Technology
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Edge has its own blockchain, developed end-to-end by the core team. The chain is called the XE Blockchain, and the Edge Ledger runs on top of that technology.
Layer 2 is a collective term for solutions designed to help scale your application by handling transactions off of the main Ethereum chain (layer 1). Transaction speed suffers when the network is busy, which slows down processing and also increases the cost of transactions.
$XE currently runs as a layer 2 solution, which enables fast and free transactions within the Edge Network, which are essential to the running of the technology.
The Edge Network is a completely unique technology stack, originated by the core team and developed over many years. It is predominantly written in TypeScript.
Edge's source code is currently partially open source, with plans for going fully open source in motion. You can access projects code repository on GitHub at:
Private keys are needed to sign transactions in the XE Blockchain, so no matter what type of wallet application you are using, the private key has to be available in order to create those cryptographic signatures. The XE Web Wallet stores the private key locally, encrypted using your chosen passphrase. The Web Wallet is a client-side application only (not server-side).
Your private keys never leave your device, and they are only decrypted when a transaction needs to be signed. This is the reason that the wallet asks you for your passphrase every time you send a transaction.