There are good reasons why we use the hashtag ‘techforgood’ on social media and almost all of them have a connection – in one way or another – to blockchain technology. It helps us ensure Edge Network is fair and it keeps us accountable to the very community that owns the network: you.
But why? And how?
Let’s start with staking. Blockchain technology facilitates and holds a public record of your contribution to Edge Network. We ask each person who wants to offer up spare capacity from devices in the home or office for a ‘stake’ – 5,000 $EDGE per host – to ensure they are committed to providing a reliable connection. It’s everyone’s insurance (if you like) against unreliable contributors, who could undermine trust in the network by not providing the capacity they promised. It also protects against malicious actors.
Blockchain technology also manages value attribution. Let’s say a website hosted on the network is responsible for transferring 200 GB of data in a month, the blockchain holds a measurement of that usage and understands how it needs to be divided between those who contributed the capacity – so they can be rewarded.
It also provides network governance. Those who stake in the network are able to help run it, by making suggestions, participating in votes, or vetoing decisions. This is a process for Edge Network that is beginning with advisory powers but eventually will lead to full decentralisation – something, once again, made possible by the blockchain technology that underpins our work.
So if staking, value attribution, and network governance are the reasons why, what about the ‘how’? Well, here’s where we get to the reason why Edge Network runs its own independent, ring-fenced blockchain with a bridge into connected networks.
Still with us? Good.
Edge Network needs to make millions of micro-transactions to run. It needs to facilitate the purchase of network services and reward those who contribute. By operating its own blockchain, it can manage these transactions without fees – which means charges only apply when you join or leave Edge Network, rather than with every interaction.
Customers of the network can pay for services using traditional currency (such as pounds or dollars) via edge.network, while contributors ‘buy in’ by converting $EDGE ERC-20 tokens to $XE tokens via a ‘bridge service’, for use in the internal network. When they cash out, they convert $XE back into $EDGE for use within the Ethereum network.
We know, it’s a fair bit to take in. But the crux of it is simple – you can buy cheaper cloud services on one side with old money. Or you can get paid to offer spare capacity from your devices at home by following a few simple steps via edge.network and your chosen exchange.
Interested? Need more information? Visit edge.network or drop us a line via the contact page.