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F.A.Q.

What is EDC Blockchain?

EDC Blockchain is a blockchain platform that provides various tools to help entrepreneurs develop small and medium-sized businesses, advanced functionality for conducting transactions, and the ability to receive additional rewards via staking. The EDC blockchain is managed in a decentralized way by attracting independent validators to support the network and provide everyone with the opportunity to participate on equal terms.

What is the mission of EDC Blockchain? 

Our mission is to simplify the daily life of every user and provide the tools to fulfill their needs. 

How does the EDC decentralized blockchain work? 

At the first stage of switching to decentralization, each member of the EDC Blockchain network can deploy a node and become a witness. Witnesses receive a reward for deploying a node on their server and processing transactions. The need to verify operations by attracting validators makes it possible to conduct only legitimate transactions. 

The transition to the public blockchain will take place at the second stage. After verifying the work of the witness nodes and voting for the inclusion of their nodes by an independent committee, users will get the opportunity to vote and make decisions, while continuing to be rewarded for the work of their nodes.

What are the advantages of EDC Blockchain? 

● Transaction speed is up to 5 seconds thanks to the use of Graphene technology;
● The opportunity to be involved in the staking service and receive staking rewards;
● Сreating coins and tokens for small and medium businesses using the coin constructor;
● Using EDC coin as a bonus coin in loyalty programs;
● Blockchain support by validators that ensure the decentralization of the network and the reliability of transactions;
● EDC Blockchain is actively introducing advanced technologies and making blockchain products available to everyone!

What is the technology behind EDC Blockchain? 

EDC Blockchain uses Graphene technology, which provides the ability to conduct up to 100,000 transactions per second, work with a few tokens at the same time, create a block every 3 seconds, and gives the opportunity to validators and other active participants to receive rewards.

What is a coin constructor?

With the help of a built-in coin constructor, you can create new coins, from a simple token for a small trade turnover to a full-fledged cryptocurrency with enhanced features. With the EDC Blockchain platform, you can tokenize and run businesses, develop startups and create new high-tech projects. You do not need any more powerful computing hardware and advanced programming knowledge for this, as the special code will reliably protect your digital assets, while free access to the currency will be provided with a client and a wallet. Assets created on an EDC blockchain can be traded or stored as permanent assets.

What kind of ready-made package solutions for creating a cryptocurrency does EDC Blockchain provide?

EDC Blockchain offers ready-made package solutions for creating a cryptocurrency. You can choose one of the following packages – Basic, Plus, or Premium – depending on your budget.

Basic. You can create a coin, give it a symbol and a description. The characteristics included in this package make it possible to create a nominal token or a token for a small turnover.

Plus. It gives you the opportunity to change the emission number, premine, and set the characteristics of the coin, such as the symbol and description.

Premium. You will have the opportunity to create a full-fledged cryptocurrency, fully configure all the characteristics, as well as set all the necessary parameters! This is an advanced solution for serious projects.

Why was the DPoS algorithm chosen? 

The EDC Blockchain uses the DPoS (Delegated Proof of Stake) consensus algorithm, which makes coin holders the main players in the blockchain network. Each user can be involved in the staking service and receive a bonus in proportion to the staked coins. Stakeholders are responsible for the selection of witnesses who are tasked with verifying transactions and validating blocks. Since no organization can control the entire DPoS system, it is still the most decentralized blockchain. 

What is staking? 

All EDC Blockchain coins are either in circulation or staked. Staking is the process of storing coins in a personal wallet, with the help of which new coins are generated. Each stakeholder receives a daily reward, depending on the number of staked coins. 

How can I be involved in EDC staking? 

Staking, unlike mining, does not require buying farms, spending a huge amount of electricity, and other specific skills. The main requirement for the owner of the coins is to keep the coins in their wallets. After coins have been staked, nodes start generating new coins, rewarding stakeholders with a daily bonus in proportion to their contribution. Each person determines the staking amount – the larger the stake, the greater the reward. After the staking period expires in 365 days, your coins are returned back to your balance.

What are the benefits of stakeholders? 

● You do not need to keep your wallet open or even use powerful computing capacity to receive staking rewards (if you are not a node); 
● No need to invest in expensive equipment to mine new coins;
● Staking through DPoS makes it possible to eliminate double spending and ensure the security of the system;
● This is a great opportunity even for owners of a small amount of coins to receive stable bonuses.

What is the role of the witnesses? 

A user who is involved in a staking service has the right to be a witness (Witness, Witness Node, Validator, Block Producer) by fulfilling certain conditions. Witnesses are responsible for reaching consensus in the process of creating and validating new blocks, for which they receive a daily reward. If the witness is ineffective, they will be quickly removed and replaced by another witness, thus ensuring a smooth network operation.

How can I deploy a node and become a witness? 

You can find detailed instructions in this article: https://blockchain.mn/how-to-become-a-witness-account-and-deploy-a-node/ 

What do I get as a witness? 

All active EDC Blockchain witnesses receive a daily reward for each confirmed block plus an additional reward from the transaction fees, which is distributed equally among all witnesses. 

What is the EDC Coin? 

Bonus utility coin EDC (Every Day Coin) is a coin for every day that gives users access to the platform's products and its all additional features. 

Where can I use the EDC coin? 

EDC coin is used in a few ways: 

● As a bonus coin for staking service users;
● As a tool for holding loyalty promotions, bonus programs, gift certificates, and bonus accruals by entrepreneurs;
● As an exchange tool for goods and services in HoReCa, eCommerce, and the sharing economy;
● Trading on liquid exchanges (https://blockchain.mn/exchanges/). 

What is the EDC emission? 

100 million EDC coins will be issued. To maintain a stable exchange rate and a natural shortage of EDC coins in the market, a burning mechanism is implemented in the system. The burning process reduces the number of EDC coins by removing a certain number of coins from circulation. 

How can I burn a coin, and why is it necessary? 

You can burn coins by sending your coins to a special burner account, from which it is impossible to withdraw any assets. Currently, this is a coin-burner account. Each user can transfer the required number of coins to this account https://wallet.blockchain.mn/ranks to deploy a node, or any number of coins, thus contributing to the creation of a coin shortage, increasing value, as well as contributing to the support of the EDC blockchain. When sending transactions to a burner account, the commission is 0%.

How can I transfer a check code or a red envelope? What are anonymous transactions?

With the “check code”, you generate a special code containing a certain number of coins and indicate the time during which the recipient can use the code and receive funds. Just select “Checks” when sending transactions. If you want to send the code to several recipients at once, use the “red envelope” by selecting “reusable check code”. These tools are used as bonus rewards in promotions, loyalty promotions, contests, and paying out salaries. If you want to keep privacy when transferring coins, enable “Anonymous transaction”, and the recipient will not see your name wallet.

What opportunities does the EDC coin offer in the real economy?

Over 1.3 million EDC wallets are registered in the EDC Blockchain system by users from Latin America, Africa, Europe, and Asia. The EDC coin will be integrated into numerous retail outlets around the world, while each user can connect the coin to their business. You can use banners https://blockchain.mn/banners.zip for outdoor advertising and attract more EDC coin users in your area.

What is the sharing economy? How is EDC Blockchain evolving in this direction? 

Sharing economy is an economic model of joint consumption or collective use of goods or services without mandatory ownership. Development in this direction will greatly facilitate the life of users and make it more convenient and comfortable. Thanks to this model, users will gain access to sharing services and participate in the international EDC Blockchain loyalty program, earning rewards and exchanging their bonuses for the services provided. 

What are the EDC Blockchain goals? 

You can familiarize yourself with the goals of the project by visiting the page https://blockchain.mn/home/ and seeing the current roadmap.

I have not found an answer to my question / I have a partnership proposal 

You can always ask your questions or send us an offer by email [email protected] or in our official Telegram chat https://t.me/edcblockchain1.

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