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    • simpsons_support (OP)
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    February 24, 2021, 06:30:52 AM
     #601

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    March 01, 2021, 08:12:43 AM
     #602

    EDC Blockchain Video Digest

    Hello everyone, familiarize yourself with the new EDC Blockchain video on YouTube. In it, you will learn the most interesting current news about our project.

    In this issue: the app for iOS and Android devices updated, EDC banners available for use in HoReCa, the new roadmap publicly available, use cases for entrepreneurs and an increase in EDC capitalization last week.

    Subscribe our YouTube channel, leave comments and put likes! See you in a week!








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    March 05, 2021, 01:31:41 PM
     #603




    The Advantages of Using EDC Coin in Business

    By design, EDC is a digital bonus coin for making settlements between the community members. The EDC coin grants the community members the right to use the EDC Blockchain’s services and products.

    Best places to use EDC

    The EDC coin is used by small business owners to provide services in HoReCa, i.e., hotels, restaurants, cafes, bars, bakeries, pastry shops, as well as at small travel agencies, handicraft shops, advertising agencies, beauty salons, or educational platforms.

    Promote business with EDC

    EDC Coin is a ready-made marketing tool for increasing both the average check and the number of customers. Use EDC for:
    * Conducting loyalty programs among regular visitors;
    * Distributing bonuses to active users;
    * Cashback setting;
    * Providing discounts on your products;
    * Paying bonuses to employees;
    * Carrying out sponsorship promotions to attract partners;
    * Paying for marketing and advertising services, as well as to suppliers or landlords.

    As an example, you own a small coffee shop, and your goal is to increase traffic. You can provide a one-time bonus in EDC coin for buying coffee using the check code function, or reward several customers with a red envelope at once, create a bonus program that allows customers to invite their friends to your cafe, as well as hold promotions such as happy hours. With EDC Coin, you create the activities you need to promote your business and interact with customers who want to come back to your coffee shop again and again.

    Fast settlements

    Unlike other coins, you don't have to wait for multiple transaction confirmations. The transaction is confirmed instantly through the use of Proof-of-Stake consensus and the involvement of validators to manage the network, so that the coins are credited to your balance within 2.5 seconds.

    Since the system uses blockchain technology, an EDC coin transaction cannot be declined. This means you can be sure that you will receive coins from the client in full amount.

    International community

    Get leads by providing members of the EDC Blockchain community with a new environment, such as stores and institutions, for accepting EDC coins anywhere in the world.



    The EDC Blockchain community is growing and developing in Latin America, Asia, Africa and Europe.


    Conquer the space of your outlet with outdoor advertising, using banners, and attract EDC local users.

    Connect EDC to your business 

    The coin value directly depends on its popularity as a unit of exchange for goods and services. The more entrepreneurs apply the EDC coin in their business, the more the coin is in demand, the more its price increases, and the more the interest of potential clients to your products grows.










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    March 09, 2021, 09:40:33 AM
     #604

    Cryptocurrency and Blockchain Video News

    While the capitalization of EDC is growing, and our specialists are preparing new blockchain solutions for using the coin, let's find out what is happening beside the global crypto community.

    Start watching the video and you will receive information on which corporations and international banks have started supporting cryptocurrencies expanding the market.

    Subscribe our YouTube channel, leave comments and put likes! See you in a week!








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    March 10, 2021, 12:33:39 PM
     #605

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    March 15, 2021, 06:45:13 AM
     #606




    Newsbit.nl on EDC Blockchain Validation Opportunities

    Dear EDC Users,

    A new publication about the EDC Blockchain project is available on the popular cryptocurrency and blockchain news platform, Newsbit.nl. It is very important for us that our community exists and develops in different countries of the world, in particular the Netherlands. Thanks to the activity of our members, more users will be able to learn about EDC.

    The EDC Blockchain platform operates as a decentralized blockchain with the involvement of validators who participate in supporting the network and receive rewards for the successful addition of blocks to the blockchain. Thanks to this, the main features of blockchain technology, such as data security and scalability, are preserved.

    Any user who has fulfilled the burning conditions and deployed their own node by installing the provided source files on their computer, can become an EDC Blockchain validator and get a reward daily. You can learn more about validation in the following posts.

    To Dutch community: https://newsbit.nl/word-een-edc-blockchain-validator/ 

    To international community: https://blockchain.mn/become-an-edc-blockchain-validator-if/ 










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    March 18, 2021, 10:27:00 PM
     #607




    The Number of EDC Blockchain Validators Increases to 27

    Dear users,
    We are glad to inform you that 27 active validators (witness accounts) operate in the EDC Blockchain network participating in the proof-of-stake consensus and receiving rewards for creating blocks by their own nodes.

    One more participant has started the process of configuring the server and launching a node to participate in the network.




    For comparison, there are 21 validators participating in the BitShares network. Currently, about 21 million EDC coins are staked to the EDC Blockchain network, or 21% of the EDC total supply.


    How do validators influence the network – main factors:

    1. Validation is characterized by the security of the network – the more validators participate in the network, the more secure it will be, since more witness nodes perform transaction verification.

    2. By increasing the number of validators, we are getting one step closer to the transition to a public decentralized network. In a public decentralized network, owners of witness nodes who would have proven their worth will have the right to vote, ensuring both the integrity of the network and the convenience of working in it. Network efficiency will be achieved through protocol updates supported by the majority of voters.

    3. To become a validator and deploy a node on the blockchain, it is required to fulfill certain conditions for burning EDC coins, which directly affects the rate of the coin – their shortage is created, helping the rate increase.

    You can see the number of coins burnt in the block explorer on the blockchain.mn website. Validators have the opportunity to receive an annual reward of 3% of the stack amount, accrued daily, plus 10% of all commissions distributed among all active validators. That is, the more coins you have staked, the higher the reward is. The blocked stack is returned to the user's balance at the end of the staking period.

    To create a node, you need to submit an application in your personal EDC Wallet after fulfilling the burning conditions and obtaining rank 3, as well as download the technical repository and install it on your computer. Detailed instructions for deploying a node can be found here.

    Any member of the community can deploy their node, start confirming transactions and receive rewards neither with special technical knowledge, nor with using powerful capacities! Join us!










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    March 21, 2021, 09:36:35 PM
     #608




    EDC Blockchain Launches Q&A. Join Us!

    Dear users,

    We are launching a weekly Q&A session on Fridays! We strive to provide assistance to our community in applying EDC Blockchain tools, raise awareness of the mission and goals of the decentralized platform, as well as encourage members to be active and jointly develop in the blockchain field!

    Send us any questions you are interested in – from technical to media proposals, leave feedback, provide recommendations and suggestions by email or in the official chat on Telegram. Get answers from our developers faster!

    I can't enter my wallet. What should I do?

    1. Make sure you entered the correct wallet address in the browser bar: https://wallet.blockchain.mn/. The registration page will open.

    2. Select “login” to the wallet.




    3. Make sure you have access to your brainkey. Enter it in the special field.




    Note. Loss of brainkey leads to loss of account access. Each user receives a brainkey when registering an account. Brainkey consists of 16 unique words that are assigned to each individual and cannot be used by another user.

    4. Enter and repeat any password. Each time you log in, you can enter a completely different password. The main thing is to have access to the brainkey and specify it correctly.   




    5. Click “Login”. After completing these steps, you will be logged into your account.

    In case you still cannot log into the wallet after completing the specified requirements, we recommend going incognito in your browser and logging in.

    The wallet can’t open. An error occurs while loading.

    1. Check your Internet connection.

    2. Clear your both browser history and cookies.

    3. Restart your browser and enter the correct address in the browser bar: https://wallet.blockchain.mn/login. We recommend that you log in through incognito mode by enabling it in your browser settings.


    How much is 1 EDC coin in USD?

    You can track the current EDC coin rate on CoinMarketCap following the link: https://coinmarketcap.com/currencies/edc-blockchain/markets/ 


    My mobile phone has broken/stolen. I have had Google Authenticator connected to my mobile phone but now I do not have access to it. How do I log into my wallet again?

    1. Install the Google Authenticator app on your new device.

    2. Create a new account in the Google Authenticator app by clicking “Add manually”.

    3. In the field that opens, enter the code that you received on the site https://wallet.blockchain.mn/.

    4. Enter the six-digit code in the 2FA field.


    I used to have 53464 EDC in my wallet, but now it shows 53.464. Why?

    To maintain a stable value of the coin, a denomination was made, as a result of which all market balances were divided by 1000. When the number of decimals changes, the value of the coin continues to depend on the market capitalization, which remains current. More information: https://blockchain.mn/edc-blockchain-reaching-a-new-stage-of-development/   











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    March 29, 2021, 08:01:52 AM
     #609




    EDC Blockchain Q&A. Everything You Need to Know About Staking and Validation

    Hello everyone!

    Today we have compiled a selection of questions and answers detailing EDC Blockchain  validation and staking services, which are possible thanks to the use of the PoS consensus mechanism. You don't need to buy expensive mining equipment like Asics or video cards to generate new coins. It is enough to have an EDC Blockchain wallet and stake your coins, receiving daily rewards.

    How to generate EDC coins daily?
    1. Open the staking section in your wallet https://wallet.blockchain.mn/staking
    2. Enter the number of EDC coins you want to stake (from 300 EDC)
    3. Select the staking period (>12 months)
    4. Click “Stake” at the bottom of the page.
    5. Click “Confirm”.

    Done! You will start receiving daily rewards at the next maintenance-time! When the staking period expires, your coins will also be returned to your balance.

    How to become a witness?
    1. You need to burn 20,000 EDC to get Rank 3 https://wallet.blockchain.mn/ranks.
    2. Wait to receive the main node.
    3. Follow the Rank 3 activation at the same link https://wallet.blockchain.mn/ranks.
    4. After activation, click “To Witness” or follow the https://wallet.blockchain.mn/witness.
    5. Buy a server with the characteristics indicated in the tab.
    6. Click “Send a Request”
    7. Carefully read the instructions and install the node on the server.
    8. Contact support and check the server.

    Unlike users who stake their coins and receive rewards for this, witness accounts (validators) participate in supporting the entire EDC blockchain by deploying their own node which confirms the blocks. For their work, the witness receives daily rewards for the blocks confirmed plus an interest of transaction fees.


    How to get rank: https://blockchain.mn/ranks-and-coin-burning-tool-added-to-edc-blockchain-wallet/

    How to become a witness: https://blockchain.mn/how-to-become-a-witness-account-and-deploy-a-node/


    What is my reward when I become a witness, and for how long do I become a witness?
    You can create a witness account for the period of 12 months. Witness accounts (validators) have the opportunity to receive an annual reward of 36% of the stack amount, which is accrued daily, plus 10% of all commissions distributed among all active validators.

    I want to stake coins, but the system doesn’t allow me.
    The minimum staking amount is 300 EDC.


    Send us any questions you are interested in – from technical to media proposals, leave feedback, provide recommendations and suggestions by email or in the official chat on Telegram. Get answers from our developers faster!










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    March 30, 2021, 08:31:51 PM
     #610




    Bonus for the Most Active Users of Social Networks!

    Every day, our support team receives questions from new members who do not know how to use their coins, while some of them have heard about EDC Blockchain only by word of mouth.

    In this regard, we are announcing a COMPETITION thanks to which new members of the EDC Blockchain community will be able to learn more about the EDC coin, while the most active ones will be rewarded with bonus coins!

    Conditions of the competition are the following:
    1. Subscribe to the EDC Blockchain YouTube channel and put a like on this video “What is EDC Coin?”




    2. Share this video on your social media channels (e.g. YouTube, Instagram, Facebook, Twitter, Weibo, etc.). The more you share, the more likely you are to become a winner and receive a bonus!

    3. Make screenshots of your reposts and send them to the support service by email support@blockchain.mn or to the Telegram account @edc_support.

    4. The competition starts on March 29, 2021, 14:00 (UTC) and ends on April 5, 2021, 14:00 (UTC).

    5. TOP-3 winners will be determined by the number of largest reposts the next day after the end of the competition!

    For example, if you make a repost to all the indicated social media, then you have a greater chance of winning than if you shared the video in only one social media!


    How rewards are distributed:
    1st place. $20 in EDC equivalent at the current exchange rate
    2nd place. $20 in EDC equivalent at the current exchange rate
    3rd place. $20 in EDC equivalent at the current exchange rate

    * Participants suspected of fraudulent activity, namely, the use of multi-accounts or failure to fulfill one or more conditions, are automatically excluded from the competition.

    ** EDC Blockchain reserves the right to change the conditions of the competition at any time if necessary.

    Good luck to everyone!











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    April 05, 2021, 06:46:59 AM
     #611




    How the EDC Blockchain Community Develops in 57 Countries

    We have collected information about the EDC Blockchain community from participant polls conducted in March this year. You will find out in which countries the EDC Blockchain community is developing, where are the most active participants located, on which exchanges it is better to purchase and exchange coins, and what platform functionality is used most often.

    More than half of EDC users stake their coins

    We found that 63% of users prefer staking their EDC coins. The rest of the participants trade coins on exchanges and participate in trading contests (14%), use coins in their business to accrual/receive bonuses and provide discount certificates (8%), create new tokens on the EDC blockchain (5%) or hold them for the purpose increasing the value of the coin or using it in new developments. 


    [/url]


    The EDC Blockchain uses a Proof-of-Stake consensus algorithm that requires staking coins to generate new coins and distribute rewards to users participating in staking.

    Thus, even having minimum EDC coins, you can stake them, and it will work for you, bringing you daily rewards.


    The most active users of the EDC coin are in Latin America

    Over the years, our community has expanded to cover all continents and almost all countries in the world. We used to think that participants are located in ~ 57 countries, but according to statistics and support requests, this figure is higher.

    The survey showed that the participants who are most active and interested in the project are located in Latin American countries, such as Venezuela, Colombia, Panama, Peru and others (26%). Their activity is determined both by participating in supporting the blockchain through validation, storing coins in staking, and participating in discussions and contests on social networks. Indonesia ranks second (19%), followed by Nigeria (13%).


    [/url]


    * It should be noted that only the countries with the greatest activity were indicated in the survey, as it is impossible to fit absolutely all the countries of EDC presence, so the rest ones were included in the “Others”.

    The active use of EDC and other coins in Venezuela can be explained by the unstable economic situation in the country, while after the quarantine, the number of cryptocurrency transactions in the country increased. People are looking for alternative sources of income, and cryptocurrencies and blockchain are one of the available ways. So, EDC Blockchain offers all the tools for creating a business from scratch or developing an existing one.

    The number of wallets registered by users exceeds 1.3 million, and about 300 transactions are carried out by participants per day, including sending/receiving coins, creating check codes and red envelopes, making anonymous transactions and transferring from/to exchanges.


    [/url]



    The main trading turnover takes place on Bit-Z

    EDC coin is available on several trading platforms – the full list can be viewed here. You can buy EDC with Bitcoin or USDT, depending on the exchange.

    58% of respondents answered that they exchange their coins on Bit-Z. This exchange has a headquarter in Hong Kong and has been in the market since 2015. Users appreciate fast registration, ease of order creation, security system and quick response from the operator (in English). See detailed instructions on how to deposit/withdraw EDC coins.

    STEX is another exchange convenient for trading EDC coins. Benefits include a user-friendly interface, availability on both Android and iOS apps, and the ability to buy cryptocurrency with bank cards. 6% of traders voted for Stex.


    [/url]


    The number of cryptocurrency users in the world has doubled to 106 million compared to last year. Fears about cryptocurrency adoption are slowly fading away. Despite the bans in some countries, most are planning to find a regulatory solution or create national digital currencies.

    For example, Japan wants to start developing a yen-pegged token; the Bank of Russia believes that the crypto-ruble backed by the fiat ruble will improve the financial system of Russia; The Bank of Thailand announced the legalization of stablecoins this year.

    This will contribute to even more active development of the community and ubiquitous use of EDC Blockchain platform tools, such as staking service, coin constructor, payment functionality, tools for entrepreneurs and own coin, which is not available in any other blockchain anywhere in the world.     











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    April 07, 2021, 04:13:29 AM
     #612




    Q&A: Creating Tokens on the EDC Blockchain, Packages, and Mining

    The Q&A on “Everything you want to know about EDC Blockchain” continues! This time we will answer common user questions about the coin constructor and creating tokens on the EDC blockchain.

    How can I create my own coin using the coin constructor?
    1. Open the "Coin Constructor" section in your personal EDC wallet https://wallet.blockchain.mn/asset_constructor
    2. Choose any of the three packages: Basic, Plus or Premium, depending on the features your token will have.
    3. Specify all the required characteristics and click "Create coin".
    4. Your coin will be added to the list of coins created on the EDC blockchain in the EDC Blockchain mobile application so that other participants can also make transfers. You can add any coins to your favorites for your convenience.




    What is the difference between Basic, Plus or Premium packages for creating coins?

    Each entrepreneur can create their own coin using the constructor – from a simple token for a low-turnover business to a full-fledged cryptocurrency with advanced features, therefore, in accordance with this, choose a package with the necessary characteristics.

    Basic Package. It allows you to create a coin, give it a symbol and provide it with description. The characteristics present in this package make it possible to create a nominal token or a token for a small turnover.

    Plus Package. It gives you the opportunity to change the issue of coins, premine, as well as to set the characteristics of the coin, such as the symbol and description.

    Premium Package. Allows you to create a full-fledged cryptocurrency based on the PoS mining algorithm, fully configure all characteristics, and also set all the necessary parameters. This is an advanced solution for more serious projects.

    What do you need to activate mining? What is the minimum transaction amount?

    Mining on the platform only works for tokens created using the constructor. The Orange wallet is currently open, so receiving mining is valid in it. Green wallet was opened for a certain amount of time and ended the current mining session (as an example, the wallet was disconnected from the network due to the loss of connection to the Internet).

    I want to delete my wallet. How can I do it?

    It is impossible to delete the wallet.

    Send us any questions you are interested in – from technical to media proposals, leave feedback, provide recommendations and suggestions by email or in the official chat on Telegram. Get answers from our developers faster!











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    April 11, 2021, 10:37:57 PM
     #613




    Important Issues About Securing Your Wallet You Want to Know

    We will talk about what a user of the EDC Blockchain decentralized platform needs to know in order to securely manage their coins, store them in a wallet, as well as exchange them for other coins.


    How to deposit my EDCs to exchanges?

    Partner exchanges where you can exchange or buy EDCare available at https://blockchain.mn/exchanges/. To make an exchange on Bitz, follow the detailed instructions Purchase-Sale-BIT-Z-EN.


    My wallet is blocked. How to unlock it?

    In the EDC Blockchain system, as in many networks, there are no locks. At the time of launching the coin, an algorithm that analyzes the user's activity was added to the system. In case of suspicious activity, the account is deactivated in order to prevent any fraudulently and provide users with only secure access. You need to fill in the data in your profile and contact support to activate the wallet.


    How to get the wallet's brainkey if I lost it?

    It is impossible to restore brainkey. We recommend that you carefully write down 16 code words when registering a wallet and store them in a safe place.


    I try to enter my wallet, but I see an error: “brainkey does not contain any accounts”. What can I do?

    If you see the error message “brainkey does not contain any accounts” highlighted in red at the bottom of the screen, it indicates that you are logging in unsafely or that you made a mistake when entering the code words that your brainkey contains. Check the connection, as well as whether you enter the code words correctly, and correct the error. Unfortunately, it is technically impossible to recover the brainkey or provide you with full access to your account if the brainkey is lost.


    I forgot my password. Help me restore it.

    To change your password, you must log out and log back in.

    Note. You can create different passwords each time you log into the wallet. The likelihood that access to your account can be compromised with a password is almost zero, while anyone who has access to your brainkey can get into your wallet.


    I sent a transaction, but forgot to enter a MEMO. Can I roll it back?

    MEMO is used to transfer funds to the exchange. To transfer your funds to your exchange account, you need to find a transaction in your wallet and contact the exchange support. It is important to specify the hash of the operation, for example #1.11.123456789.


    I created a wallet but didn't save my brainkey. How can I restore my brainkey if I’m still logged into the wallet?

    To restore brainkey use this link https://wallet.blockchain.mn/settings. Go to the “backup” field and enter your wallet password. Your key will be displayed on the screen. Store it in a safe place.

    Send us any questions you are interested in – from technical to media proposals, leave feedback, provide recommendations and suggestions by email or in the official chat on Telegram. Get answers from our developers faster!











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    April 15, 2021, 12:00:03 AM
     #614










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    April 19, 2021, 06:38:52 AM
     #615




    You Ask – We Answer!
    Validator Benefits, Staking Duration, Coin Supply.

    Dear users,
    In this release you will find answers to frequently asked questions such as: what work validators execute, how long coins are stacked for, and how to arrange an offline store.


    I have staked my coins. How do I know how much time is left until the completion of the staking period, and when the coins will be returned to my balance?

    To check your staking balance, as well as the time remaining until the completion of the staking period, visit here https://wallet.blockchain.mn/staking 


    What benefits do I get after I become a witness?

    Witness nodes participate in supporting the blockchain by generating new coins and confirming transactions. The witness instead receives part of the generated coins as a reward for their work. Additionally, the witness receives a bonus from transaction fees, which is divided among all witnesses. You can find detailed information here https://blockchain.mn/how-to-become-a-witness-account-and-deploy-a-node/


    How many coins will be issued? How many coins are in circulation?

    The maximum coin supply is 100,000,000 units. You can check the total supply in the block explorer following the link https://explorer.blockchain.mn/


    I have an offline store, can I accept EDC?

    You can accept EDC coins as a means of payment in HoReCa (restaurants, cafes, hotels). Let your visitors know about the possibility of paying with the coin by adding an EDC Blockchain banner to your shop window or at the reception. You can download the banner here.

    Send us any questions you are interested in – from technical to media proposals, leave feedback, provide recommendations and suggestions by email or in the official chat on Telegram. Get answers from our developers faster!











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    April 25, 2021, 11:30:25 PM
     #616

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    April 27, 2021, 02:41:03 PM
     #617




    EDC-20 (ERC20) Migration to Binance Smart Chain

    Dear users,

    We are glad to announce the migration of the EDC-20 of the ERC20 standard to the Binance Smart Chain (BSC) so that all EDC Blockchain users will be able to receive and send the BEP20 tokens in a few seconds with lower fees. The token will receive the ticker “EDCb”.

    After the completion of technical work, we will additionally inform you about the functionality of the decentralized smart contract, in which you can conduct transactions with the token.

    Migration Terms
    1. Soon, the BEP20 token will replace the ERC20 token in a 1:1 ratio.
    2. The "Exchange" section is being replaced by the "Finance" section. You will be able to store EDC-20 (ERC20), EDCb (BEP20) and BNB in the Finance section.
    3. Each user will receive an individual address in the BSC network to be able to store and make transactions with EDCb (BEP20) and BNB using the EDC Blockchain wallet https://wallet.blockchain.mn.
    4. When conducting transactions with the EDCb (BEP20) and BNB tokens, users pay for gas using BNB from their wallets.
    5. The swap date will be announced in future releases.
    6. The restrictions on transactions, including the transactions with the use of EDC check codes, are removed. Users are able to send coins in any amount.

    Benefits of Migration
    1. On the BSC platform, transaction processing takes only about 3 seconds thanks to the small block interval time, which allows users to receive and send EDCb tokens faster compared to the Ethereum network.
    2. BSC provides lower transaction fees starting from 1 cent.
    3. BSC is created for decentralized finance (DeFi) and applications (dapps), which will expand the scope of the EDCb token.
    4. The BSC platform is designed to work with smart contracts thanks to its compatibility with the Ethereum virtual machine. This allows our developers to transfer the token created on the Ethereum network into the BSC system.

    Since there is a scaling problem in the Ethereum network that has led to high transaction costs, Binance Smart Chain is the most profitable and promising blockchain for both developing and conducting transactions with the EDCb token, given the impressive number of users, trading volumes and improved capacity.

    Thank you all for your support. News about token swap will be available soon.











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    May 07, 2021, 06:34:36 AM
     #618




    Bitcoin Transaction Fees Have Increased By 400%. But Why Pay More?

    Bitcoin transaction fees totaled $62 at the end of April, setting up a new record in history. In early April, the cost of one transaction reached $15- $16, while the previous fee maximum of ~$55 per transaction was observed only in December 2017.




    Since the bitcoin network uses a proof of work algorithm, bitcoin users need to pay commissions to miners to confirm transactions. The higher the commission, the faster miners are interested in processing your transaction and including it in a block.

    The user is faced with a problem, whether to pay a small fee and wait for the operation to be carried out within a few hours, or even days, or pay a high fee (sometimes exceeding the transfer amount) so that the miners can process it faster.

    What is Proof of Work for?

    When Satoshi Nakamoto created Bitcoin, he needed to find a way to confirm transactions without resorting to third-party in order to maintain decentralization. Proof of work turned out to be the model thanks to which the blockchain can reach consensus, only valid transactions are confirmed, and fraudulent activity is excluded, such as spending the same funds twice.

    However, when using PoW, the system needs a significant amount of electricity, while there is a limit on the number of transactions that it can process simultaneously. When you send a transaction with bitcoins, it takes the network from 10 minutes (up to several days during the high workload) to confirm it. Only about 7 transactions can be processed per second.

    For example, if you transferred funds in the amount of $20 this month, then the fee that had to be paid to miners additionally would be from $15 to $62, depending on the network workload. Not everyone can afford to pay commissions from 75% of the transfer amount.




    Is there an alternative?
    The decentralized EDC Blockchain platform uses another consensus mechanism – delegated proof of stake. PoS solves the scalability problem. Because each block is confirmed without the need for large electricity amounts, growing computing power and other resources, all transactions are executed quickly at every stage of the network evolution, without paying expensive fees.

    How it’s occured in EDC Blockchain:
    Block confirmation speed: ~2.5 seconds 
    Transaction sending/receiving speed: up to 5 seconds 
    Fee: up to 0,75%, upon reaching Rank 3, the commission is 0%

    That is, if you made a transfer in the amount of $20 in EDC coins to a friend, the fee would be only 15 cents, which is significantly lower than in the Bitcoin network. Since there are no miners in the EDC Blockchain PoS network that process transactions in turn, depending on the commission, you can be sure that your friend receives funds within ~5 seconds regardless of the fee and network workload.

    In PoS networks, the function of processing transactions is performed by validators. You can read about how to become an EDC Blockchain validator and earn additional rewards in this article.

    Why PoS?

    1. The idea behind using the Proof of Stake mechanism in the EDC Blockchain system is that validators maintain security by playing by the rules. If the validator breaks the rules, for example, tries to hack the network or process questionable transactions, they will lose their reward and will be excluded from the Witness Account Committee.

    2. In the EDC Blockchain PoS system, every user who does not have expensive powerful equipment can participate in the consensus and receive a reward. You can contribute to the maintenance of the network by staking your coins and receiving a reward proportional to the amount you sent. In PoW systems, only those who purchase powerful hardware equipment like the Asic are more likely to receive mining rewards.

    3. With a PoS solution, you don't have to pay large amounts of electricity to confirm transactions. You can install your node on a computer that does not consume a lot of electricity, compared to mining equipment.

    4. PoS is more resistant to the well-known 51% attack. To carry out a 51% attack on the EDC Blockchain system, a hacker would need at least 51% of the total volume of coins in circulation. If a hacker buys this amount, the value of the coin will increase significantly, and as a result, they will spend more money on the purchase than they will receive from the attack. If a breach was found, they would also lose all of their earned rewards.

    5. Since the threshold for entry is very low (only 300 EDC coins), any user with this amount or more on their balance can participate in staking, receiving rewards every day.

    If you are new to the EDC Blockchain community, you can set up the free EDC Wallet here. For all questions, please contact our technical support specialists here or write to us in the Telegram chat.











    via https://blockchain.mn

  • whaleridingperson
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    May 07, 2021, 01:05:46 PM
     #619
    Quote from: simpsons_support on April 25, 2021, 11:30:25 PM
    https://i.imgur.com/t06G9Jj.png

    OMG WOW the price increase for EDC is insane. Not really, here's why ...

    EDC prior to the latest rebrand carried out a denomination by 1000. You had 1000 EDC previously, you now have 1 EDC.

    EDC was trading at $0.003 - $0.005.   1000 EDC @ $0.003 = $3

    Now your 1 EDC (which was 1000 EDC) after the denomination is worth $0.02

    You've lost 99% of your EDC portfolio value. And the sad thing is, even in this amazing bull market of all time highs, EDC is declining day by day.

    The price after the denomination should be at least $3 a coin, in this bull market and adjusted accordingly, double or triple digits. You can see why $0.02 is a slap in the face.

    I posted many months ago about promises and announcements of new and great exchange listings, nothing has happened, no reconciliation with Yobit, who EDC need to have any volume or worth. The staking returns since that time have drastically reduced.

    Combine all these factors together and you can quickly see the EDC team screwed the users and investors. Their only hope is to pull stunts like this post I've quoted which when the details are laid out are sickening and a mockery.

  • simpsons_support (OP)
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    May 10, 2021, 06:58:33 AM
     #620
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