ANALYSIS OF THE PIONEER DIGITAL EDUCATION PAYMENT SYSTEM - EDGECOINPAY

PREFACE

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.

DIGITAL CURRENCY OVERVIEW

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 management conducted research on these challenges and found out the causes. Thus, they created this system to provide adequate solutions to these challenges. It is a stablecoin that has great features that will assist its users and agents to process payment of education and related fees in institutions across the world.

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 availability of the token will be controlled by a measure known as "Build" custody. This implies that there will be online and offline approval for the supply of the tokens to the market, so as to preserve its value.

GRADECOIN

Gradecoin is a native token associated with the EDGT token that helps to exert certain control on the system. It is a custodian token, can be fractioned and has no limit. Its holders can utilize it to gain several preferences on the network, like prioritizing their smart contracts. 1 GRTC = 0.05 USD (RESALE VALUE).

GRADECOIN USAGES

Holders of GRTC tokens can utilize it to settle cross-asset intermediary currency, block transaction fees can be paid by Edgecoin participating networks, also the GRTC can be used to settle members for their contributions in the Edgecoin system.

EDGECOIN DAPP

The Edgecoin has a unique decentralised application which its users and partners can login and execute their transactions. All activities in the community centers on the application. The Dapp is easy,safe and free to operated by members.

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.

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 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 community will not be answerable or liable for any loss or damages incurred by its users and partners in cause of transactions in the system.

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