Edgecoin Review: This is a decentralized program that provides an open payment system for educational institutions, allowing anyone to make education-related transactions such as enrollment fees, lodging, books, and so on.
Sound interesting right? In this article, we will be discussing if they are a reputable platform or a rip-off? Continue reading to learn more about Edge coin.
What is Edgecoin?
Edgecoin is an Educational Stable Coin that provides an open payment system for educational institutions, allowing individuals to make education-related transactions such as enrollment fees, housing, books, and other items via a decentralized application.
This is seen at the same speed as the Internet, utilizing the education infrastructure, regulation, and stability of traditional finance process systems.
On their website, Edgecoin Payment System has the goal of bringing complete transparency, security, and efficiency to the education payment system. Also, Edgecoin is a decentralized system built on top of the stellar blockchain.
Furthermore, it stated that its blockchain technology has a lot of potentials and is well suited for digital payments. Because it offers peer-to-peer service for the people participating in the transactions, the system is advantageous.
Although this may be true, transparency in transactions and data security are two benefits they boast of.
Review on How Edgecoin Pay works
Since Edgecoin platform’s purpose is to improve the digital and financial experiences of educational institutions that have cooperated with it. In seeking to address the present problems in utilizing conventional payment strategies, on the Edgecoin platform, there are three major phases to making a payment:
- KYC user registration:
All users must join up to the platform with the requisite credentials for identity as stated by the government, in accordance with government-based KYC (Know Your Customer) and AML (Anti-Money Laundering) standards. To keep this procedure as secure and confidential as possible, appropriate compliance authorities have been engaged with.
- Users buy EDGT tokens in the following ways:
Users can trade their fiat currency for the EDGT token after signing up. The individual vans then use the tokens to conduct transactions based on the platform’s services, which are centered on providing financial service solutions to students and institutions.
- Payment to the institution of choice:
Tokens obtained through the platform are used to pay for tuition, lodging, and other services provided by the institution.
Why do they Stellar blockchain in its payment option?
As mentioned before, the purpose of the Edgecoin platform was to deliver educational solutions in ways that traditional financial approaches couldn’t. The Stellar platform, rather than one like Ethereum, shows it provide the best foundation for this use case.
Futhermore, Stellar has many features that will benefit Edgecoin users, financial institutions that will accept payments, and the team that created the ecosystem.
Benefits of Stellar Blockchain
- Faster: Stellar is faster than other platforms at processing transactions, with a median transaction time of 5 seconds.
- Cheaper: Notably, Stellar is cheaper than ETH.
- Secure: Because of its simple and declarative functions, the stellar platform provides higher security.
Review: Edgecoin’s other distinguishing features
Edgecoin’s smart contract ensures that the following four parts of the network works appropriately:
- Contract division: the developers that created the ecosystem ensured that their implementations were flexible enough to respond to future changes or upgrades. Addressing security problems, adding new features, improving the platform’s performance, and the capacity to pause or halt transactions in the event of an emergency are some of the major parts of the platform that they upgrade from time to time. It might be a government-implemented hack or a new rule.
- Contract custody: In the case of certain high-risk behaviors on the platform, smart contracts have an offline approval mechanism built-in. A custodian approves each contract on the platform, he might be key personnel or on contract. As a result, each custodian forms a network that keeps an eye on each other, preventing problems in the ecosystem.
- Contract security: Certain security measures are in place for Edgecoin platform users, including offline keys, key generation, reversal of transactions in cases of suspected fraud or risks in the platform, dual authorization, using multi-signatures in cases of high-risk behavior. It also uses a time lock, which prevents certain transactions on the network in cases of high-risk behavior where they require at least two digital signatures for such processes to continue.
- Contract upgrade: upgrading the network is a high-risk activity, therefore, to do it without causing problems, they create a build instance to store current data, and then a Store mechanism to replace the previous Build on the network.
As a result, the new building replaces the old one, and the refurbishment is complete.
Is there a Reserve Funds Proof for Edgecoin?
It’s one thing for a platform to claim to maintain a physical reserve of currencies equal to the number of tokens created on the blockchain. To keep one’s integrity, the Audit Committee of L. A Management Limited will appoint an independent certified public accounting firm to assess and audit the dollar balance of EdgeCoin’s reserve fund.
This will be in accordance with the United Kingdom Companies of Certified Public Accountants’ regulations.
Edgecoin Pay Tokens ($EDGT and $GRTC):
The ecosystem’s two tokens are Edgecoin, abbreviated “EDGT” and Grade coin, abbreviated “GRTC.”.
Edgecoin refers to as “stable network” while Grade coin is refer to “Defi Product.” More details below:
Edgecoin Token Details:
- Name: EDGECOIN Symbol:
- EDGT Supply: 10000000000
- Type of Token: Custom Token
- 1 EDGT = 1 USD
Gradecoin Token Details
- Name: GRADECOIN
- Symbol: GRTC
- Supply: 1,000,000,000
- Type of Token: Custom Token
- 1 EDGT = 0.05 USD (Release Value)
Who is the owner of Edgecoin?
You will have an interesting time trying to figure out who is behind Edgecoin. Yes, they have a list of persons on their whitelist who works on the site.; they could be real or false, and it makes no difference.
Notably, 132 Bloomsbury Street, London, UK is the address on the official website. However, the Edge Coin Payment company, which is based in the United Kingdom, has a different address.
Edgecoin review – conclusion
While the advantages appear appealing and promising, buying Edgecoin is a personal decision that should be taken with caution.
If you’re thinking about investing in Edgecoin, we recommend contacting the FCA about it first.