Abstract

Just as the other emerging technologies like artificial intelligence, IoT, and extended reality, blockchain technology has been breaking boundaries and introducing cross-industry solutions that go beyond its initial financial and cryptocurrency focus. Its main strengths are its features that allow decentralized storage, the immutability of stored information, traceability, and transparency.

Out of the scope of facilitating secure transactions, these advantages allow for creating complex ecosystems where users openly collaborate, exchange data, engage in agreements, and are incentivized to achieve better results by earning rewards in cryptocurrency. Education is one of the top industries that is expanding and growing and yet facing challenges due to inefficiency of the traditional educational models, limited access to credentials and educational records, and the validity of transcripts – problems which could be easily overcome by blockchain-based software.

Blockchain tackles these challenges by storing and providing universal easy access to credentials on a decentralized ledger, optimizing educational processes with smart contracts, and providing the incentive for students to learn with rewards in crypto. Read on to find out more about how introducing blockchain in education brings definite benefits.

What is blockchain?

In simple terms, blockchain is a peer-to-peer distributed ledger that stores information and keeps track of transactions. Each and every member of the blockchain community has its own copy of the information. The information is recorded subsequently into units called blocks and protected by strong cryptography, creating a chain of data. Changes to blocks are not permitted by the blockchain system architecture, so every action and event could be traced to its origins.

A blockchain could store data on agreements between the parties, their credentials, transactions, and any other information presented in a digital form. Since this information is distributed and highly secured, any attempt at fraudulent activity can be seen by the members of the blockchain community. This creates trust and transparency for any type of ecosystem that the blockchain is integrated into.

How does blockchain work?

Blockchain is a platform that ensures the integrity of the information stored and maintains interactions between the members of the ecosystem. Here’s a high-level overview of the way it works:

Each member maintains their own blockchain node with the full history of all the events and data appended to the network, including credentials, identities, certificates, etc.
Every update to the network entails the creation of a new block at the end of the chain. A blockchain protocol dictates how these blocks are recorded, validated, and distributed.
A consensus mechanism is employed to verify each created block where members of the blockchain network decide if it’s valid to be added to the chain.

Once a block is created and confirmed, it can not be revoked. All entries on the blockchain are permanent and securely stored. This allows for members of the community to trace the full history of transactions and any other modifications in the blockchain.

Smart contracts are a special type of agreement between the members of the network that have the conditions programmed into them, making sure that they are met before each party receives what was agreed upon. Smart contracts eliminate the need for third parties and middlemen to be involved in agreement resolution.
Transactions in cryptocurrency play a very important part in the blockchain ecosystem, providing the incentive for all members of the community to make valuable contributions and participate in the development of the system as a whole.

These key pillars of blockchain technology lay the foundation for its uses throughout different industries, including in education. It has the potential to create a global environment where learning materials, publications, student credits, and transcripts are easily accessible. It can also introduce new and innovative ways for accountability, incentivization, and communication between teachers, students, and other participants.

VISION OF EDGECOIN

The EDGECOIN platform is aimed at relieving the payment issues in the education system by establishing a secured and transparent digital payment infrastructure in the system. This vision will be actualized through the launching of a Decentralised Application that will operate on smart contracts. The DApp will be based on the Stellar network which has a great number of users and features which Edgecoin will be exposed to. These features of the Dapp will enhance secured, cheap and transparent payments and processing of fees in the education ecosystem.

INTRODUCTION

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.

OVERVIEW OF DIGITAL CURRENCY

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 system was developed to prefer solubility to these issues. It is sponsored by L.A. Asset Management Ltd., and in conjunction with Gairah University. The system has a stablecoin that will be used to control the activities in the community. An application will also be launched to facilitate the processing of payment transactions in education institutions that partner with the platform, according to the regulations of the institutions.

The Edgecoin is pegged to the USD to give it a hedge against market volatility and price fluctuations. This will protect its value and enhance its liquidity. The system will be fully decentralised, controlled and audited for safety and transparency purposes.

OPERATIONS OF EDGECOIN

Edgecoin operates in two sections. The user and agent/institutions section. The users must complete the KYC process while the agents/institutions complete the AML. This process is very important to the improvement of the system.

Steps of Payment

Users sign up and complete the KYC process in the EDGECOIN platform.
The user deposits EDGT tokens after sign in. The tokens are converted to USD in the ratio of 1:1.
Pay can be made thereafter for any educational related fee such as enrollment, accommodation and books using the dapp.

PROOF OF RESERVE FUND

A periodic review will be conducted on the blockchain of the Edgecoin platform. This will be carried out by an independent certified public accounting firm that will be engaged by the platform. The exercise will reveal the dollar balances on the platform.

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 TOKEN (EDGT)

The Edgecoin network system is controlled by a crypto coin known as EDGT. A total of 10,000,000,000 EDGT will be supplied for the project by the management. Measures will be put in place to control the availability of the coins.

The " Build" process will be applied in monitoring the supply and availability. This entails online and offline approval for each supply of the coins to the system. This process will preserve and protect the value of EDGT from volatile market conditions. It is a custom token. 1 EDGT =1 USD

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 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.

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.

Official resources of the Edgecoin, click the link below

Website: https://www.edgecoinpay.com/
Telegram: https://t.me/Edgecoin_chat
Twitter: https://twitter.com/edgecoinpay
Facebook: https://www.facebook.com/edgecoinpay
Instagram: https://www.instagram.com/edgecoinpay/
YouTube: https://www.youtube.com/channel/UC5ekVAo2GXdMPcM03Y6r78g

Proof Of Author

➡️Bitcointalk Username: P5GCMX
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