PREVIEW
The challenges of making and processing payments for fees in education institutions moved the team to establish the EDGECOIN system. It is projected to develop an App that will enhance easy, safe and cheaper payment and processing of institutions and its similar fees like tuition, accommodation, enrollment and other fees. It is a decentralised system that is built on smart contracts based on the Stellar blockchain network, which ensures its safety and transparency.
The management of the platform is a team of zealous and experienced individuals that were assembled to champion the project. They have experience in various aspects of the business world, such as data management, asset management, project management, Defi blockchain and education institution management.
There are lots of cryptocurrencies springing up in the financial system recently. These coins originate from various Defi platforms that are developed by crypto enthusiasts. The Defi system is gradually and steadily taking over the financial system. This is due to its ability to provide solutions to some challenges in the Cefi.
Many individuals, celebrities, business moguls and institutions are shifting their attention and investment in the Defi. These developments have boosted the activities and liquidity in Defi, despite the challenges of market volatility that causes price fluctuations.
Despite the upsurge in Defi, none of the platforms has dealt with the issues of payment in the education ecosystem.
The Edgecoin stablecoin has a hedge against the frequent changes in crypto prices resulting from volatility market conditions. It is fastened to the USD at the ratio of 1:1. This measure is to stabilize the price of the token. Nonetheless, routine audit and other control measures will be performed on the system to sustain the values and growth of the community and its token.
VISION OF EDGECOIN
EDGECOIN platform was established with the primary aim of facilitating easy and transparent education institutions payments processes in a digital platform. This vision will be realized using smart contracts that are built on the decentralised application of the company. The dapp will feature measures that will guarantee free, cheap and secured transactions.
OPERATIONS OF EDGECOIN
The users and partner institutions in the Edgecoin system must complete the KYC and AML process respectively. This is paramount 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.
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 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
There are measures established in
the Edgecoin system to ensure its security. Every high risk operation in the community is approved with a key. The key is generated through a higher security module (HSM) that has reached a certain level, and stored in an offline storage system. Such HSM is referred to as a signer. At least two signers are needed for the approval of any high risk operation. The execution of the approved high risk operation is delayed for some stated time to allow for detection of any harmful risk. If there is any risk detected, the operation is cancelled.
EDGECOIN TOKEN (EDGT)
Edgecoin platform has a crypto currency that controls all activities and transactions in the system. It is a custodian token and known as EDGT. A total of 10 billion EDGT will be supplied by the management to the community. The token is anchored to the USD at the value of 1:1.
The management is proposing to apply a measure referred to as "Build" custody, to control the availability of the tokens in the market. This measure requires online and offline approval for the supply of the tokens in order to preserve its value.
GRADECOIN
The Gradecoin is an integral coin of EDGT. It enhances the achievement of the resource control of Edgecoin network. This token is known as Gradecoin (GRTC). It can be fractioned and has no limit. 1 GRTC = 0.05 USD (RESALE VALUE).
Smart contracts that does not have qualifying digital identities can be supported with the GRTC to gain priority
Staking of Gradecoin
The Gradecoin can be staked for some benefits as follows;
Stake and Earn
The GRTC token can be staked to earn more. Tokens staked for 10 days can 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 utilized in several ways, such as settlement of cross asset intermediary currency differences, payment of block transaction fee by all participating networks in the Edgecoin system and rewarding of members that are involved in the processing and validation of transactions in the system.
EDGECOIN PLATFORM SUPERVISION
There will be a complete supervision of all transactions in the Edgecoin system by a third-party agency that will be engaged by the company. This is 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 and partner institutions of the Edgecoin system must undergo the KYC and AML process respectively. This will help to detect and prevent fraudulent activities, and ensure safety and transparency of all transactions.
CAVEAT
The contents of the white paper and website of the company was derived from perceived trusted sources, although the company does not guarantee trustworthy. Therefore, the content is not advice for investment, rather it gives information about the present and future benefits and developments of the system. Nonetheless, the community does not guarantee the success of the innovations and techniques or their full implementations..
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 Edgecoin community will be responsible for any misfortune or loss of funds encountered by any participant in its system.
Participants are advised to consult legal and financial experts for professional direction before taking part in the Edgecoin system.
Project 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 :
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ETH Address : 0x69c3d2A2f0FFf667AAC64b8b63104789d01E7f17