The global private tutoring market is expected to grow at a compound annual rate (CAGR) of 6.7 percent between 2016 and 2020, according to a report by Research and Markets. So there is money to be made in this space, which on one side involves tutors and on the other – students. And you know which technology is ripe for kicking out the middleman out of equation? That’s right – it’s blockchain.
Education for the 21st century
New age requires a new kind of education, and we have already seen a number of platforms connecting tutors with students all around the world; Udemy is one of the most famous examples, but there are other services, as well.
The problem, however, is that most such sites are centralized, taking a chunk of the money tutors charge to their students; or at very least, these services inflate prices, making it more expensive for students to learn new things.
And so a blockchain-based solution has been envisioned and is in development as we speak.
Enter NTOK
NTOK stands for “New Tokens Of Knowledge” and like other centralized services, it too wants to connect students with tutors around the world, all while offering a high-quality learning environment with textbooks and courses from prominent publishers.
The Alpha version of the platform has already been used as an online English language school to help the company get some early feedback so they could learn what to work on next. They have already decided they’ll start with foreign languages and eventually expand to other areas, such as pre-school education, supplementary learning for primary and secondary school students, and courses in coding.
Technology-wise, the platform offers various tools to make for a better learning environment, including interactive whiteboards, file sharing, audio and video calls that reportedly deliver “better quality than Skype.”
Benefits are numerous
Online learning may lack the physical touch, but it does include a number of benefits, including access to qualified tutors that may not be available in one’s vicinity. Also, cost is an important factor as online learning tends to be more affordable than visiting a local faculty which includes fixed utility and other costs. Plus, the fact we’re talking about a decentralized platform means it could be even more affordable than its centralized counterparts.
All being said, NTOK estimates it could bring lesson costs down by 75 percent, while ensuring that “every student finds a tutor and every tutor finds a student.”
Speaking of tutors, they will be able to offer both one-on-one courses, as well as create pre-recorded lessons that can be served to multiple students at once. Also to help them thrive on the platform, NTOK will show tutors’ average rankings for the past 30 days, preventing one bad score from disproportionately dragging down their reputation.
On the other hand, this ranking system will also assist students find best tutors.
The NTOK token & the future
Built on the Ethereum blockchain, the NTOK token will be used for payments on the platform. Students will be able to use NTOKs to buy pre-recorded lessons or tutor hours in bulk at a fixed price, preventing services from getting more expensive in the future. The company says this way both tutors and students win: the former get to “pre-finance their personal development,” while the latter get more manageable costs.
NTOK is currently raising funds in an Initial Coin Offering (ICO) that is expected to last through April 15. Proceeds are capped at $15 million, and 70 percent of tokens are being made available to the public.
The company plans to start with China, South Korea and Japan for its first three years of operation, followed by Spanish-speaking countries, as well as the US and UK. Also, looking down the road, it hopes to start selling equipment to aid learning, including tablets and earphones for simultaneous interpretation…
So are you interested in supporting the future of learning? You may want to check out NTOK’s website before answering that question. 😉