Dear users! We have successfully completed the first stage of the transition to a decentralized blockchain, which resulted in the implementation of the following tools in the EDC Blockchain wallet.
Rank module added
Users can now reach and increase their ranks by burning coins, thereby reducing the commission when transferring coins to any account.
Coin burning mechanism optimized
Payment of commission when transferring to the coin-burner is disabled. By sending EDC coins to the “coin-burner” account, users contribute to the creation of the coin shortage and get the opportunity to increase their ranks.
Witness accounts module released
After gaining Rank 3, the user can start supporting the network by deploying a witness node and receiving rewards for its work. This opportunity is provided in order to encourage active users and increase the resiliency of the EDC blockchain, which is necessary for the transition to the second stage of decentralization, that is, to create a public decentralized network and provide the opportunity to vote.
Transaction fees decrease with increasing rank
The higher the user rank, the lower their commission for all transactions in the network. After the rank module has been released, the maximum transaction fee that the user with the lowest rank should pay is 0.75%, while for the user with the highest rank it is 0%.
Our specialists are collecting and analyzing feedback on the use of the updated functionality and preparing for the release of mobile wallets for Android/iOS users. The mobile app update will include automatic calculation of transaction fees based on user rank.
If you have any questions or inquiries, don’t hesitate to contact our support service.