LEGAL WARNING
The white paper and website contents of the Edgecoin system is for relaying information about the features, prospects and developments in the company. It is not advice for investment. The contents were gotten from perceived trusted sources which the company cannot guarantee its authenticity.
There may be changes in the projects and innovations on the system, which the management will make known to the community through their social media networks.
Thus, participants are advised to seek proper advice and direction from financial and legal experts before getting involved in the Edgecoin platform. The management will not be responsible for any misfortune or loss encountered by any participant in the course of dealing with the system.
VISION OF EDGECOIN
The aim of establishing the EDGECOIN platform is the provide an easy, safe and transparent digital payment system for educational and related fees, such as tuition, accommodation and others. The system will be built on smart contracts and based on the Stellar network, which is a great network with various applications and numerous users.
It has a decentralised application where users and partner agents/institutions can login to transact and process their payments. It will enhance easy, cheaper and transparent payments in education institutions across the world
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.
OVERVIEW OF DIGITAL CURRENCY
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.
EDGECOIN system was established by L.A. Asset Management Ltd., and in conjunction with Gairah University.
It is operated with a stable coin which regulates the activities of the community.
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 PROCESS
There are two major operators in Edgecoin. 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 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.
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 Edgecoin platform is specifically designed to operate a wholly decentralised network system, because it is built on smart contracts, which is accepted globally. The management of Edgecoin chose Stellar network because it has great softwares and provides unique services and hosts a great number of users. These features of the Stellar network and the standard of the XLM will be instrumental to in ensuring
the strict accordance of 1:1 ratio of the EDGECOIN token to the dollar. Technically, the Edgecoin platform will implement some measures to ensure continuous upgrade and growth of the EDGT. Such measures are:
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
Smart contracts in the EDGECOIN platform need to have custodian approval. The custodian approval constitutes another smart contract that can in turn have other custodians. This process leads to chains of custodians in the system. Every transaction on the Edgecoin system requires an online and offline key for it's approval.
Contract Upgrade
The EDGECOIN system upgrade requires offline approval and it is risky. It is done through a "Proxy" which is instructed to consider a new "Build" to be accepted in the "Store" of the Edgecoin ledger.
A new "Build" is created to replace the old "Build". Once the new is approved, it is accepted in the "Store". Henceforth, the store accepts only calls from the new Build. The old Build is deactivated and merely exists in the system.
Contract Security
There are strict measures that are adopted by the Edgecoin system to ensure its security. Such include:
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.
EDGECOIN PLATFORM SUPERVISION
A third party agency will be contracted to supervise the activities on the Edgecoin system to ensure compliance with the financial laws of the United Kingdom.
A routine audit will be conducted on its transactions by a reputed accounting firm in Korea. This will guarantee the EDGT : USD ratio.
The KYC and AML process will be imposed on its users and partner agents/institutions respectively, in order to detect and prevent fraudulent activities.
The safety and transparency of its transactions will be guaranteed using these measures.
Related Links : 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 Details :
Bitcointalk Username : Ifydon
Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=2968576
Prove of Authentication : https://bitcointalk.org/index.php?topic=5347431.msg57460490#msg57460490
ETH Adress : 0x91CB89E7F0De0f5F37ecC7305FBeC954e32b72b6
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