EdenChain

Developing platform aims to start operation in Korean market that appears to be unattractive as the cryptocurrency market is global and ICO investors are cosmopolitan and live in different countries, and moreover, ICOs prefer global positioning in order to raise as much money as possible. So EdenChain is likely either to limit its potential market or to change its strategy, but today it sounds rather unattractive. In addition, even Korean ICOs are likely to use global platforms to reach as much investors as possible. Document has no detailed competition analysis and it is important for a market player on such a dog-eat-dog market. Ethereum must be noted here as the most popular platform for ICOs but it is losing its authority due to some technical limitations, fees and decentralization woes (the hardfork case and breaking away from Ethereum Classic). EOS, Stellar, NEO, Waves, Cardano, Lisk tend to become more and more popular among ICO projects thanks to new valuable features. Also significant new players are Zilliqa, Seele, dFINITY, Metronome, Pchain and etc. Otherwise market is positive to such projects and they usually raise their hardcaps.

The team calls its product blockchain 3.0, outlining new features in comparison to blockchain 2.0 projects. This blockchain is to be fast but detailed numbers have not been provided yet. The core element of the product is a platform for ICO with Korean market positioning and alpha version being to be available in April 2018 on Github. Mainnet will be launched in 1Q 2019 that appears to be rather realistic. Only technical papers are available that are detailed enough in providing a deep description to the developing project.

Such blockchains are generally non-profit projects and only those who maintain the system obtain benefit. Consensus algorithm is Proof of Elapsed Time particularly similar to Proof of Work with less electricity consumed. Generally speaking the system is probably decentralized. In order to raise token price some portion of transaction fees will be burnt decreasing the token supply in 2020. This option does not have any technical ground or reason and is probably a way to raise the demand for Edenchain tokens today. For current ICO ERC-20 token will be issued that will be exchanged to Edenchain tokens later. To sum up ICO here is has rational reasons.

The project aim to attract 24M USD that may be considered as much. The same problem takes place regarding token pool capitalization of 60M USD with only 40% for tokensale. Token distribution generally is not fair as the team and advisors share is 28% with partners share of 15% (it is not clear why partners have 15% as their role is not significant). As a result, major token holders with 43% in sum may influence on token price.

The Korean team of 9 member is responsible for this project. They are mature enough and have strong IT background and a few projects released in IT and telecom. CEO has been an executive in a IT company related to cloud services and is an advisor in Korean government technical projects. Blockchain developers are not experience in blockchain but are mature enough: the first one has 18 years’ experience in IT and the second one has 15 years’ experience in IT and telecom. The team has experienced financial and marketing specialists and may be considered as balanced and well assembled but the lack of focused blockchain specialists and legal ones must be noted.