Introduction
The education ecosystem has faced a lot of challenges in the payment and processing of various fees in the system. Payment of fees like tuition, accommodation, stationery and other related fees takes unnecessary time and charges.
The management of Edgecoin conducted research on these challenges and came out with a solution to the challenges. They established a system that will facilitate the payment of fees in partner education institutions.
Edgecoin community has launched an application which its users and partner institutions will use in the payments and processing of education and related fees. The platform is built on smart contracts on a decentralised system. This enhances transparency, efficiency and security of its activities.
EDGECOIN Vision
The EDGECOIN platform is aimed at relieving the payment issues in the education system by establishing a secured and transparent digital payment infrastructure in the system. This vision will be actualized through the launching of a Decentralised Application that will operate on smart contracts. The DApp will be based on the Stellar network which has a great number of users and features which Edgecoin will be exposed to. These features of the Dapp will enhance secured, cheap and transparent payments and processing of fees in the education ecosystem.
Overview Of Cryptocurrency
The Defi system is becoming generally recognized in the
global socioeconomic system. It is taking over the financial system transactions from the centralized system because of some challenges facing the Defi. Billions of dollars are invested in the Defi system by prominent individuals and institutions who are taking positions in the system.
A lot of applications have been launched by various Defi platforms to provide solutions to various problems in the centralized system, but none of these platforms has touched the issues associated with payments in the education system.
The EDGECOIN system was developed to prefer solubility to these issues. It is sponsored by L.A. Asset Management Ltd., and in conjunction with Gairah University. The system has a stablecoin that will be used to control the activities in the community. An application will also be launched to facilitate the processing of payment transactions in education institutions that partner with the platform, according to the regulations of the institutions.
The Edgecoin is pegged to the USD to give it a hedge against market volatility and price fluctuations. This will protect its value and enhance its liquidity. The system will be fully decentralised, controlled and audited for safety and transparency purposes.
EDGECOIN Ecosystem
Edgecoin operates in two sections. The user and agent/institutions section. The users must complete the KYC process while the agents/institutions complete the AML. This process is very important to the improvement of the system.
Steps of Payment
Users sign up and complete the KYC process in the EDGECOIN platform.
The user deposits EDGT tokens after sign in. The tokens are converted to USD in the ratio of 1:1.
Pay can be made thereafter for any educational related fee such as enrollment, accommodation and books using the dapp.
EDGECOIN DApp
The Edgecoin team has launched a unique decentralised application that will control the activities in the system. The DAPP is designated as EDGECOIN and has the following features:
It can process peer to peer and transactions without the interference of the management.
It is based on the Stellar network and operates on smart contracts, ensuring safe transactions.
It performs easy and fast processing of transactions.
Payment transactions in the education system are presently faced with a lot of challenges like excess bank charges, delay in transactions and time wastages and other security issues.
The Edgecoin DApp will provide the needed solution to all these challenges. It will allow users to perform easy, safe and transparent payment transactions in any institution across the world, and the target institution will receive the and process the payment. This transaction can be done without any agent or middlemen, thus no charges. There are no restrictions and security threats on transactions done in the Edgecoin Dapp.
Benefits Of Stellar Blockchain
The Stellar network transactions have unique features with the following benefits.
The platform processes transactions fast, within 5 seconds, it costs only 0.0001 KLM to process a transaction and can be refunded after the transaction, and also the platform is decentralised, ensuring easy and safe transactions.
Proof Of Reserve Fund
The Blockchain of Edgecoin will be reviewed periodically in order to prove the dollar balances on the accounts. This process will be executed by an independent certified public accounting firm that will be engaged by the company management.
EDGECOIN Cryptocurrency (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 Usages
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.
Supervision Of Edgecoin Platform
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
Contract Specification
The EDGECOIN is designed specifically to operate in a fully decentralised system, based on smart contracts and widely accepted. This is the reason why the management chose Stellar networks, because it is compatible with the specifications of EDGECOIN. The Stellar networks has large networks with various softwares and massive users. The EDGECOIN is established on the Stellar networks based on XLM standard. The EDGECOIN platform will be upgraded technically, in order to ensure the strict accordance of the 1:1 ratio of the EDGECOIN token to the USD.
The system can be upgraded through addressing security flaws, extension of new contracts, Improvement and optimization of the operations of the platform to ensure efficiency and implementation of the regulations of government agencies.
Contractual custody
A custodian approval is needed for every smart contract in the EDGECOIN platform. This custodian can represent another smart contract which can view other custodians in turn. Thereby creating chains of custodians. It can be an online or offline key that can be used to approve a transaction.
Contract Upgrade
The EDGECOIN system upgrade is risky and needs offline approval. The process is done by introducing "Builds' ' into the "Store" of the Edgecoin ledger using a Proxy. The proxy is instructed to consider a new Build, and accept it into the store.
Once the new Build is accepted, it replaces the old Build. Henceforth, the "Store" accepts only calls from the new Build. The old Build is incapacitated and merely exists in the system.
Security of Edgecoin system
The system is secured through a stipulated measure. There is a key needed to approve high operation contracts. It is known as Signer and generated using the Hardware Security Module, and stored in an offline storage system. At least two Signers are needed for the approval of such Highly rated contracts. The execution of such a contract is also delayed for some stated time to allow for detection of any fraudulent intention. And if detected, the contract is cancelled.
Legal Warning
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 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.
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.
Edgecoin platform will not be liable for any loss or damages incurred by clients due to their involvement on its platform.
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