Using Edgecoin for Tuition Fees: Innovation in Higher Education

ofware (34)in #edgecoinpay • 3 years ago

Abstact

Foreign currencies are often seen as a burden for overseas students to pay their tuition fees. Education payment can become unnecessarily expensive and time-consuming, mainly because of the unequal exchange rate and complex bureaucracy. Currently, payment services on education can take more than two weeks and cost hundreds of dollars. Remittance companies such as the Western Union may not have to be the only choice for overseas students to pay their tuition fees, as the invention of digital currencies such as crypto-currencies can solve this problem as well.

Although it was initially associated with illicit online activities, such as illegal drugs and guns dealer, the online anonymous ‘crypto-currency’ has perceived as a success over the past few years. Bitcoin is the first implementation of a concept called ‘crypto-currency,’ which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting an idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. Bitcoin is a consensus network that enables a new payment system by using the completely digital money. It is the first decentralized peer-to-peer payment network which is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.

There are several numbers of universities that have started to accept the digital currency as an alternative payment for tuition fees. The first university to accept Bitcoin was the University of Nicosia, a private university in Cyprus.[ii] In 2013, this university announced that they would start accepting Bitcoin as an alternative payment for a specific master course. At first, this idea to use Bitcoin was simply to promote their new master course, but since then, they have expanded this payment method to another course. In the United Kingdom, the University of Cumbria also offers their student to use Bitcoin as a payments method, but limited for the students who take “Currencies and Sustainable Exchange” course. Nevertheless, University of Cumbria has become the first public university in the UK to experiment with accepting bitcoin as tuition payment for its students.

Since then, the trend has spread across the Atlantic to the US King’s College in New York City, a private liberal arts school that was founded in 1938. King’s College stated that they see the use of Bitcoin as a part of freedom of speech and that their decision to allow their students to pay with bitcoin was based on the Bill of Rights and the Constitutions which aimed at empowering citizens.[iv] They expected that higher education institutions around the world would follow this revolutionary step.

According to Dr. Christis Vlachos, a member of The Council of the University of Nicosia and the University’s Chief Financial Officer, there are three reasons behind the decision to accept Bitcoin as tuition fees payment. First, the Bitcoin payment will ease certain practical payment difficulties the university has encountered with their students. They projected Bitcoin would eliminate 5-10% transaction fees charged when students pay tuition via credit card, as Bitcoin third party providers do not ask transaction fees.

Second, it is a potential growth area for the Cyprus economy. In this context, University of Nicosia wants to invest significant intellectual capital in building their capabilities the in digital currency that could become a resource for the country. Third, the needs to develop new industries by creating a framework that will render Cyprus as a hub for Bitcoin trading, processing, and banking that may create an entirely new industry and help Cyprus’ economic recovery.

Bitcoin has also been accepted in many developed countries, such as US, Canada, Australia, EU, and the UK. However, due to the lack of infrastructure and supra-structure aspects, students in several developing countries might not experience it shortly. Moreover, the skeptical stance in viewing Bitcoin as an illegal payment still actively comes out from several countries such as China, India, Russia, and Sweden. These countries suspect Bitcoin’s volatility and decentralized character as a potential threat to the current financial system and vulnerable to become a payment tool in illicit activities like drug dealing and money laundering.

Looking at the revolution of college payment using digital currency like Bitcoin, we can see that new ways are being introduced with the intention to ease the hurdles in higher education nowadays, especially the payment. Bitcoin may not be the ultimate way out in this scene as many things should be revisited before eventually adopting the currency, but it does promise us the possible future where more people are finding ways – innovative ways – in cutting down the problems of tuition fees of overseas students. As the world is becoming way more integrated, more people move around the globe to obtain the education. To better cope with the increasing flow of international mobility on students, there indeed should be a manner to accommodate this upcoming trend. One thing to be reminded is also the security aspect of this innovation. This is also to respond the concern of certain countries on ensuring the security of the possible financial transactions occurring shortly. With all the ease and simplicity, they all come with a cost.

What is Edgecoin

Edgecoin is the world’s first Educational Stable Coin that provides an open payment system for an educational institution where individuals can make education-related transactions such as enrollment fees, accommodation, books and all educational spending via a decentralized application to be settled at the same speed as the Internet while making full use of the education infrastructure, regulation and stability of traditional finance process systems.

OUR GOALS

Our goals on this project is to set our tokens including blockchain into real student coin and is the number one project that gives the users the privilege to act on the wide-scale tokenization for people, companies, firms building up to the decentralized ‘’DEFI’’. The large scale tokenization is a procedures that requires an easy to operate through the general ecosystem that is built by the Edgecoin coin with the assistance of the ecosystem #Edgecoinpay every person will have the easy ability or knowledge to produce any types of token and upgrade it along the line. The #Edgecoinpay coin also aims at allowing tokenizing people, company and corporations, and also provides a means of managing token consumptions, and can easily list any new kinds of projects.

One of the main advantages of #Edgecoin coin over blockchain based projects, is Edgecoin coin is mainly backed and assist by academic faculties with a highly educated and intellectual business oriented driven and also people that academically sound in all areas in business with the help of participation of academic world will assist by improving the open and complex network and tokenization, which can be easily used by anyone, and also by bringing or providing a solution to business startups.

How Does Gradecoin Staking Works

Connect your wallet through Metamask, using either Chrome, Edge, or Firefox browsers. Safari and Opera browsers are not compatible with Metamask and will not function.

Choose the coins you would like to deposit and begin staking within Edgecoin.

3.Get your W-Edge coins followed with your Gradecoins located to your wallet that you created to deposit on.

What are the benefits of Staking Pool

-Entering early into our Liquidity Staking Pool allows you to stake Gradecoin before the major exchange listings.

-When entering into our Liquidity Staking Pool early, you reap the benefits of automatically getting into our fluctuating DeFi token, and receive 34% of Gradecoin at 0.20.

-An early entry increases the amount of Gradecoins you can stake against Edgecoins before the major exchange listings

The Potential of Edgecoins

Edgecoins has so much potential. It has impacted greatly on how financial transactions are performed and also aids in the decentralization of finance. However, one of the most significant impacts of EdgeCoin technology on education is the reduction in payment rates due to the absence of third-party agencies. EdgeCoinPay technology systems disallow the need for third-party agencies in transactions, eliminating payments of commission or bank rates. These transactions are encouraging reduced education payment fees, and increases the bargain power of consumers. One of the leading parties benefiting from this system is students.

Since its announcement in 2008 and eventual introduction in 2009, blockchain has successfully become the major hive for investors seeking to expand into cryptocurrency. One would expect that with the popularity and use of cryptocurrency, it has the full potential of blockchain that would have been established. However this is far from it

The shortcomings of existing digital currencies, Bitcoin inclusive, is its limitations in the educational sector, where stable digital token is required for use by personnel working or participating in the education system. However a team managed by L.A Investment Ltd and supported by Girish Chandra`s University group, have studied the weakness in the current system. They have now successfully programmed a new Stable Coin which is aimed at filling the open spaces previously left in the relationship between cryptocurrency and payments in the

Education ecosystem.

Edgecoins Token Distribution

The Token Details

Name:Edgecoin
Abbreviation:EDGT
Type of Token:Stable Coin
EDGT Value:1 USD
Supply:10,000,000,000

Author:

➡️User Name : OFWARE
➡️BTT profile : https://bitcointalk.org/index.php?action=profile;u=2702243
➡️ETH Wallet : 0xfb9B7ED726049B6Aa2b570F7aED6C85e447c9540

#blockchain #edgecoin

3 years ago in #edgecoinpay by ofware (34)

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