Edgeware - A Polkadot Project
Polkadot is notable for uniting an entire network of various blockchains into a single decentralized ecosystem. While it allows for transparent, easy cross-chain communication as well as customization of blockchains, it has also become a very efficient and powerful tool for creating enterprise solutions or projects on Polkadot. As far back as 2018, projects have been building on Polkadot. While some of the best projects on Polkadot today include; Acala, Centrifuge, Edgeware, and Moonbeam, this article will, however, focus on just one of the projects, and that is "Edgeware." Before diving into Edgeware, it is necessary to give a brief definition of Polkadot.
What is Polkadot?
Most times, Polkadot is often referred to as the "Blockchains of Blockchains.". With the connected parachains, it builds a scalable multichain. Polkadot aims to achieve an absolutely decentralized web that allows its users to have complete control of their data and identity.
Earlier, we had listed some of the most talked-about notable Polkadot projects, and as previously stated, there have been various projects developed within the Polkadot ecosystem, and each of them has its own defining use cases; however, we would just be considering one of these said projects, Edgeware.
What is Edgeware (EDG)?
Edgeware is often referred to as a "self-improving" smart contract blockchain. It is a substrate-based chain and platform created on the Polkadot ecosystem, and it makes a proof of stake consensus mechanism as well as Wasm to boost its self-upgrading features. One of the major aims of the network is to create a pleasant test environment for on-chain governance, which is why Edgeware is built so as to allow the system to implement self-improvements before proceeding to ask participants to vote on them.
It is necessary to understand that Edgeware is an entirely separate network and not a fork of Ethereum. Edgeware gets numerous things from Substrate technology, including; sharding for the scalability of the blockchain, web assembly smart contracts or WASM, and consensus mechanisms. In other to improve scalability, Edgeware takes an unconventional approach by employing traditional technology. The Edgeware project, apart from using WASM, also adopts the use of a governance model which provides the opportunity for its token users to cast their vote on-chain. With every activity carried out on the chain, the platform reduces overhead costs and still improves transparency.
A one of a kind feature of this protocol is the ability to be run by any client. This is mainly possible as a result of other components being handled by a PBFT and PoS block validation consensus mechanisms, thereby leaving the client to download, execute and validate network blocks.
Key Components Of Edgeware
Modules are responsible for hosting the platform's logic. They are compiled with the aid of WASM and are written in the Rust programming language. Some of the modules present on the network include the utility modules which is responsible for interacting with other modules and fees module.
As previously stated, Edgeware makes use of a nominated PoS consensus. In this case, there are no fixed transaction validators; instead, they are rotated; validators execute and also seal blocks through the use of the platform, thereby allowing a five-second block time.
Edgeware makes use of accounts to keep track of its user's balances. The transfer done between accounts is overseen by variables that are always across the platform. These variables define certain things like the minimum account balance, account creation fees, transfer fees as well as amount staked.
Being a Proof of Stake system, the protocol allows for the locking of funds in other to become a validator. Validators are allowed a token-lock period of three months. Though they are randomly chosen, there are a precise number of them that occupy leadership positions for a period of time.
The platform, by using Polkadot, has its focus set on inter-chain interactions. In context, Polkadot connects Ethereum and Edgeware, which open up the decentralized "finance" space. Furthermore, such a connection provides the opportunity for blockchain assets from another network to be leveraged on the other.
Benefits Of Edgeware
Today, in the world of distributed ledger technologies, governance is basically the debate on how people make decisions based on the changes to the protocol underlying a cryptocurrency. Most times, these changes could be about changing the consensus mechanisms or just simple upgrades. With the aid of on-chain governance, the entire process can be done on the blockchain and involves staking tokens for a period of time to vote on proposals. The goal of Edgeware is to have a more multi-faced approach to governance as well as a secure voting system so that users can vote anonymously without having to worry about vote-buying and DAO's, which will provide the opportunity for users to self-organize into various groups.
As a smart contract platform, it is highly essential that the smart contracts have been audited independently. As seen in the DAO case of 2016, where a third of the funds in the project contracts were siphoned by a hacker. A single, smart contract vulnerability can often result in disastrous consequences. Fortunately, the lockdrop contract of Edgeware was audited by Quantstamp, and based on the overall assessment; it was stated that the smart contracts were well-written.
Lock Drop Distribution
Edgeware makes use of its already large base of Ethereum users to bootstrap the security of its chain. As they are looking to encourage active participation, it will be a very logical idea to something like a lockdrop as long-term holders will not have a problem with locking their ETH for a few months in other to join in on the Edgeware experiment. The moment you lock your ETH and collect your EDG tokens, you can now become a validator on the Edgeware network.
With the Edgeware network, the platform guarantees more enhanced voting and governance system, not to forget that the system is also very easy to coordinate as well as upgrade with the aid of the WASM technology. There is no doubt that Edgeware is a promising project and worthy of paying attention to.
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.