What is Edgeware (EDG)?
Edgeware is a blockchain-based platform for building and running decentralized applications (dApps). It was launched as a standalone blockchain network operating on a Nominated Proof-of-Stake (NPoS) consensus mechanism. The network also features an on-chain governance system and a native token (EDG) that powers the activities on the network. You can check the current EDG price on the live Edgeware price chart above to gauge the project’s performance.
Edgeware intends to eventually operate within the Polkadot ecosystem. Therefore, it is built using various components of the underlying elements of the Polkadot network. The framework used to build Edgeware is called Substrate. The framework supports functional components of Edgeware through the creation of modules. The modules enable Edgeware to execute smart contracts, dApps, and governance elements within the network.
Since it is a Substrate-based chain, Edgeware will be eligible to join the Polkadot ecosystem as a parachain, bringing smart contract functionality to Polkadot.
Overall, Edgeware boasts sustainable funding, a growing organizational structure, and an open culture. These features aim at helping users to develop projects on the platform in a more simplified manner.
Use Cases of EDG Tokens
Edgeware launched its cryptocurrency, the EDG token, to support overall operations in its ecosystem. EDG serves many utilities on the platform. For starters, users can stake EDG and earn rewards. Moreover, EDG is used as means of payment within the platform. For instance, it's used to cover transaction fees. Besides that, EDG also acts as a governance token, providing holders with voting rights. They can participate in governance, elections, and proposal-making.
You can view the EDG price on its up-to-date price chart above. If you plan to purchase Edgeware coins, make sure to first do a thorough Edgeware price analysis.
Who Founded Edgeware?
The idea of the Edgeware platform was first conceived in 2018 by Commonwealth Labs. The developers released its whitepaper in September 2019. About half a year later, in February 2020, Commonwealth Labs launched the project's mainnet. The founding team includes advisors: Dillon Chen (an investor at Turing Capital), Ryan Zurrer (a former director at Web3 Foundation), and Drew Stone (an Ethereum developer).
Tokenomics of EDG
Commonwealth Labs used a unique token distribution model called Lockdrop token distribution to distribute tokens to prospective network participants. The method required users to deposit ETH into a time-locked contract for a given time to receive new EDG tokens. This strategy does not require a direct investment, thus lowering the participation barrier. Edgeware developers opted to hand out 90% of EDG's initial supply through a lockdrop to broaden token ownership distribution, which is essential when bootstrapping a new governance system.
The token had a 20% inflation rate in the first year after its launch. However, this inflation rate is expected to decrease year after year, helping to stabilize the EDG price.
