BitDegree Wants to Incentivize Studying
Companies and organizations worldwide are looking for more and more creative ways to break into the cryptocurrency world. A company called BitDegree, which claims to be the very first free education blockchain-based platform, is getting in on the action by financially rewarding its students for studying. Students will receive scholarships in the form of tokens and other benefits. The Lithuanian company’s BDG token is valued at 1 ETH for every 10,000 tokens.
The company has already managed to sell $22.5 million worth of tokens in its ICO, which was launched on December 1st, 2017. Not only will the company’s education platform provide a way for students to earn tokens, it will also keep a systematic record of all their achievements on its blockchain. According to the startup company, the traditional education system is unable to effectively meet the demands of the 21st century labor market.
Tech Jobs Don’t Need College
It’s no secret that a significant percentage of tech jobs do not require a college degree. Companies like BitDegree have recognized this trend and plan on assisting the tech job recruiting process. The technology sector has been growing rapidly for decades now, but it has become harder to fill tech jobs. With a free blockchain-based education system, learning about technology will become more accessible to everyone around the world.
Since it will not only be free, but will also follow the earn while you learn model, the chances of people committing to a learning program could go up. Many people, who don’t pursue higher education, often cite the high tuition costs and not being able to afford to take time out for studying as one of the primary reasons for doing so. Billionaire investor Warren Buffet has stated, “The most important investment you can make is in yourself.”
So, what better way could you spend your time than by increasing your human capital learning cutting-edge technology, while being paid for it?
BitDegree’s Modus Operandi
The blockchain startup uses what can be referred to as “smart incentive”. This is basically a smart contract issued over the Ethereum network. The contract is executed between the creator of the learning material and the person who’ll be compensated for learning it. The party responsible for executing the contract (underwriter) will be BitDegree’s blockchain platform.
What sets apart this ICOs so far is that the BDG token offers a guaranteed exchange rate. This guarantee is supported by giant web-hosting platform, Hostinger. There’s also a fairly experienced team behind this project. The team includes former Coursera senior manager and Stanford University graduate, Roberto Santana. Coursera, for those who might be unaware, offers online courses in technology and just about every other discipline. Its current worldwide user base exceeds 28 million.
Maybe Not Such a Good Idea
As a firm believer in the importance of an all-around education, I think that the BitDegree initiative restricts learning to a very narrow domain. That domain being technology. As a computer science graduate from a traditional 4-year university program, I feel that many of the elective and general education courses are vital. For example, I had to take a certain number of English courses. I also had to take a few electives, and I chose to take psychology and sociology. These additional courses helped me realize the connections these subjects had, even to the computer science discipline. It also inspired me to earn my masters in psychology. Therefore, I believe that leveraging blockchain technology to enhance the learning process is great, but everyone’s education should also be as diversified as possible.