What is E-Dinar?
E-Dinar is a digital currency that combines the best features of cryptocurrency, leveraged on the benefits of blockchain technology, to present a robust and secure system for users.
To do this, the E-Dinar project is based on transparency, integrity, and decentralization. These are three of the most important tenets that underpin the blockchain ecosystem in general.
Most of the projects that are available in the market currently are useful in one way or the other, but they still face challenges, such as energy use requirements, and some harm the environment, especially those that are built upon Bitcoin.
However, these are some of the things that E-Dinar is trying to change. The idea is to revolutionize the way traditional cryptocurrencies operate while minimizing the resource wastage.
What is the problem that E-Dinar Solves?
Cryptocurrencies that are built on Proof of Stake and Delegated Proof of Stake (PoS and DPoS) have been around for a long time. These are some of the first cryptocurrencies that were introduced to the world. Most of these have since upgraded to Proof of Work (PoW). The biggest problem with these cryptocurrencies lies in the algorithm that they run.
The algorithms mentioned above, while effective in meeting the underpinning objectives of the crypto project are easily vulnerable to attacks, are not as democratic as they claim to be, have loopholes that encourage corruption in terms of technical capabilities and when addressed as progressive projects, are not energy efficient. Therefore, these projects, even if they set out to do good, eventually end up negating on their promise by design.
In PoW crypto projects, users must constantly keep their computers online so that they stand a chance of earning more coins. Other than that, you have a better chance of succeeding if you have a powerful computer or one with a very expensive GPU.
The PoW mechanisms inherently have mechanisms in place to make it difficult for users to mine blocks. Therefore, these simply create a chance for people with powerful computers to establish and maintain monopolies in the ecosystem.
It gets worse, the energy consumption needed to achieve these goals is also intense.
How does E-Dinar Solve the problem?
E-Dinar is built on the DPoS algorithm. This algorithm was created to among other things, solve the challenge of mining monopolies and energy consumption. It bestows powers upon trusted delegates within the ecosystem to reach a consensus if decisions are to be made. The delegates are also tasked with signing and processing blocks, including the records of user mining activities, and the number of coins that users have in their accounts.
In so doing, E-Dinar is a platform that will always be coherent, and this is made possible by conferring equal rights to all the members. There is no arms race as is the case with projects that run PoW, and users do not have to worry about energy consumption either.
While the DPoS algorithm has been successful in dealing with some of the challenges experienced in PoW, there is still a lot to be improved on. The E-Dinar coin aptly uses the best features of the DPoS algorithm and refines it to an innovative redesign that makes it cost-effective in resource use, very easy to understand and use.
Eventually, the goal behind E-Dinar is to bring forth a fully decentralized blockchain ecosystem where each user, even those who do not have the slightest knowledge of tech, is able to create, own and manage their own funds, regardless of their financial position, or their language.
Other than that, E-Dinar also offers the promise that these accounts and/funds are free of manipulation or control by governments or any other financial body.
What makes E-Dinar better than the competitors?
Given that E-Dinar is built on a different algorithm, there are a number of differences that set it apart from the competition, and also make it better than them. The following are some of the key features and strengths that make E-Dinar one of the best cryptocurrency projects in its category.
Return On Investment (ROI)
E-Dinar has one of the highest ROI in its class. All active users who own E-Dinar wallets can earn and stake coins by simply creating new ones. There is only one requirement, that the user must at least have 1,017 EDR in their wallet, and they also have to make an internal and external transaction daily, to the tune of no less than 1 EDR, without the commission fees.
The idea here is to prevent the risk of inflation as has been experienced with other projects in the past. Any node, therefore, that meets the set conditions will have their stakeholder status active, and as a result, they are able to stake.
Coin Distribution
Other than the ROI which amounts to roughly 0.66% of the total coins that the user keeps in their E-Dinar wallet, all the coins are distributed only to members of the network who are active. Therefore, this creates and maintains an active community that interacts with one another on a daily basis.
The stakeholder status is often valid only for 24 hours, and since users have to expend their spend at least once a day, there is constant communication and contribution on the platform. To support the distribution of coins, E-Dinar also charges among the lowest commissions in this class of projects. All the transactions attract a fixed commission of 0.001 EDR, and this is down to the effective delegate system.
Transaction Processing
One of the challenges that users have often highlighted about projects like Bitcoin is that it takes a long time to process and confirm transactions. This is not the case with E-Dinar. In fact, all transactions on E-Dinar are processed and confirmed in a period of 5-15 seconds. Compared with all the other cryptocurrency projects that offer the same services that E-Dinar does, this is one of the fastest and the best results.
By establishing a fast processing time, what E-Dinar has done is come up with an ecosystem that is convenient and smooth, and further enhances the user experience that members in the E-Dinar community can look forward to.
Delegation
Delegates are always an important part of any blockchain platform. It is no different in the case of E-Dinar either. Delegates are distributed servers that are trusted and help to keep the blockchain project alive. On E-Dinar delegates are assigned to some of the largest exchange houses in the Asian continent, especially those that have constantly proven their reliability and security.
The important role that the delegates play is that they hold account ledgers for all the transactions that are carried out on the blockchain. Through the delegated servers, information is sent about the status of the network and transactions, and all users can receive and access this in their wallets. In so doing, E-Dinar has created a culture of transparency as is required of blockchain platforms, where users are able to track all activity that goes on within the network.
Democracy and the fight against corruption
When compared with all the other algorithms that are running at the moment, DPoS is one of the most effective, fastest and most decentralized options available. Other than that, it also uses a flexible consensus finding model to execute operations.
By using DPoS, E-Dinar assures users that they can all play a role in determining the future of the platform. This is because all stakeholders can be involved in the voting process, building a consensus about some of the most important issues in the network.
One of the other benefits of using an algorithm that reaches a consensus like the DPoS algorithm is that it also offers protection to all the members in the blockchain. This is done by keeping the network free from intervention by unscrupulous users or those who would wish to alter the algorithm for evil reasons.
Security
One of the incentives that make blockchain platforms vulnerable to attacks is the financial element in them. As long as there is money somewhere, someone will always be interested in finding a way to get it without following the right channels.
With E-Dinar, planning an attack is an unattractive venture for any would-be attacker. The reason for this is because such an attack would be virtually impossible to execute, and financially untenable, given the peculiar technical capacity that is built into the DPoS algorithm.
Transparency
E-Dinar has managed to stay a cut above the rest in terms of transparency. This is also in line with the concept of blockchain technology. All transactions that are conducted on the blockchain are supposed to be transparent, thereby removing any element of doubt that might creep in. Users on E-Dinar can easily look at all the transactions that have been carried out on E-Dinar and review them at will.
Other than transparency, it also follows that security is a prime concern. E-Dinar uses elliptic curve digital signature algorithm ECDSA to encrypt all the data that is shared on the system.
Efficiency
How is it that E-Dinar has managed to remain efficient while other projects seem to be struggling from time to time? Any wallet that is not active on E-Dinar is not able to stake. As a result, such wallets are not able to load the network resources. Therefore, available power on the network can easily be apportioned to users who need it, according to their immediate needs.
Such a system makes sure that the risk of increased energy consumption when not needed is minimized. The network resources are only expended to users and services that need them. Based on this principle, this also means that the transaction processing time on the network is lower, even with new users coming into the system.
In the long run, E-Dinar also manages to stay energy efficient, hence an eco-friendly cryptocurrency solution. This is purely due to the fact that in DPoS, the unnecessary usage of network resources and energy is avoided. This, in the long run, means a reduction in carbon dioxide emissions.
The E-Dinar software is designed to run conveniently on mobile devices and normal computers, so there is very little energy spend required to access the blockchain.
Still, on efficiency, you will notice that most of the blockchain platforms tend to store wallets in your hard drive. There are so many challenges involved here. First, the wallet file is easily identifiable, and a hacker can search for it and access it on your drive. Other than that, you also end up setting aside lots of space for this. On E-Dinar, however, such blocks are kept in secure nodes on the network
How can E-Dinar be categorized?
E-Dinar is a new generation sustainable DPOS cryptocurrency. The goal behind the E-Dinar project is to establish an easy to use, fair and reliable financial tool than what most of the cryptocurrencies that are running PoW provide. E-Dinar is also a safer, stable and democratic investment instrument than fiat currency.
What’s E-Dinar’s vision on Security?
When it comes to cryptocurrency, there are lots of security challenges that have to be addressed from time. One of the biggest risks is the 51% attack that is not just inherent to E-Dinar but to almost all cryptocurrency projects. This is a theoretical challenge, though it is virtually impossible for one individual to amass that level of control in the system,
By using delegates in their operations, E-Dinar reduces the risk of a 51% attack, simply because of the very large pool of stakeholders on the platform. It is impossible for an attacker to attain at least 51% of all the witnesses on the blockchain.
Delegates on E-Dinar sign blocks at 2.5 seconds between each signing. Therefore, any delegate that does not produce a block at the right time can easily be detected by the rest of the delegates, and they can take the appropriate measures. The short duration of time between block intervals also helps because the other delegates can simply sign a delayed block before it becomes impossible to reverse it. having attained at least 66% of delegate signatures, blocks become irreversible.
Examples of E-Dinar use cases/applications
E-Dinar works just like any other digital cryptocurrency payment system out there. You can use it to make payments where the EDR is accepted, or exchange it for other digital assets at your favorite exchange. To do this, you would need access to a digital wallet, which is available for devices running different operating systems, including Linux, Windows, and Mac, and it is also available for Android and iOS platforms.
Resources
https://coincheckup.com/coins/E-Dinar-Coin
https://edinarcoin.com/news-en/
https://medium.com/@edinarcoin
https://edinarcoin.com/faq-en/