Blockchain Technology and FinTechs
The blockchain Technology is cutting edge and revolutionizer in the financial tech industry. Its security is unprecedented as it has proven resistance to all form of brute-force attack and double spending. It has also provided a transparent ledger view which is not known amongst other Fintechs. Pseudo-anonymity is another advantage the blockchain has provided as one can see all transaction details of funds sent but one cannot determine the identity of the sender or receiver. The blockchain technology and cryptocurrency are effective for cross-border transactions.
One major flaw that the blockchain has been facing since forever is scalability. Bitcoin known as the father of all cryptocurrency can only process 12 transactions per second- TPS while Ethereum processes around 14Tps, this is awfully lower than what VISA processes in a second. If the blockchain will prove to be a truly first class innovation as it is viewed it has to deal with scalability issues.
Developers are not resting, every day, there are innovations to deal with this problem effectively. There are blockchain techs springing up which have dealt with scalability challenges of the blockchain among other problems. One of these EDC blockchain. EDC processes 100,000 transactions per second.
EDC seeks to proffer solution to the basic challenges of the blockchain while giving all –both rich and poor the opportunity to earn through its consensus algorithm. The EDC blockchain is also making it very easy for anyone to tokenize assets or launch start-ups as it promises to give full support to all tokens created on its platform.
EDC blockchain uses the Leasing Proof of Stake- LPoS consensus. This is like an upgrade of the proof of stake- PoS, as transactions are confirmed as a certain volume of tokens, are locked up in wallets (Masternodes). The algorithm also distributes block rewards according to the stake that is held by each wallet. In a PoS consensus token holders are rewarded according to their holding. Usually, there is a minimum amount of tokens that can be held by a user before they are qualified to be a master node and eligible for the holder’s reward. In an LPoS consensus, an opportunity is given to everyone. Users with a lower number of tokens can lease their holding to master nodes and earn a daily reward for the period of their leasing.
On EDC blockchain, users can lease as low as 100EDC tokens (worth 0.48-0.50$ at the time of writing) to get a 0.4% daily reward if one is leasing for a year. The developers opined that everybody should be given the privilege to participate and earn in a blockchain consensus. Sadly most blockchains today only the reward the rich and the tech geeks. For Blockchains like that of Bitcoin, which uses a Proof of Work consensus, you can only earn if you are rich and can easily understand the processes in mining. For other blockchains that use PoS, running a master node requires a lot of funds. Though there are Bitcoin mining farms that allow people to invest funds to give them daily returns, there are non with minimum allowable investment as low as that of EDC blockchain. Leasing on the EDC blockchain brings returns even when their wallet is offline.
All benefits of the LPoS consensus mentioned above are apart from the fact that PoS is eco-friendly, as it doesn't require mining as in the PoW blockchains like Bitcoin. To mining Bitcoin and other PoW algorithm blockchains, computers have to do complex calculations which require a lot of energy thus of an adverse effect on the environment. PoS (LPoS) only requires master nodes to lock a number of tokens in wallets to validate transactions. EDC blockchain explorer can be found here.
ECROFUND is an innovation on the EDC blockchain that gives the opportunity for the community members to lease to master node and also earn for bringing in new members. Users who invite others can earn on ECROFund through the Multi-Level Marketing Structure. Members who lease 30,000EDC on ECROfund are eligible for the MLM bonuses (Register Here).
EDC makes token creation super easy for all. This further proves that the developers have the non-tech geeks at heart. Through the user dashboard, the token creation can be selected. The creation processes are very simple and easy to understand by all. Depending on the packages bought, a token creator can enjoy maximum support and marketing by the developers of EDC. Presently there are more than 100 tokens which are in embryo waiting for launch on the EDC blockchain.
EDC blockchain uses 16-word brain key, password, and 2fa to secure its users. This is by far one of the most multi-security conscious blockchains today. The privacy and security of each user come first with EDC. There no security issue laid by users on the public telegram group for the period of information collection for this article.
EDC has been very successful since 2015 after its launch as it has attracted many believers who are actively working for its mass adoption. An example is Mr. Jegede from Nigeria who stated that EDC has become a major source of income for him. He opined that the vision behind the blockchain has made him stayed glued to it even when the whole cryptocurrency market dipped and many gave up. Though he lost money as a result of the dip but with the recent revamp of the project has recovered all his lost earnings. He is ever ready to market the project through ECROfund. More details about him will come soon.
Another enthusiastic community member by the name Danielgrossoweb said:
“I just finished building a private set of 4 townhouses (houses) in Venezuela in the Bolivar State, it is the department with the largest reserve of gold in the
world and I get other minerals
I'm going to bid to accept EDC and ECRO”
Final Words on EDC
‘Work so hard so that your work will continue to work for you when you cannot work again’ Seem to be the motivation of the community members of EDC. EDC is forward thinking and building an effective blockchain ecosystem that wishes to give the blockchain into the hands of the non-tech geeks thus marching for the mass blockchain adoption.
Find out more about EDC from the links below
Thanks for reading I am Ayobami99 (bitcointalk). Watch out for more EDC contents from here. Take all information in this article for information and education purposes, IT IS NOT AN INVESTMENT ADVICE.