Ranks and Coin Burning Tool Added to EDC Blockchain Wallet |

Ranks and Coin Burning Tool Added to EDC Blockchain Wallet

Dear users!

We inform you that starting from October 21, 2020, 17:00 (GMT + 8), EDC Blockchain wallet updates include the following:

  • Ranks have been added for switching to a witness account and having the ability to reduce the amount of transaction fees in the EDC Blockchain network;
  • Coin burning tool has been added to increase the rank;
  • A counter has become available to track the number of burnt coins.

What users get

  • Fees for all transactions on the network, including regular, anonymous, and transactions with “check-codes”, will decrease with each increase in rank;
  • Upon reaching Rank 3, no commission is charged;
  • A user may or may not have a rank depending on their activity;
  • By default, the user receives Rank 0 with the option to pay commission in accordance with the blockchain settings;
  • When a user reaches Rank 3, they have the opportunity to deploy their own node, become a witness, and receive an additional reward for confirming blocks by their node, as well as a reward from the commission from all transactions in the network;
  • You can view the deployment and configuration instructions at https://wallet.blockchain.mn/witness after you reach Rank 3 and switch to a witness account;
  • News about the transition to the decentralization phase will be regularly posted in the official EDC Blockchain media.

How the commission is calculated depending on the rank

How to increase your rank

  • The rank is calculated based on the number of coins burned over the entire time.
  • A coin-burner tool was implemented in the wallet. By sending a certain amount of EDC coins to the coin-burner account, the coins are irrevocably removed from circulation, helping the user increase their ranks.
  • By increasing your rank, you get the opportunity to become a witness account and reduce the commission for all transactions.

Number of coins to burn to reach ranks

EDC Blockchain wallet updates make it possible for all active users to develop and receive rewards in return for their activity. The more coins are burned, the higher your rank, and the lower the commission. Plus, this provides better conditions for creating a shortage of EDC coins which increases its value. Ranking up has a decentralized approach which helps motivate users switch to witness accounts and validate blocks for additional rewards.

If you have any questions, please, contact the EDC Blockchain support team.

Be with us and stay updated!