BitDegree touts itself as the world’s first blockchain-powered online education platform with token scholarships & tech talent acquisition.
Many feel that education could use some disruption. There are arguments to keep the current system as it is and arguments against it, yet those in the latter camp may be winning. Especially in places like the U.S. where college students are seeing increasing student loan debts on their ledger after graduation but not enough certainty in job prospects. There has been significant coverage in the media on whether going to college makes sense or if one would benefit more from a trade school or some other form of training. As this educational landscape evolves we’ve seen interesting educational vehicles come about, such as the one offered by billionaire entrepreneur and investor ‘Peter Thiel’. Peter Thiel’s Fellowship Program provides young people with $100,000 to drop out of school. We’ve seen sites such as Udacity, the rise of Mooc’s and others, all tackling and seeking to disrupt higher education for the better. We’ve seen initial problems with each sort of implementation but see progress and developments in the space on a regular basis. Now, there is a new contender; Bitdegree, hopes to bring education to you, only this time, on the blockchain.
What’s Bitdegree all about ?
The BitDegree platform aims to offer students the best online courses with a clear and transparent blockchain-based reward system and achievement tracking. It is also a unique tool for businesses to recruit tech talent and shape global education to their needs.
Think about it as Coursera and HackerRank merged together, powered by decentralized blockchain technology.
The project is seeking to streamline the higher education process by integrating the best online courses in a blockchain based structured manner that will provide students with rewards while tracking their achievement. They are seeking to become the bridge to a new way of learning while fixing the problem of the current flawed global education system.
“The gap between the needs of employers and student knowledge already exists and is widening. BitDegree innovation is a possibility for businesses to initiate and maintain dialogue with upcoming talent and reward them for achievements through smart-incentives. From the student’s perspective it means getting paid to learn.”
This is a pressing problem to solve because the labor markets need students who are able to fill the positions that employers are offering. The increasing width between talent and need poses a significant problem in the economy by taking away from overall productivity.
They then provide a platform for tech companies to recruit the best talent:
“Tech companies are actively competing to constantly raise and maintain their employer profiles, offering perks unimaginable to other industries. Our solution here is to provide global employer branding to millions of BitDegree students by sponsoring smart-incentives”
Lastly, these new tech loving students can be a new consumer base for companies like Hostinger, DigitalOcean or NordVPN who can now attract consumers for a lower cost.
What have they done so far?
They are in the process of establishing BitDegree by creating a solid foundation, catering and advertising to the large existing userbase of 9 million people using the Hostinger and 000webhost, who they define as a loyal, web passionate, learning and open to innovation worldwide community. These partnerships will allow for further distribution of Bitdegree content to a large community of tech users.
Hostinger states “Our vision at Hostinger is to enable millions of people around the globe to unlock the power of Internet by empowering them to learn, create and grow independently regardless of racial, social and geo statuses.”
BitDegree Token economy
BitDegree will revolutionize education by creating a new token that can be exchanged among the users of the platform: Students, Sponsors, and third parties.
Companies as Sponsors are the main fuel for a sustainable BitDegree economy. The economic incentive for Sponsors to buy BitDegree tokens is recruiting tech talents, enhancing employer branding and advertising.
BitDegree tokens can be used for creating smart-incentives as scholarships for students’ educational accomplishments, which can be used for getting various digital services offered by third parties on their platforms in exchange for tokens.
Sponsors as well as students will be able to exchange and redeem their tokens in a wide network of industry partners or swap them for digital goods and services. The potential of BitDegree Token demand is closely aligned with the gargantuan $200 billion recruitment industry. Limited supply of tokens ensures a growing demand for BitDegree platform’s services in the foreseen future.
How will they do?
It depends on how well they are able to structure their courses and compete with the current players on the market who are also seeking to disrupt education. Their key differentiation of providing blockchain based rewards and transparency seems to be a good use of this technology for the betterment of students and employers.
If they can solve the problem of retention of students and continuously engage students to progress through the courses, learn all the material in a timely manner and be able to make certain that students can utilize that knowledge to produce deliverables, they will succeed. It’s certainly a tough road ahead but nothing worth doing is ever easy.
Starts December 1st , 2017
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