At EdenChain, we aim to build enterprise-centric blockchain services that are fast, reliable, and scalable.
Speaking of scalability, not only does it refer to the number of transactions that can be processed in a given time period, but it also represents a wide range of industries the EdenChain platform can support.
To achieve the scalability that accommodates various enterprises, we first looked at various financial instruments currently used in industries.
On a high level, financial instruments fall under one of these two categories: asset or currency.
Among many properties of assets and currencies that we could compare and contrast, let’s focus on their primary roles for this article.
The primary role of an asset is to accumulate intrinsic value. Examples of an asset are stocks, house, gold bars, and precious metals. It is natural for its valuation to fluctuate over time as it responds to numerous factors, including market changes, political atmospheres, availabilities, and more.
Meanwhile, currencies are mainly used to transfer values. Currencies, therefore, should remain stable to foster a healthy economic system. When the value of a currency becomes unstable, it has malevolent effects on the economy where the currency is in circulation.
For instance, it is excellent when your real estate value increases from 1million dollars to 1.5 million dollars over 6 months. However, it is only remarkable when the value of 1 dollar remains stable. If not, who knows what that value increase actually means, and how would you sell and buy the property with confidence? When the currency in circulation becomes unstable, it becomes increasingly challenging to appraise values in that currency and may easily wreak havoc in the economy.
Tying the story to cryptocurrencies, they are unique in that they have characteristics of both an asset and a currency. We witness daily fluctuation of crypto values, yet they are used as a mode of value transfer.
There lies the root of the enigma of the current cryptocurrency market: how can a token satisfy the two primary roles — of an asset and a currency — when they seem mutually exclusive?
Without a good solution to reconcile the two, the combination may impede the stimulation of the digital economy that we all want. For instance, users often hold on to their tokens so that they can later sell them at a higher price for a profit. However, it can lead to stagnation of dApp utilizations and dApp economies.
At EdenChain, we want to resolve the issue with the pair of EDN and TEDN. In a nutshell, TEDN complements EDN by serving as its currency-counterpart while the native EDN token steadily increases its value as an asset.
When viewed from the technological standpoint, EDN is the native token running on a hypernode, while TEDN is operating on a supernode.
EdenChain platform has supernodes and hypernodes. Together, the platform allows each supernode to operate independently without influencing others while remaining accountable to hypernode.
You can find more about this platform structure on our blog entries (links to our blog entries: masternode program; hypernode anchoring system).
Here is a quick rundown of the benefits of using TEDN.
First of all, EDN and TEDN will initially be pegged at a 1:1 ratio. When you deposit EDN into MoA or any other wallet developed on EdenChain API, you have will be given the option to swap your EDN to TEDN. As EDN increases its value, the ratio will change accordingly as well. For instance, when the value of EDN goes up, you will receive more TEDN per EDN you exchange.
By holding TEDN, users can freely spend them on any dApp using Pegasus. Because TEDN is designed to hold a steady value, these dApps will be able to accept a fixed amount of TEDN without having to worry about movements in the price of EDN.
In other words, it avoids the unpleasant scenario where all of a sudden users are required to pay 5 tokens for a dApp that previously only cost them 1 token.
We strongly believe that creating a more stable and predictable environment for dApp users will lead to a better overall user experience, which in turn can help stimulate the growth of the dApp economy.
To increase the number of TEDN-friendly dApps, and by extension dApps running on EdenChain, Dorothy 2.0 will offer developers building on our platform a host of new features, such as direct channels to communicate with their users. Direct developer-user engagement is missing from many of the existing dApp store solutions, and will help developers drive engagement and gain valuable inisghts that will positively influence their businesses.
Additionally, the growing number of Dorothy partners will mean TEDN can be used in a wide variety of dApps.
Moreover, users will achieve a significant saving from reduced transaction fees. Let’s suppose you have Ether and wish to play an EOS dApp. Traditionally, you would go to an exchange to swap your Ether into EOS. During this process, you end up paying double fees: when selling Ether and buying EOS. Using TEDN, you only pay when you withdraw your TEDN and swap it into your target currency.
TEDN also offers users diverse payment options. The current blockchain system only allows users to make an instant swap for transactions. TEDN will change this and make payment closer to the flexible system with which we are familiar in other industries.
Finally, the dApps run faster when you use TEDN, as it is the token optimized for dApp experiences.
The opening of Dorothy 2.0 is just around the corner. Our team has worked hard to provide you with a dApp store that is easy-to-navigate and fun to stick around.
It is our wish that more of you would visit Dorothy and experience the seamless dApp experiences complemented by the optimized token, TEDN.
Telegram Announcement: https://t.me/edenchainannouncements