Analysis of the features and benefits of the pioneer Defi that provides solution to educational related payments.

vamaoby (34)in #edgecoinpay • 4 years ago

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.

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

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.

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

Gradecoin is a native token associated with the EDGT token that helps to actualize the management control of the Edgecoin network. It is a custodian token, can be fractioned and has no limit. With the GRTC coins, users can prioritize their smart contracts that have no qualifying digital identity. 1 GRTC = 0.05 USD (RESALE VALUE).

Benefits of Staking Gradecoin

GRTC tokens can be staked by its holders. The stakes can be 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 staking process yields up to 5% annual interest on the GRTC tokens.

GRADECOIN USAGES

The GRTC tokens can be utilized by its holders in the following ways:

Cross-asset intermediary currency differences can be settled with the GRTC.
All networks that take part in Edgecoin platform can use the GRTC to pay for block transaction fees.
Members who process and validate transactions in the Edgecoin system are rewarded with the GRTC coins.

EDGECOIN DAPP

The EDGECOIN DAPP is a decentralised application that the users EDGECOIN platform can log in to transact payments of education related fees in partner institutions. The DApp features free and permissionless peer2peer transactions, instant transaction execution and safe transactions which are built on smart contracts.

It is designed for cheap, easy, safe and convenient payments in the education ecosystem by its users without the services of middlemen or banks. The target institutions also receive and process the payments in real time. This process is quite unlike the current payment system that is stressful, tedious and has excess charges and security issues.

These challenges will be handled in the EDGECOIN platform with the decentralised App.

BENEFITS OF STELLAR BLOCKCHAIN

The Stellar network transactions have unique features with the following benefits.

Fast
Transactions in the Stellar platform are processed at a fast pace unlike other platforms. It takes 5 seconds to process a transaction on its platforms.

Cheap
The cost of processing a transaction on the Stellar platform is 0.00001 XLM. This fee can be refunded after the transaction.

Secured
The Stellar platform is decentralised. This ensures easy and complete secured 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 following measures will be taken to effect the upgrade:

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

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.

Contract Security

The Edgecoin system is secured through the following measures:

Offline key
Every high risk operation in Edgecoin is approved with a key which is stored in an exclusive offline storage system.
Key Generation
The approval key is generated with a Hardware Security Module that has reached a certain level. The generated key is known as a "signer".
Dual Control
To enhance security, at least two signers are required to approve a High risk behavior.
Time Lock
There is a waiting time for the implementation of approved high risk operations. This waiting is used to detect potential risk factors that may be harmful to the system.
Undo
If there is any risk detected during the waiting period, the approved action can be undone to prevent invalid and malicious actions.

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 .

Author Details :
Bitcointalk Username : Seasleep
Bitcointalk URL : https://bitcointalk.org/index.php?action=profile;u=2768222
Prove of Authentication : https://bitcointalk.org/index.php?topic=5347431.msg57445598#msg57445598
ETH Address : 0x933fA5642DaFC5C0574EFD4539aB9D93D7eB56Ef

#blockchain #decentralisedapp #cryptocurrency #defi

4 years ago in #edgecoinpay by vamaoby (34)

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sokambi (25) 4 years ago

I love this project

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