OVERVIEW OF DIGITAL CURRENCY
The global socioeconomic system is speedily being taken over by the Defi system which is overwhelming the cefi system with its great features and products. Great individuals, professionals and institutions are investing billions of dollars and taking positions in the system.
Several applications are being developed in the Defi on different aspects of the global ecosystem. Despite the eruption of these applications, the education ecosystem has not had a stablecoin that can handle issues relating to the sector.
The Edgecoin is a stablecoin developed by L.A. Asset Management Ltd., and in support of Gisrah University. It is aimed at handling issues related to transactions in the education ecosystem. It will establish a technology that will process and settle payments like accommodation fees, school fees, enrollment fees, payment for books etc, with the regulations and infrastructures of the institution.
The Edgecoin is anchored on the US dollar at a ratio of 1:1. This will give it a hedge against the market volatile conditions that fluctuates the prices of crypto currencies. Moreso, the platform will be regularly audited and control measures instituted to protect its values and stability.
INTRODUCTION
The Edgecoin platform is designed for educational payments in institutions. It is a decentralised application for processing educational related payments like tuition, enrollment, accommodation fees, etc. The system is built on smart contracts based on a stellar blockchain technology, which will guarantee the transparency, efficiency and security of its transactions.
The platform is managed by a team of dedicated individuals that have strong zeal and experience in Defi, education, asset management, data management, project management etc.
VISION OF EDGECOIN
The principal aim of EDGECOIN is to establish a secure and transparent digital payment infrastructure in educational institutions. This target will be achieved through the development of smart contracts on the decentralised application of the community. The features of the Dapp will enhance secured, cheap and transparent payments and processing of fees in the education ecosystem.
EDGECOIN DAPP
The DAPP is the decentralised application for EDGECOIN platform. The transactions of the platform run on the Dapp. Its features are as follows:
It is independent of the management control. Users can execute free peer 2 peer transactions.
It can perform an action instantly with a command.
It is built on smart contracts based on Stellar.
The DAPP will enhance the easy, transparent and secured payment system in the education ecosystem. Institutions will receive real-time payments without middlemen or bank charges.
Presently, the payments in education institutions are characterized with issues like excess fee charges, delayed transactions and data security issues.
The EDGECOIN platform will address these challenges with the decentralised App. It will help to process payments immediately, enable payments without restrictions and ensure security of transactions.
OPERATIONS OF EDGECOIN
The platform ensures the compliance of KYC review of it's users and AML of its agents and partner institutions. This is very important to the improvement of the system.
Steps of Payment
Users sign up on the Edgecoin platform and must complete the KYC process.
After the KYC completion, the user deposits EDGT tokens which are converted to dollars in the ratio of 1:1.
The user can proceed to make payment of any educational related fee such as enrollment, accommodation and books using the dapp.
PROOF OF RESERVE FUND
The management of Edgecoin platform will engage the services of a certified independent public accounting firm to execute periodic review of the blockchain and prove the dollar balances on the accounts of the users.
BENEFITS OF STELLAR BLOCKCHAIN
The transactions on the stellar blockchain have the following benefits.
Fast
Processing of transactions in the Stellar platform is faster than other platforms. It takes 5 seconds to process a transaction unlike other platforms.
Cheap
Stellar transactions are cheaper than ETH. It takes as low as .00001 XLM which can be refunded after the transaction.
Secured
Transactions in the Stellar platform are completely secured. This is enhanced by the decentralisation of its network.
CONTRACT SPECIFICATION
The specifications of the EDGECOIN platform requires that it will be established in a network that is fully decentralised, built on smart contracts and is widely accepted globally. The Stellar network is compatible with a large number of software and services that provide access to great services for its members. The EDGECOIN is established on the XLM standard of stellar networks. In order to ensure the strict accordance of 1:1 ratio of the EDGECOIN token to the dollar, the platform will be technically designed to upgrade the EDGECOIN with the implementation of the following:
Addressing security flaws.
Extension of new features
Improvement and optimization of the operations of the platform to ensure efficiency
Execution of legal obligations and requirements of the laws and government agencies.
Contractual custody
Each smart contract in the EDGECOIN platform requires a custodian approval. This custodian can be another smart contract which can view other custodians in turn. It can be an online or offline key that can be used to approve a transaction.
Contract Upgrade
The upgrading of the EDGECOIN system is risky and requires offline approval. It is done by instructing the "Proxy" to consider the new "Build" to be accepted in the "Store" of the Edgecoin ledger.
By creating the new "Build" to replace the new "Build", the "Store" henceforth accepts only calls from the new Build. The old Build becomes inactive, even though it still exists in the system.
Contract Security
The following measures are adopted by the Edgecoin system to ensure its security:
Offline key
High risk operations in Edgecoin are approved with a key which is stored offline in an exclusive storage system.
Key Generation
The key I generated using the Hardware Security Module as a "signer", and has reached a certain level.
Dual Control
The High risk behavior approval requires at least two signers to enhance security and fault management.
Time Lock
High risk operations execution are delayed for a period of time after approval. This period of time is allowed to detect and preempt potential risk responses.
Undo
During the time lock period, the approved action can be undone to prevent invalid and malicious actions.
EDGECOIN TOKEN (EDGT)
The Edgecoin platform is governed by a stablecoin referred to as EDGT. It is a custom token.
The management will institute measures to control the availability of the coins in order to preserve its values from the market volatile conditions. They will apply the proposed solution of "Build" custody. This involves the offline and online approval for supply of EDGT. 1 EDGT =1 USD
GRADECOIN
The EDGT token has a native that facilitates the achievement of the resource control of Edgecoin network. This token is known as Gradecoin (GRTC). It has no minimum and can be subdivided. The GRTC can be used to prioritize transactions and smart contracts that have no qualifying digital identities. 1 GRTC = 0.05 USD (RESALE VALUE).
Benefits of Staking Gradecoin
Holders of Gradecoin can stake it and benefit in the following:
Stake and Earn
The GRTC token can be staked in the app for 10 days and earn up to 20 in interest annually.
Soft-staking
This is a staking process that gives up to 5% annual interest on the staked GRTC tokens staked on the App.
GRADECOIN UTILITY
The Gradecoin can be used to settle cross-asset intermediary currency differences. It can be used to settle block transaction fees by all networks that participate on the Edgecoin system. It can also be used to reward nodes for processing and validation of transactions on the Edgecoin system.
EDGECOIN PLATFORM SUPERVISION
The Edgecoin system will be thoroughly supervised by a third-party agency to make sure that its transactions comply with the financial laws of the United Kingdom.
A top accounting firm in Korea will be engaged to conduct a routine audit on the platform to guarantee the EDGT : USD ratio.
All users of the Edgecoin system must undergo the KYC and AML process, in order to detect and prevent fraudulent activities.
These measure will ensure the safety and transparency of Edgecoin system transactions.
LEGAL DISCLAIMER
The contents of the white paper on Edgecoin are derived from perceived reliable sources and are for information purposes about the present and future benefits and developments in its system.
The community does not guarantee the success of the innovations and techniques or their full implementations. Therefore, users are advised not to rely on the information to make decisions, rather they should get professional advice from legal and financial experts.
The white paper contents can be amended, modified and updated for the benefits of the community, and such action will be made known to the community through the Social Media handles.
Edgecoin platform will not be liable for any loss or damages incurred by clients due to their involvement on its platform.
Project Useful Information : https://twitter.com/edgecoinpay
https://www.facebook.com/edgecoinpay
https://www.linkedin.com/company/edgecoinpay
https://www.instagram.com/edgecoinpay/
https://www.youtube.com/channel/UC5ekVAo2GXdMPcM03Y6r78g
https://t.me/Edgecoin_chat
https://www.edgecoinpay.com/
Writer Information :
Bitcointalk Username : Chikpe
Bitcointalk Forum Profile : https://bitcointalk.org/index.php?action=profile;u=2850826
Proof of Authentication : https://bitcointalk.org/index.php?topic=5347431.msg57430371#msg57430371
Eth Address : 0x41eC5aA60478D91FcFB2883f80756471575E78AE
This is a very interesting proect
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