EDENCHAIN: AN OVERVIEW
economy·@crypto4ruby·
0.000 HBDEDENCHAIN: AN OVERVIEW
INTRODUCTION Buying and selling has been common to man from time immemorial. With the coming of the internet, business transactions like buying and selling tangible and intangible assets has been greatly enhanced. What happens when this economic system is taken to the blockchain technology? A programmable Economy is birthed. The programmable Economy is a new economic system projected by Edenchain that capitalizes tangible and intangible values with blockchain technology, making it easier to trade assets on the blockchain. As quoted in the white paper, “In the Programmable Economy, individuals can utilize blockchain technology to tokenize all types of assets, tangible and intangible, register them on a blockchain to secure their ownership, trade tokens with others, and automate trades by using IoT services.” A REVIEW OF EDENCHAIN Edenchain has introduced a very unique concept of a programmable economy into the blockchain technology. A programmable Economy aids the trading of tangible and intangible values on the blockchain technology while eliminating the middleman in the process. Edenchain completely connects buyers and sellers on the blockchain by helping sellers tokenize all types of assets that can tangible and intangible.  In a programmable economy, the buyers and sellers are connected directly with one another, eliminating the middle man. This results in low cost used and a simplified process. Poor performance and the lack of secured connectivity are two major technical problems in achieving programmable economics in blockchain technology. Eden creatively solves these technical problems and provides the right components necessary for implementing a programmable economy. Eden makes use of Merkle Tree + Namespace to solve the poor performance problem by executing transactions of different Namespaces in parallel and integrates E-Oracle technology for external system interactions. Also, it provides privacy and reliability through the adoption of MVT (Median Voter Theorem) as a consensus algorithm, granting robust functions for selection of values that can occur when interacting with external systems. EProtocol using ECC (Elliptic Curve Cryptography) - TC (Threshold Cryptography) are the powerful mechanisms Edenchain uses that can protect against attack by hackers by encrypting all network data. EDEN CHAIN ARCHITECTURE The Edenchain platform is made up of three layers viz: • Distributed ledger layer which stores data that are used in the blockchain • The validation layer which include an ethereum virtual machine which runs the smart contract. It is the layer that is involved in execution and verification of transactions • The bridge layer which contains onchain and offchain nodes, used to import data needed by on-chain smart contract in the blockchain.  FEATURES OF EDENCHAIN 1. It is not based on Bitcoin or Ethereum Blockchain Edenchain makes use of a unique smart contract play which is not connected to the bitcoin or ethereum blockchain. This is because the bitcoin and the ethereum blockchain are not secure enough. String manipulation, stack manipulation and bitwise manipulation are few problems encountered on the bitcoin blockchain. The ethereum blockchain on the other hand is insecure and anyone can register smart contracts in the disorganized network environment. 2. Increased security Based on the lapses in the security of the bitcoin/ ethereum blockchain, Edenchain uses the e-bridge layer to collate data from various data centres when a non-deterministic smart contract is connected with an external system. It uses a Median Vector theorem (MoT) to guard against hackers. 3. Increased performance Edenchain uses both Namespace with merkle tree to increase performance and scalability. For more information about Edenchain, kindly visit: Website: http://edenchain.io/ Whitepaper: https://edenchain.io/edenchain-whitepaper_v1-2/ Twitter: https://twitter.com/edenchainio Facebook: https://www.facebook.com/edenchainio Twitter: https://t.me/edenchainio Bounty Thread: https://bitcointalk.org/index.php?topic=3144036.0 Writer: Crypto4ruby Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1788350
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