Why Does Education Ecosystem Need the Blockchain?
Education Ecosystem is a decentralized learning ecosystem where people learn how to build complete products in future technology fields. Through our first product, LiveEdu, we are creating the Netflix for professional development. Our blockchain smart contract technology is built on top of the existing Ethereum blockchain, using ERC20 tokenization mechanics.
Our system works similar to that of Steemit, who have used blockchain to transform the online publishing industry. We are using blockchain to transform the $360B professional development industry. LEDU coins are what will power the ecosystem and the LiveEdu platform as they will be used for payments and rewards. Eventually we will create other products which will use the same blockchain technology.
The ecosystem consists of two networks, namely the internal ecosystem and the external ecosystem. The internal ecosystem participants are project creators (content creators), viewers (learners), community moderators, project quality moderators, and LiveEdu API application developers. The external ecosystem participants are businesses, schools, libraries, colleges and other online education companies. After we have fully built out our external ecosystem, our goal is to build our own protocol blockchain and migrate from the ethereum protocol.
Our internal ecosystem is a classic model that is highly suitable for blockchain smart contract tokenization. The blockchain will decentralize key content, product and project development decisions that are made on both the supply and demand side. Tokenization will help us to build our network faster on both sides:
- LiveEdu does not create content itself, but provides a peer-to-peer project network that connects streamers to viewers around the world.
- We plan to use tokenization as a key approach to solve our chicken-and-egg marketplace problem by incentivizing early project creators with a mix of LEDU coins and cash.
- Tokenization will enable Education Ecosystem to bind project creators because, they will have a shared interest in the long-term value appreciation of LEDU tokens.
- The success of LiveEdu will depend on creating content that viewers want to watch. So far, streamers have decided which projects to create, frequently deviating from what viewers want to watch. Tokenization will empower subscribers as token holders to vote on which topics and product features to add next. This will transform LiveEdu from a supply-side-driven marketplace to a demand one.
- Tokenization will enable LiveEdu to launch a native payment currency that is deeply embedded into the product and used for all payment transactions.
- Tokenization will enable LiveEdu to reward site supporters, moderators and API ecosystem developers, using LEDU coins without spending large amounts of fiat upfront, which reduces business risk.
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