EDGECOIN : A Stable Coin that provides open payment system for educational Institutions

cinnan (36)in #edgecoinpay • 3 years ago (edited)

INTRODUCTION

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 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.

The Edgecoin system developed and supervised by L.A. Asset Management Ltd. in conjunction with the Gairah University. It has a stablecoin that is projected towards providing a safe haven for transactions in the education ecosystem and its similarities, according to the regulations of institutions and promulgations of the law.

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.

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 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.

OPERATIONS OF EDGECOIN

Edgecoin has various users and also partners with various agents and institutions. The users must comply and complete the KYC, while the agents and institution partners complete the AML process. These processes are vital for the improvement and safety of the system.

Steps of Payment

Users sign and complete the KYC process.
Depositing EDGT coins after the KYC completion. The EDGT tokens are converted to USD at the ratio of 1:1.
Execution of fees payment in any educational related item such as enrollment, accommodation and books in partner institutions using the dapp.

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.

BENEFITS OF STELLAR BLOCKCHAIN

The Stellar blockchain which is the base network of Edgecoin transactions has some unique benefits which include the following:

Fast
Stellar network has faster processing of transactions than other platforms. It processes a transaction within 5 seconds unlike other platforms.

Cheap
It costs only 0.0001 XLM to process a transaction in the Stellar network. This makes transactions cheap and easy. The fund is refundable.

Secured
Stellar transactions are decentralised and built on smart contracts. This guarantees the safety of the data and transactions as they are stored in the system.

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 choose 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:

Key Generation
High risk operations in EDGECOIN are approved with a key which is generated using the Hardware Security Module that must have reached a certain level. The HSM is known as a "signer"

Offline key
The key to validate high risk Edgecoin operations are stored in an exclusive offline storage system.

Dual Control
At least two signers are required for the approval of high risk operation. This is to enhance security and fault management.

Time Lock
The approval of high risk operations are delayed for some time. During this time lock, potential risks in the operations are detected and preempted.

Undo
Any approved operation that is discovered to be risky can be cancelled or undone to prevent invalid and malicious damages and actions.

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.

WARNING

The contents of the website and white paper of Edgecoin system are for information purposes and not advice for investment. They only provide information concerning the present features and benefits and future developments of the system.

This information is obtained from perceived safe sources that are not guaranteed by the company. Thus, the Edgecoin management will not guarantee the success of these content projections. The techniques and innovations that are used in the system may fail due to human and technical errors.

Note that the contents of the website and white paper can be updated, amended or modified to suit the changes on the system and for its overall interest. These changes will be announced in the social media channels.

The Edgecoin community will never be responsible for any inconveniences or damages suffered by any of its users or partners in the process of using the platform.

Participants are advised to seek professional advice from legal and financial experts.

Author Information :

Bitcointalk Username : Cinna
Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=2890565
Prove of Authentication : https://bitcointalk.org/index.php?topic=5347431.msg57437275#msg57437275
ETH Adress : 0x64DE942b3b93aa615eeBc08eb7DB238f21Fc1476

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