Cryptocurrencies are again in the focus of attention with a new Bitcoin rally taking place right now. However, huge growth and opportunities for profit tend to obscure the fact that blockchain is more than capable of solving a lot of pressing issues in various areas and industries. And one of the areas where blockchain-induced changes can be the most impactful, is the educational system.
The wide variety of problems with the educational system’s financial side is very well-known and is well-established even in mass culture. One of the key problems is extensive bureaucracy involved in all transactions: if you want to pay for enrollment, for example, you have to fill out a huge pile of paperwork. Moreover, such transactions are processed slowly and there is always a chance to miss the term of your payment due to long processing, which may have terrible consequences.
Cryptocurrencies, in theory, can solve this in an instant. But educational institutions are extremely conservative and it’s hard for them to accept an asset that is perceived as speculative, anonymous and “rebellious” as payment.
EdgeCoin, however, addresses this issue, offering a compromise suitable for both educational institutions and students, while ensuring a 100% security of all transactions.
Luke Arliss, early crypto investor and co-Founder & CEO at Edgecoin believes: “Until now, the solution was bank transfers. However, with our unpredictable economy, people lost most of their trust in banks and their services. Therefore, the EdgeCoin team came up with a solution that decentralizes student fees”.
First of all, EdgeCoin is a stablecoin pegged to the US dollar. 1 EDG is always equal to 1 USD, regardless of the market situation. Thus, the main drawback of cryptocurrency as means of payment - high volatility - is eliminated.
EdgeCoin is based on the STELLAR blockchain which is an improved Ripple hard fork that is specifically tailored for banking services. Thus, transactions are processed within 5 to 10 seconds, which is much faster than other cryptocurrencies or fiat payment systems. In addition, transaction fee in STELLAR blockchain is negligible - .00001 XLM per transaction (i.e. 1 cent per 1000 transactions). So payments for educational services become cheap and instant.
Armon Rabiee, Co-Founder of Edgecoin believes: “Students are the next generation of employees, which will mark the success of current and future companies. To give people a chance at a better education, there’s a need to make university programs more accessible. But it’s not that easy. Reducing tuition fees will lead to a lower budget to afford qualitative researchers, teachers, programs, international collaborations, and so on”.
At the same time, EdgeCoin does not forget about the requirements of educational institutions. First of all, it offers a simple and straightforward redemption mechanism, so institutions will have an easier time adapting to digital payments.
Second, EdgeCoin implements extremely strict and reliable KYC and AML procedures. Thus, educational institutions will always know who paid for what. However, students will have to deal with paperwork only once - when they join the system.
“We want to change education forever in a way similar to how the internet has changed the world a couple of decades ago. No more prohibitive costs of payments, no more bureaucracy, no more delays. With EdgeCoin’s help, education will function smoother than ever before. The thing that makes Edge token superior to other tokens is its focus on one of the most important groups in the work economy – students”, - says Luke Arliss, co-founder & CEO of EdgeCoin.
«Edgecoin is bringing a whole new generation of tokenization through payments. We have created a system where payments can be made with ease as well as cheaper fees then the general retail banks», - says Milhalio Steric, Chief Engineer at Edgecoin.
Edgecoin is supported by a number of industry leaders, as indicated by their partnerships with Global University System(GUS), XBIT, swiss data center operator, Simons & Simons law firm etc.
Girish Chandra, a significant shareholder of Global University Systems (GUS), one of the large private sector education groups in Europe, says:«GUS has a network of 75,000 students worldwide and many of them travel far and wide to pursue their education. As a lifelong educationalist I am aware of the difficulties students face to access quality education. I am supporting the Edgecoin team in solving many issues that the students, their parents and the Institutions face to facilitate the transfer of wisdom and experience. I am particularly impressed with the team as they continue to show great enthusiasm and passion for solving the problems in the modern day education system through the use of latest technologies”.
Christopher Johnston, Founder of TapNav and Karma says: «We are supporting this innovative use of blockchain technology, because it makes education more accessible to overseas students and breaks the reliance on overpriced, underperforming banks. We have audited the approach and team, and it appears a sound prospect!».
Leondre Antonio Devries, Director of Bars And Melody Ltd says: “I believe that Edgecoin is at the forefront of Decentralized Payment Systems and solves the humanitarian issue of international bank transfer fees, delays etc. Making education more accessible to the everyday person. I am excited to show the world the power of blockchain technology”.
"In recent times the world and humanity have been confronted by an unprecedented challenge. As always the human instinct to prevail, survive and succeed has endured. This is made possible by the advances in technology, innovation and the human spirit. Edgecoin was also born of this spirit, utilizing the latest technology and innovation to solve real world problems and to improve the lives of thousands of people. The enthusiasm and welcome with which it has been received has been overwhelming", - says Mohammed Hussain, seasoned blockchain technology entrepreneur.
It is very likely that EdgeCoin not only offers a solution for the most pressing issues of the educational system, but also paves the way for the future of cryptocurrencies - the EdgeCoin team does not want the world around them to adapt to their product. They adapt their product to the world to make it better.