The first professional digital rating agency DigRate has assigned 4.6 points out of 7.0 to the EdenChain project.
EdenChain is an infrastructure project focused on the implementation of a programmable economy and includes the following services: HelloEden (ICO platform), Cleandeal (B2B trading platform) and MyCreditChain (p2p financial service). The project offers users (including companies) the ability to digitize their own assets, transferring them to virtual space gaining the opportunity to interact with other ecosystem participants. EdenChain will combine separate services for their seamless interaction.
Information about the business model of the project is practically absent. The system will receive revenues through commission for transactions of the platform users processing the smart contract operations. Thanks to tech solutions, this cost ($ 2) is lower than that offered by other blockchain platforms, that is one of the key advantages of the project, according to the project's developers. Although the rationale due to which the cost will be reduced in comparison with other projects is absent.
The MVP is currently unavailable and according to the road map it can only be expected after the ICO. A fork of the CryptoNote project is published on GitHub. Edenchain team did not bring anything new to this fork except for changing of configuration information. Thus, it turns out that there is nothing to discuss regarding the tech including a smart contract. The independent safety audit of the crowdsale smart contract and the platform has not been carried out.
Based on the available information, it can be concluded that the EDN token will perform several functions on the platform. Firstly, it is a means of payment for the services rendered on the platform (purchase of tokens, granted loans, purchased goods), thereby it ensures the interaction of all platform elements among themselves being a monetary equivalent. The EDN token is a key element of the platform ensuring its functioning.
In case of successful implementation of all conceived technologies and ecosystem elements, the project can occupy its niche on a rapidly developing crypto market. The project has strong competitors that is why it is difficult to occupy and retain positions in this market. It is important to note the project risks associated with the low level of thoroughness of legal issues and the blockchain centralization. Public authorities can influence the conditions for using a centralized network regulating the Edenchain or hosting provider work. There are also risks of funds loss during the ICO related to the presence of possible vulnerabilities in the smart contract code.
More information about the strengths and weaknesses of the project can be found in our review.