The Programmable Economy existed when the blockchain and the economic system meets. Programmable Economy is a modern economic system that benefits intangible and tangible costs, with blockchain technology, and openly trades through the Internet without a middleman.
At present, there are two major technical problems in accomplishing programmable economics in blockchain technology. They are Performance and No Secured Connectivity. EdenChain solves these technical problems and has the elements required for performing this programmable economy.
What is EdenChain?
EdenChain is a blockchain powered platform that can capitalize and trade all kinds of assets with the programmable Economy Platform technology. By utilizing the blockchain Smart Contract, users can benefit from all tangible and intangible asset value into a Token (Tokenization).
The system uses smart contracts to integrate real and virtual economies, formulating a new and large economic order and programmable economy.
1) It can reduce transaction costs because there is no middleman.
2) It can redistribute the profits that the middleman has monopolized.
3) It generates a new market that has never existed through the capitalization of domestic and foreign materials, which conceivably can improve many peoples’ lives by delivering the economic benefits back to them.
EdenChain has a layered infrastructure that comprises three seamlessly modifying layers. The distributed ledger layer is based on a Linux’s consortium blockchain and open-source modular platform called Hyperledger Sawtooth. The Proof-of-Elapsed-Time (PoET) algorithm is randomly choosing a leader to solve the hash issues, which is energy-efficient and because of the character of the blockchain (permission), it should be a secure environment. The verification layer fulfills and verifies all the transactions. This layer also covered the Ethereum Virtual Machine (EVM). The bridge layer utilizes it’s interoperability to e-bridge on-chain smart contracts to associate with off-chain modules. To guarantee the security of the connectivity, an E-Protocol uses the encryption process called Elliptic Curve Cryptography (ECC)- Threshold Cryptography (TC).
How EdenChain Works
The success of programmable economics is delayed by two challenges: performance and need for secured connectivity. Edenchain solves these two difficulties by using Merkle Tree + Namespace to solve the problem of execution by the execution of various Namespace in parallel. The system additionally uses E-Oracle technology for external system networking. The programs on Endchain are achieved in the SGX Enclave to ensure reliable connectivity with external systems.
In the current system, agents often give services to buyers and the sellers in a bid to make transactions quick and safe. However, this comes at a cost. In programmable economy, blockchain technology and the current economic system engage via the internet.
The present blockchain technology is not protected from hacker threats. However, Edenchain secure interoperability enables the smart contracts in the platform to interwork with external systems, which improves security.
The utility of Namespace allows Edenchain to execute transactions fast and in large volumes. It is because the technology divides spaces and performs transactions in parallel. As the transactions grow, the processing platform is organized by Namespace to guarantee optimal completion all the time.
In the existing smart contracts, the processing charges for functions are based on cryptocurrencies rates. However, on EdenChain the costs rely on the number of executions despite the processing function. It makes the prices lower. Additionally, the platform was created in such a way that the costs are held reasonable.
The Utility Of EDN Token
– Node participants are compensated through rewards for staking their token or running their Eden node
– Enterprise user can secure their own nodes or use the rewards to offset part of their running cost
– Service Providers stake EDN to provide blockchain services (B2B, B2C, C2C)
– This stake is a deposit to use the EdenChain platform, to enable effective risk management and governance of the platform
– Service deposits will be utilized to resolve problems in the event of disputes, and can be withdrawn when the service provider terminates its service
– Consumers need EDN to use the services of the service providers
– Consumers pay EDN for transaction processing costs or currency exchange costs