What is the Next Thing?

by Jacki Heo

It has been three months since the successful launch of TestNet on 9/21, and TestNet has now surpassed BitCoin’s Block Height. In fact, we did not make any changes or upgrades to TestNet for three months, but thankfully we had no problems. In the meantime, in addition to improving the performance and stability of the EdenChain Platform, we have been thinking about the services to open. This includes a focus on what kind of services and how to service them and has been an active area of development for us.

From a certain point of view the Blockchain is a slow, distributed database, but from a different point of view it is also a distributed ledger that transparently displays the user’s transactions, eliminates the middle man, and makes the modification impossible (is immutable), guaranteeing a credit society. Therefore, services that use blockchain technology will come in various forms, and It is no exaggeration to say that the selection of what kinds of services will foreshadow the success or failure of the platform. However, if you use a reverse ICO to move an existing service to BlockChain, the existing service is simply put on a blockchain and users may not feel compelled to use it. Even if users are forced to use tokens in order to utilize the services, they will purchase tokens and spend them on the spot immediately. The increase in velocity of the tokens causes the tokens to become simple consumables.

In order for the Token Economy to operate continuously, the user should be able to hold the token so that inflation can occur. If the user continues to consume the token, the token is continuously released to the market, so deflation occurs and a value decline occurs. In other words, it would lead to the collapse of the token economy. Therefore, we thought that bringing existing services directly to our Blockchain system would be a problem and so approached the issue in a different way. Blockchain technology has been active because of the economy ecosystem that tokens have created. Therefore, if we develop a service which uses tokens directly, the tokens themselves become a service. The ownership of tokens becomes meaningful in itself, which allows for the problem stated above to be negated. Therefore, we decided to keep the launching of services related to the ownership of tokens our priority.

In addition, by developing DApp services with 3rd party vendors, we do not just provide the platform, but check and develop the necessary parts of the service in advance, so we will be able to gain a clear understanding of the services needed, and meet customer satisfaction levels on both the technological and commercial level. In general current blockchain technology only provides a platform, and the services which will use the blockchain are provided by different companies. As a result, the quality, stability, and security aspects of the implementation are being serviced separately. The lack of consistency in the UX and instability in the economy can make it difficult for users to utilize services. Developers need to understand that users are looking for something better, not just something that is new. Therefore, we think that we are primarily responsible for the management of that part of the service, and from this point of view, all parts of the development are occurring simultaneously.

Currently, we are facing a partial opening of services in the last quarter of 2018. This launch is going to be used to test the feasibility of the overall services, so it has a strong “testing” characteristic. In other words, you can think of it as a second version of the TestNet that was already opened. This point of view, however, doesn’t do it justice because besides improvements in the platform, a lot has been added for the services we have been thinking about . Thus, the existing TestNet’s EdenChain is included, but only as a part of the overall system. The Open will include an E-Wallet, a DApp game service that serves as a wallet for users, and the Garden of Eden, a DApp Store platform. We will try out many of the needed features for the DApp service that we have so far anticipated, recognizing that more might be needed for the final product.

To conclude, we would to reiterate the purpose of this launch. It is a soft-opening before the launch of the MainNet, and will be open to a limited number of users for testing and analytical purposes. This is, of course, by no means the final product. There will be continuous upgrades and supplements following this launch. We will make sure to keep you enlightened by sharing demonstration videos of the E-Wallet, DApp, and Garden of Eden.