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With the fields of science and technology observing new and rapid developments over the past few years, traditional education methods are struggling to catch up and remain relevant. The few institutions that manage to maintain a high standard tend to charge high fees, making good quality education less affordable for the masses. In a bid to solve these long-standing problems, Tutellus believes it can disrupt the industry and make top-tier education available to all.
Fundamentally, Tutellus is an education platform built on top of blockchain technology. However, unlike websites such as Coursera, Udemy and YouTube that offer on-demand educational content, the platform also manages an active, financially-driven dynamic between teachers, students and employers. While teachers receive a significant percentage out of the total course fees, students are also rewarded in digital tokens for using the platform.
It is important to note that Tutellus is not a new company attempting to make its first entry in the online education space. In fact, the company has existed since 2013 and has an active user base. After researching the merits of distributed ledger technology in 2017 and figuring out how a token would integrate into the project’s core functionality, Tutellus decided to develop its decentralized application on the NEM blockchain.
To achieve its end goal of decentralization, Tutellus is introducing a token-based economy that includes two distinct tokens, each with its own purpose. The primary one, TUT, is designed to be the platform’s native transactional currency. With it, users can transact with one another and then exchange it against any other digital or fiat currency.
In addition to this utility token, learners on Tutellus will also be able to collect Smart TUT (STUT) tokens, which are not meant to be tradable against fiat. Students will earn tokens as a reward for completing tasks and engaging with others on the platform. In effect, STUT will serve as a rating and relevance metric for learners. In the future, Tutellus plans to introduce a reward system where users will be able to exchange their Smart TUT tokens for certain bonus features on the platform.
The initial coin offering for the TUT token is scheduled to begin on June 12, 2018. Until then, early investors can also participate in the pre-sale on Cryptonomos and receive a 20 percent bonus on every single purchase. Participants can buy TUT tokens in exchange for a host of popular cryptocurrencies, including Ethereum, Bitcoin and Litecoin, among others.
According to the roadmap detailed in the project’s white paper, all core features of the platform will be functional by September 2018, with value-added services such as offchain-onchain interoperability expected to arrive by the end of the year.
As such, however, Tutellus is already fully functional, as evidenced by its user base of one million and a course library that includes over a hundred thousand videos. With those numbers, the company boasts that it is the largest education platform built for the world’s Spanish speaking population.
The launch of Tutellus on the NEM blockchain represents the team’s continued commitment to make education more accessible, while not compromising on the profitability for either party. With the cost of education rising by the year, Tutellus may very well open doors for the underprivileged and uneducated segments of society.