Related Articles

A Comprehensive Guide to Edgeware

BitForex Editor
Mar 05, 2021

What is Edgeware?

Edgeware is a contract platform that creates decentralized applications (dApps) with the sole aim of functioning within the ecosystem of the Polkadot.

Since the inception of the blockchain which has brought about a revolution in the digital space, there has been a bit of difficulty in trying to link the decentralized and the centralized worlds. In today's world, the distributed ledger technologies (DLT) are being relied upon with conventional technologies.

One of the stand-out merits of conventional technologies is that developers can forge ahead without the burden of having to put down platform-specific code. Moreover, they are permitted to code with a much comfortable language of their choice. Thereafter, it is converted into WebAssembly (Wasm) which are mostly web browsers. Such an approach leads to the execution of a higher speed.

Additionally, it is important to have in-depth knowledge of the components of the Edgeware.

Key Edgeware Components

Accounts

With accounts, Edgeware can monitor users' balances. The platform has governed variables that keep checks of transfers of balances across accounts. Some of the things the variable defines are; transfer fees, account creation fees, the amount staked, and even minimum account balance.

Modules

Before it is compiled by the (wasm), it must have to be first written in the Rust programming language. The utility module is one of the available modules on the network. The utility module makes it possible to create a form of interaction with another available module.

Staking

This PoS system makes it possible to put away funds for a sustained period of time. This is invariably called or known as a Validator. Now, a validator usually is granted a short period of 90 days to token-lock funds. However, it might not be specific as there are a couple of them being put in leadership positions to remain there at a particular period of time.

Contracts

The smart contracts available on Edgeware are drafted in a way that can be compatible with (wasm). Programming codes in C++, Rust, and even C language can all be made in wasm. Furthermore, smart contracts function in a similar pattern to that of the Ethereum blockchain.

Interoperability

With the aid of Polkadot, the platform is fully focused on having inter-chain interactions. As you would know, the Edgeware and the Ethereum are being linked with the Polkadot. Such an act invariably opening up the decentralized finance space. When trying to compare, it is important to know that Edgeware and Ethereum are quite different. The Ethereum for one makes it possible for highly sensitive financial applications to run, while on the other hand, the Edgeware makes it possible for systems that need high throughput.

Edgeware Token

The EDG is a digital currency with over five billion tokens. During the first year, there is a 20% inflation rate, with a decrease in subsequent years. So, what then are its uses?

Uses of Edgeware Token

1.One of its profound use is to execute transaction cost within the smart contract of wasm

2.Another use is to ensure that voting and stalking on other account protocol is duly achieved.  

Moving forward, the Edgeware keeps surging ahead even though it is currently ranked 258 on Coinmarketcap. In addition to that, the EDG can simply not be purchased with Fiat money, which goes contrary to other cryptocurrencies.

Furthermore, it is important to know that it still can be purchased as there is a process in doing so. To achieve this aim, you may first need to purchase the bitcoin (BTC) from other exchanges. Thereafter,  you then select the exchange that is comfortable to trade with the coin. For a better understanding, we have to go through the steps on how you can successfully buy or purchase the Edgeware.

Step 1: Register on coinbase

This is the first requirement if you want to purchase the Edgeware. However, it is expected that you purchase any of the top cryptocurrencies, be it bitcoin or ethereum depending on choice. When trying to get a crypto exchange which offers Fiat deposit, the ideal choice has got to be coinbase.

Step 2: Buy coins with fiat money

Once you have duly completed the Kyc process, the next line of action would be to select a payment method. Selecting a payment method is vital to the process, and the two options you may be asked to select are the credit/debit card option or better still the bank transfer option. If you opt to select the credit/debit card options, you may incur additional fees and a swift purchase. Also, if you opt for the bank option, then there would likely not be any additional charge, but the process might become a bit slow. But it depends on some factors such as country, residence and a couple of things.

Step 3: Transfer your cryptos to an Altcoin Exchange

The next line of action would be to trade EDG. Since the EDG is also an Altcoin, it is best we use the Gate.io as it is one of the most recognized exchange on the digital space for trading Altcoin.

Step 4: Deposit BTC to exchange

This fourth step can either be straightforward or a bit tasking. However, it is important to know that depending on the policies, you nay be required to start through another Kyc process. For first timers who have not made a crypto deposit might be a bit confused. However, it is actually a simple process, one that is pretty much straightforward to that of a bank transfer.  In trying to receive BTC, you may have to give out your BTC address.

Step 5: Trade BTC

This is the final and last step. Here on you would need to go to Gate.io  before proceeding to exchange. Once you have duly followed the process of selecting the BTC to altcoin pair, the process should then be a one way traffic.  

In conclusion,  having been able to trade your EDG, why not be an investor of it and reap its rewards in the near future.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

More details:

BitForex / Social Trading / CAPP TownEazySwap

Scan to download for iOS or Android