Korea University and KAIST with 20 years of experience in the field of IT. He has written four books and several papers relating to machine learning and finance and made presentations at several conferences for the development of technology, such as Pycon and Open Technet. He now teaches a Digital MBA course at Seoul School of Integrated Science & Technologies, and regularly writes to MTech in the Maeil Business Newspaper.
• Co-Founder Jenny Ryoo wrote award-winning bachelor’s and master’s theses at Korea University and Dongguk University, respectively. She has ten years of experience in the field of IT. She has performed customer analytics studies to analyze and predict users’ behavior patterns by analyzing web user logs of the National IT Industry Promotion Agency. She is the co-author of one book and has written two papers.
Besides those two there are two other blockchain devs with a lot of experiences listed on their website, 2 for marketing and 1 for business development as well as four team intern advisors in the fields marketing, ads, and finance. Looks super stable but I don’t know how many of them are working full time for Edenchain.
Advisor
The advisor section also looks pretty huge because they have listed ten(!) people including the “one of the most successful internet businessman in Korea,” Changki Park, who founded the most significant financial information portal in Korea, Paxnet and he worked at Samsung for 14 years. I’m no Korea expert so I asked a Korean friend, and he lowered my expectations a bit by saying that Park isn’t the chosen one as pointed out at the Edenchains website.
Another one is Karl Pfister-Kraxner who completed the mission to restructure Samsung’s Electronics business in 14 countries.
The last one I would highlight is Mina Jeong, the founder, CEO and managing director of M&K PR, one of the leading PR firm in Korea.
For me as an investor its super significant to see if the team and the advisors can cover all the critical areas of an ICO’s and a successful after-ICO-business. In my opinion, Edenchain has an a good team that can achieve a lot.
Road Map / Timeline
Visions look fantastic, Team & Advisors are stellar. How about the timeline?
CEO Ahn said that the EdenChain Alpha version would be out in late April including GitHub. In Q2 2018 they want to start the HelloEden ICO Platform followed by the exchange listening of their EDN token in Q3 2018. The most significant milestone, the launch of the Mainnet, is planned for Q1 2019 which sounds doable.
ICO
Let’s have a closer look at the ICO and their token EDN. They want to raise $24M in total (=1,000,000,000 EDN, 0.06 Cent for 1 EDN) which is pretty grounded and realistic. They’ve could easily shoot for $100M or more with an ambitious project like that. I prefer ICO’s in the under $30M sector because the sold token have most of the value in that range. What also speaks for them is that they will only raise 40% of the $24M through the token sale because the rest will be allocated due partners or.
Regarding the use of the money: 50% will go straight to the tech,
the rest is split between marketing, legal, security, etc. which is also well thought.
Summary
Edenchain could be one of the big winners in 2018.
✅ Here are the things that I like:
• Ambitious Project
• Stellar Team + Advisors
• Realistic Roadmap
• Strong partnerships
• Huge Hype potential
❌ But I also see downsides:
If you look closely at the project, they want to do EVERYTHING (IoT, Finance, Shared Economy, Games). I’m a big fan of mastering one area before moving to the next one. Without a clear focus, they could end up in the middle of nowhere. Saw that happen with a lot of projects so let’s see if they can perform well in all areas.
And right now it’s not clear if they will do a crowdsale. In Edenchains latest FAQ post, they say that “The team will be exploring our funding options and will decide at a later date.” and “If we decide to go ahead with a crowdsale, there will be a whitelist exercise.”
Of course, you can apply for the pre-sale, but they are looking strictly for partners who bring them any strategic value.
In the end, if they can stick to their roadmap and keep their focus, the EDN token will be a 5x minimum, because ICON as a similar project went 10x from their ICO price. Let’s see, what the future brings.
or Disney to tell their stories online. His journey into the crypto & blockchain started in 2013. TheCC team member. More than 200.000 people are following him across all social networks (e.g. Twitter), and one of his three published books is a free getting started guide for cryptocurrencies to enable everyone entering the space. His actual focus is on advising blockchain startups in running successful ICO’s, and he’s passionate about researching upcoming ICO’s.
Thanks for Reading let me know what you think of the project in the comments.