[Updated 11.2023]


Yes, EDCOIN (EDC) is a decentralized digital asset. It is built on the Ethereum blockchain, which is a decentralized platform that allows for the creation and execution of smart contracts.

 

Smart contracts are self-executing contracts that are stored on the blockchain and cannot be altered or tampered with.

 

This makes EDCOIN a decentralized digital asset because it is not controlled by any central authority, such as a government or bank.


Here are some specific ways in which EDCOIN is decentralized:


  • It is built on a decentralized blockchain platform (Ethereum).
  • Ethereum is not subject to any central authority's control.
  • Ethereum and digital assets built on Ethereum can be used to conduct transactions without the need for intermediaries.
  • It is transparent and auditable, as all transactions are recorded on the blockchain.
  • You can view EDCOIN (EDC) transactions via Etherscan. 
  • EDCOIN has an ERC-20 Contract Address. Please refer to the FAQ article: https://edcoin.freshdesk.com/support/solutions/articles/82000904806-what-is-the-contract-address-for-edcoin-edc-



Here are some examples of how EDCOIN can be used in a decentralized manner:


  • You can use EDCOIN to send and receive payments from anyone in the world, without the need for a bank or other financial institution.
  • You can use EDCOIN to trade on decentralized exchanges like UNISWAP, without the need for a central authority.
  • You can use EDCOIN to store and manage your wealth in a decentralized way.
  • Burning of EDCOIN (EDC) takes place on-chain.


The applications built by the EDCOIN FOUNDATION support the storing and use of EDCOIN. The applications, built on Android (e.g. EDCOIN App and MASTER EDCOIN WALLET) and Web technologies (e.g. MASTER EDCOIN WALLET Web App), are not as decentralized as EDCOIN because these are purpose-built applications that are instrumental to powering up EDPOINTS, a loyalty point system, that can be utilized in merchant ecosystems such as EDPAY and EDMARK around the world. More utility for EDPOINTS inadvertently increases the utility for EDCOIN, too. EDCOIN Smart Staking is also a centralized module within the MASTER EDCOIN WALLET. Furthermore, security features are built into these apps to further enhance the safe use of EDCOIN and increase resilience to hacking and thus, transaction fees for the most part are on-chain.


Overall, EDCOIN is a decentralized asset that offers a number of advantages over traditional centralized financial systems. It is more transparent, secure, and efficient, and it gives users more control over their own finances.