Accompanying the explosive growth of the Internet and mobile Internet, comes the digitization of education resources and ready availability of online education. In recent years, the market share of online education has been on the increase. Currently, online education institutions are providing education services in a centralized manner. Despite the optimistic outlook on the current state of online education, there are significant problems accompanying this centralized mode of operation. Some examples include the lack of openness and impartiality in teaching evaluations, an overly high commission rate of up to 50% charged by online educational platforms, and poorly motivated developers resulting in substandard educational content. The loss of value through these inefficiencies will be ultimately passed to users. The resulting state of affairs is not ideal for the future growth and development of the online education industry.
EduCoin Foundation Ltd. (“the Foundation”) intends to create the world’s first blockchain- based, decentralized online education platform, EduCoin (“the EduCoin Platform”). The digital cryptocurrency EDU (“EDU”) is intended to be tailor-made for this platform, to support of the vision to construct a global decentralized education platform focused on facilitating the utilization and provision of education services, the research and development of educational content, and the monitoring and assessment of teaching quality for users around the world. The EduCoin Platform, the economic system of this platform and basic services surrounding it, is intended to be designed for the sharing of online education services and contents globally. It has the potential to bring together students and teachers throughout the world in a single ecosystem matching them specifically according to their personal requirements and abilities. It is intended to bridge the gaps of cultures, countries and languages, creating a new and improved educational environment.
The EduCoin Platform is designed to be a blockchain-based decentralized global education service platform. The EduCoin Platform facilitates the distribution of education contents and completion of education service transactions via its native digital cryptocurrency named EDU; the platform allows two or more parties to connect to it to perform education related services or share content. On the EduCoin Platform, service providers can fix the prices of the teaching content they share and the per- minute rates of the teaching services they provide, while consumers will make payments in EDU at such rates when using the services provided. The smart contract software of the EduCoin Platform can finish such exchange processes seamlessly via blockchain.
In the early stages of operations, the EduCoin Platform will target online education on the basis of large-traffic education websites existing on the market, with the education content covering various services (including without limitation various text, audio, video, real-person services). The EduCoin Platform will focus on education services such as live broadcast, question answering and homework correcting. Based on the value of usage, the EduCoin Platform aims to build a complete ecosystem incorporating four types of participants from the education industry, namely, providers, consumers, disseminators, and supporters (such as suppliers of teaching contents and products, technology suppliers and credit raters).
By fostering a pleasant community atmosphere and a running a scientifically based value distribution system, the EduCoin Platform aims to incentivize teaching service providers, disseminators and supporters to optimize their services continuously, with the eventual goal of developing the entire community into a high quality globalised education community. Within the platform, a brand-new and complete incentive-based value system will be created through the efforts of various participants
like content providers, consumers, disseminators and supporters. Of course, the application scenarios
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of the EduCoin Platform are not only limited to the education sector – it can cater for virtual transactions in any field of content sharing.
2.2 Business Processes
‣ Education service providers fix the prices of their education services denominated in EDU and publish relevant information, so that service consumers can know about their services
‣ Consumers will set service prices according to their expectations, and the system will match the prices with high-quality and appropriate teachers or content;
‣ After teaching services are performed, fees will be settled via smart contracts (as the EduCoin Platform develops, a smart pricing system will be used, and the prices of services and contents will be continuously adjusted based on the evaluation of teaching quality and ongoing user feedback)
Co-Founder & CEO at Effect.AI and NGI Early Adopter, Chris R. Dawe describes himself as a multi-passionate, serial entrepreneur with 20 years of experience in Business, Marketing, Sales and Project Management.
We decided to learn more about his innovative network which is going to be an open, democratic and transparent environment for AI solutions.
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