Opportunities for Witness Accounts, Reduced Commissions for Reaching Ranks and Updates in the Wallet |

Opportunities for Witness Accounts, Reduced Commissions for Reaching Ranks and Updates in the Wallet

Dear participants!

We inform you that EDC Blockchain follows the published roadmap and completes the planned technical processes to switch to the next level of publicity and decentralization of the blockchain.

The process is carried out in several stages, during which the following functionality is being introduced to increase user activity:

  • Deploying a witness node to receive rewards for the operation of nodes;
  • Distribution of fees for user transactions in the blockchain;
  • Introduction of ranks and reduction of commissions;
  • A coin burning tool for increasing rank;
  • Mobile wallet update to include ranks.

Rewards for witness accounts

We have completed the development of the witness accounts module and are preparing the functionality for the release. A reward module for witness accounts for block confirmation and distribution of user fees for transactions in the blockchain is currently being tested.

Upon completion of testing, users will be able to deploy their nodes on the EDC blockchain, thereby keeping it running. As a reward, each witness account will receive accruals for each block signed by their node and an interest of the system transaction fees made by all accounts.

Opportunities for obtaining ranks

A rank module has been developed that allows users to increase their rank by burning coins. What does the achievement of rank provide?

  • The commission for transfers of funds decreases with each increase in rank. There is no commission upon reaching the highest rank;
  • Upon reaching Rank 3, the user can deploy a witness node and take part in supporting the blockchain.

The functionality will become available in the EDC wallet for each user after testing. The amount of the commissions for each of the ranks, as well as the amount needed to obtain the corresponding rank will be announced before the launch of the rank mechanism.

Burning coins

A coin-burner tool is available on the EDC Blockchain platform, to which users send any number of coins to withdraw them from circulation. The burning mechanism provides a shortage of EDC coins and maintains the stability of the coin. You can check the burnt coins data in the EDC Blockchain Explorer.

How will the coin burn mechanism be optimized?

  • Users will be able to burn their coins by sending them to a coin-burner account to increase their rank and become a witness account, as well as to reduce transaction fees;
  • A counter to track the volume of burned coins to increase rank will be implemented in the EDC Blockchain wallet.
At the time of writing, users have burned over 8bn coins. Source: EDC Blockchain Explorer

Wallet updates

An update for mobile versions of Android/iOS wallets is being prepared, which will include the ability to get ranks. We are making changes to the fees calculation module, the amount of which will depend on a particular rank.

Thank you for being with us. Follow the news so you don't miss the releases!