Lock ETH to get new coins, you don’t know the Polkadot prince who is popular in Silicon Valley?
Author | Wang Ye
Editor | Lu Xiaoming
Produced | Odaily
Author | Wang Ye
Editor | Lu Xiaoming
After the two erratic market waves passed, the blockchain and cryptocurrency circles fell into calm again.
Since June, a candy distribution activity called the Edgeware project has become popular in the US cryptocurrency circle. Since it is the first parachain of the star project Polkadot (Poca), it has become unknown in the calm currency circle. .
secondary titleEdgewaremain function of .
What is Edgeware: Polkadot's first smart contract chainPolkadot can be said to be one of the most anticipated blockchain projects in 2019. The multi-chain architecture makes it full of imagination, and Gavin Wood's appeal also adds a lot of points to it. Substrate is a development framework launched by the polkadot team. The main chain of Polkadot focuses on providing security guarantees based on this blockchain project. Other functions will be implemented by other chains, such as asset transfers, which will be implemented by ChainX, and smart contracts. main charactermain function of .Edgeware wants to build a fair distribution, POS consensus-based WebAssembly smart contract platform. At the same time it positions itself asself-upgradeThe smart contract platform of Polkadot Ecosystem
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Smart Contract Chain (Parachain of Polkadot),
The point is -- number one, number one means there's a lot of room for hype.
"Self-upgrade" is a feature of the Substrate framework, which can upgrade the blockchain without forking. Before Polkadot, some projects had already achieved the goal of self-upgrade, such as Tezos and Nebulas.
Blockchain systems that emphasize self-upgrade are faced with a demand, that is, on-chain governance. Through on-chain governance, the community can determine the development direction of the blockchain system and complete the upgrade through the self-upgrade function. Both Nebulas and Tezos have upgraded their systems through on-chain voting in May this year, demonstrating the positive impact of the self-upgrade function on the blockchain ecosystem.
Edgeware is developed by Commonwealth Labs. The main product of Commonwealth Labs is an on-chain governance platform where users can discuss, initiate proposals, vote, etc. on the platform. Commonwealth Labs currently only has the interface of Edgeware online, and the interfaces of projects such as Ethereum and Tezos have not yet been launched. The positioning of Commonwealth Labs is close to Aragon (a DApp on Ethereum that allows anyone to create and manage any organization, such as companies, open source projects, NGOs, foundations, hedge funds, etc.), DAOStack (a decentralized An operating system managed by an autonomous organization), and the product itself is similar to Decred's Politeia and Nebulas' Go Nebulas.
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What is the token EDG used for?
There are two ways for a blockchain to interact with Polkadot: through native parachains, or through the relay chain. To deploy native parachains, you can use Cumulus (a Substrate plugin). The native parallel chain can invoke a faster cross-chain message mechanism and share security with Polkadot. Edgeware belongs to the external system that constitutes Polkadot, and it will also become a parachain in the future.
The advantage of shared security is that it can avoid motivating the community to carry out mortgage mining through additional issuance, and can also obtain good security. However, if the chain has some historical design that prevents it from fully using Polkadot's underlying framework, it can retain its own consensus and finality mechanism and become Polkadot's parallel chain through the relay chain.
When the relay chain communicates with Polkadot, the state of the relay chain must have been finalized on its own chain before it can transmit messages to Polkadot. It is likely that a large number of blockchains will access Polkadot through the relay of the parachain, so as to share the cost of the slot of the parachain.
1. At first, Edgeware was an independent blockchain. This means that EDG will serve as a token to incentivize validators;
2. After Polkadot starts, Edgeware will also be eligible to become a parachain. In Polkadot's network, DOTs will be used to provide shared security and cross-chain transactions. Therefore, when Edgeware becomes a parachain, DOT instead of EDG will become the validator's reward. As for EDG, it will be used as a gas fee, to prevent spam from congesting the network, and as a glue for on-chain activities (such as governance).
3. In the future, the network may pass elections and select Edgeware as the relay chain, just like Polkadot. In this case, EDG may be used to ensure the security of its subparallel chains.secondary title
How to get EDG?
Edgeware uses an interesting token issuance mechanism: Lockdrop. Simply put, it is the initial issuance of tokens based on the user's lock-up status. Lockdrop is an upgraded version of Airdrop,The biggest difference is that Lockdrop participants need to pay a part of ETH to a specific smart contract, and choose the locking period according to their actual situation.
When the Edgeware mainnet is launched, EDG tokens can be obtained according to factors such as personal lock-up amount, reward situation, lock-up time, overall lock-up amount, etc. The ETH participating in the lockup will be unlocked after the lockup time expires.
Obtaining Edgeware's native token EDG requires a lock-up of Ethereum ETH. The total amount of EDG is 5 billion.
Among them, 90% (4.5 billion) will be distributed to participants in Lockdrop for free, and the other 10% will be allocated to early participants such as Commonwealth Labs and Parity Technologies.
In Lockdrop, each block will generate new tokens at a fixed rate. To obtain EDG, users need to lock their ETH holdings in a smart contract. The amount of EDG they get will depend on how much and how long they have locked ETH.
Participants can obtain EDG in two ways:
Signal: Participants need to register the Ethereum address participating in the Lockdrop, and Edgeware will distribute it according to the amount of ETH on the snapshot time (September 1, 2019 12:00:00 AM UTC)Lock: By locking ETH (optional for 3 months, 6 months or 12 months), you can get EDG when the Edgeware mainnet goes online (expected September 15, 2019), and you can get back the original EDG after the lock-up period ends. ETH
Edgeware is a project focused on governance built on Substrae. They see more and more projects mentioning on-chain governance, but only a few actually implement on-chain governance effectively, so they hope that through Edgeware, project parties can easily establish DAO in the future The governance protocol effectively assists the governance issues of the blockchain itself.The Edgeware project side hopes that those who hold EDG tokens will really care about governance and be able to actively participate, so they chose the Lockdrop model for the initial distribution of EDG.
Users who hold ETH can send ETH to the smart contract for locking through tools provided by the project party. At present, potential participants have four choices: they can lock for three months, six months or one year. They can also lock these ETH directly from the wallet, but in this case the token obtained is relatively small. The longer the lock time, the more EDG you get. After the lock expires, you can get the original ETH and reward token EDG,
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What is the lockdrop participation time and participation qualifications?
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References:
Official website:https://edgewa.re/
white paper:https://arena-attachments.s3.amazonaws.com/3850782/1928e31873075de95992d4987eb14a2e.pdf?1552432633
