Edgeware: The Way forward for Constructing Blockchain Communities – Blockonomi
More than a decade since the birth of the smart contract, the advent and development of blockchain technology has made it applicable and more efficient in realistic applications. Now Edgeware is taking smart contract technology to the next level.
Ethereum laid the foundation for the establishment of smart contracts on the blockchain. The smart contract, which has become popular with Ethereum, has given people around the world the opportunity to create complex smart contracts for a variety of applications.
Smart contract projects and tokens within the Polkadot system are of great interest to crypto enthusiasts. Edgeware (EDG) is one of the most promising new projects in a long time, leveraging some of the most powerful new technologies to impact the crypto markets.
What is Edgeware?
Developed by Commonwealth Labs – a San Francisco-based token management company, Edgeware is a powerful peer-to-peer smart contract platform within the Polkadot ecosystem.
The core technology behind the blockchain is a combination of proof-of-stake consensus protocol, on-chain identity, governance interface and various outstanding technologies.
Polkadot is known as a network of chains (parachains) with extensibility and interoperability features.
Each group of parachains takes control of financial and resource issues. Edgeware offers the most efficient and easiest way to deploy smart contracts within the Polkadot system.
The project aims to increase acceptance in the community, with 90% of Edgeware’s tokens being issued to all crypto investors via the “lockdrop” method. It is understandable that this method is to use ETH to create EDG coins.
A new way of making connections
As a leading project that was built and developed on the Polkadot network, Edgeware offers a used infrastructure with the aim of supporting other blockchain systems in operating in the most efficient and secure environment and providing the basis for an easy and secure exchange of information between these systems create.
The project also creates a space for programmers to create DApps, protocols and DAOs on the Edgeware platform.
While users who participate in Lockdrop will have a say in the future of the network, their decisions will have an impact on network upgrades. In return, users receive rewards from contributions to the network.
The project does not limit its ability and ability in building a user-friendly smart contract blockchain.
In addition to creating a new crypto ecosystem, the focus is also on delivering a number of benefits to the participants. However, interested parties can participate and contribute with no leaked identity concerns, regardless of whether they use their real name or remain anonymous on the platform.
Edgeware network functions are based on two key components: coder and user.
Encoder: Coder can be seen as the core element in building and operating the DAppS (in other words, the role is similar to that of developers). With Coder, Edgeware can improve operating conditions while Coder has more room to grow in return.
User: The user is the core component that determines the evolution of the system during its operation. Users are those who vote, authorize, and subsidize technology upgrades used in the system through the DAO while the system votes cryptographically and economically.
Users in the Edgeware system have a certain role with benefits represented by the governance mechanisms and the lookdrop token distribution mechanism (the token distribution mechanism works by using ETH to generate coins).
Users who participate in the lockdrop have certain roles and benefits represented by the governance mechanisms and token distribution that serve to improve the system. Your contributions give them the opportunity to receive rewards from the system.
A number of functions
Edgeware’s smart contract is built into many different languages such as C, C ++ compilers, Rush, and Wasm.
What makes Edgeware stand out is that their interface for serving smart contracts supports tables that are linked to other strings to make programming easier for developers.
The protocol also focuses on addressing the common problems within consensus systems, such as the problem of nothing at stake.
Edgeware uses the GRANDPA Proof-of-Stake Protocol to optimize the system. Users in the network have the full right to vote, delegate and fund each other in order to update the network.
In addition, there are a few key highlights, including:
Premier Smart Contract on Polkadot
Edgeware has been the fastest, most convenient bridge for other projects to be deployed on Polkadot since Polkadot was operational.
Development on parity substrate
Substrate offers a blockchain infrastructure with the essential building blocks that are needed for growth. This enables Edgeware to implement smart contracts, DeFi applications and administrative network elements in the system.
Nominated Proof of Stake Consensus Protocol
Edgeware uses the Nominated Proof of Stake (NPoS) protocol to optimize the system. Every user is entitled to take part in votes, delegate responsibility and mutually finance each other.
Each block lasts 5 seconds, this period is considered moderate in order to ensure network latency and to keep the processing speed of large transaction volumes stable.
Edgeware Token (EDG)
EDG is the official token of the Edgeware infrastructure platform. EDG was launched in the form of Lookdrop. Edgeware launched the mainnet in February 2019.
Edgeware Coin Basics (EDG)
- Blockchain: Edgeware
- Token Type: Utility Token
- Total offer: Unlimited
- Current delivery: 5,467,988,804 EDG
With an initial delivery of 5 billion tokens, EDG will be divided into five parts by the development team with the following ratio:
- 90% of the EDG tokens that are distributed to ETH holders via the public lockdrop method
- 4.50% of EDG tokens are used for Commonwealth Labs
- 3.00% of the EDG tokens for the development of Parity technology
- 2.50% of the EDG tokens as a reward for strategic advisors
With the aforementioned token allocation, it’s easy to find out that there won’t be an ICO funding round. However, Commonwealth Labs successfully raised $ 2 million from a confirmation.
Token release schedule
Here are the details of the token release schedule:
- Lockdrop: The Lockup EDG token distribution applies to participants who lock their ETH for 3, 6, 12 months after the mainnet project. Those who only participate in “Signal” (unlocked) receive 25% of the EDG after the mainnet, the remaining 75% are released after 1 year on the mainnet.
- Commonwealth Labs: No Unlock Schedule
- Parity technologies: no unlock schedule
What is Edgeware (EDG) used for?
EDG is the token that enables the Edgeware framework, so its usage varies. Here are some of the ways EDG is used.
With EDG, users have the right to vote for future changes or improvements within the system as well as participate in the management of project activities.
EDG owners who participate in EDG staking through confirmed transactions on the network can earn rewards from the project. According to the team, the current reward is 158 EDG / block.
Similar to other tokens, EDG will also act as a means of payment in upcoming applications such as DApps, DAOs and many more.
Edgeware Storage Wallet (EDG)
Based on the Polkadot ecosystem, users were able to store EDG tokens on the Polkadot network. In addition, they can store the tokens on a mobile wallet platform called Math Wallet, which supports EDG storage.
Edgeware is still in the early stages of its development, the future of Edgeware Coins (EDG) is bright if Polkadot works.
Edgeware will likely be the bridge to provide infrastructure for projects operating on Polkadot.
As a means of payment in the infrastructure, this leads to a sharply increasing demand for EDG. To learn more about Edgeware, please click here!