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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #435 on: April 07, 2021, 06:15:45 AM »




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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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #435 on: April 07, 2021, 06:15:45 AM »

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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #436 on: April 12, 2021, 12:38:08 AM »




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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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #438 on: April 19, 2021, 08:39:01 AM »




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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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #439 on: April 26, 2021, 09:35:42 AM »

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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #440 on: April 27, 2021, 04:41:18 PM »




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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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #441 on: May 07, 2021, 08:34:46 AM »




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.











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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #441 on: May 07, 2021, 08:34:46 AM »


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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #442 on: May 10, 2021, 09:02:51 AM »

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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #443 on: May 12, 2021, 03:21:20 PM »




Expanding the EDC Blockchain Network to 51 Validators


Dear users, we are pleased to inform you that the number of active validators (witnesses) in the EDC Blockchain network have increased to 51 nodes. At the moment, all 51 witness nodes are functioning and generating daily income for their owners.




Each member of the staking service can become a validator and receive a reward for confirming transactions and forming blocks in the blockchain. The validator's reward is 0.5 EDC per block plus an additional accrual from commissions for operations performed on the platform, distributed among the validators in equal proportions.

You can read the detailed instructions on how to open a node and become a validator here: https://blockchain.mn/how-to-become-a-witness-account-and-deploy-a-node/


About EDC Blockchain

EDC Blockchain is a decentralized platform specializing in the development of blockchain tools for entrepreneurs and various loyalty programs for users, as well as provides the opportunity to participate in staking services. The immediate goal of the platform is to expand the set of validators up to 100 nodes, which will help ensure a higher level of decentralization, create a coin shortage through burning and provide the possibility of moving to the next stage – creating a public blockchain, in which validators vote on important decisions and increase of the rewards.











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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #444 on: May 14, 2021, 03:46:07 PM »

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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #445 on: May 18, 2021, 09:58:12 AM »

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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #446 on: May 24, 2021, 11:04:51 AM »

[EXCHANGES]





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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #447 on: May 28, 2021, 10:42:46 AM »




FAQs Has Updated


Dear users,

We have updated the FAQ section so that you can easily find answers to popular questions and familiarize yourself with the EDC Blockchain technologies.

Major changes are the following:

1. Sections on decentralization and witness opportunities, as well as creating a node to participate in the network have been added.

2. The directions in which the project will develop, namely, the creation of sharing services and an international loyalty program for the community, are expanded.

3. Information about the possibility of participating in the staking service and receiving daily bonus accruals has been added.
You can check the updated FAQ section here.










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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #448 on: May 31, 2021, 10:46:30 AM »




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Re: [ANN] EDC Blockchain - global platform with its own cryptocurrency
« Reply #449 on: June 07, 2021, 09:34:02 AM »




 

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