Tutellus: Decentralized + Tokenized Educational Platform
Tutellus is a cryptocurrency rewards based educational platform which pays students in STUT tokens for participation, engagement, and success. The platform was created in 2013, and since then has grown to 1 million users from 160 countries in addition to listing over 130,000 educational video courses. Teachers create their own courses, and are paid per course signup in either FIAT or TUT. In addition to the educational component, companies may use the platform to search for job applicants.
Tutellus uses a two token model for its rewards system: “TUT” is the platform’s base currency and can be traded on exchanges. “Smart TUT” or “STUT”, cannot be redeemed for fiat, and will be granted as rewards to users who contribute educational value to the platform via participation and engagement. STUT is pegged to the EURO at a 1:100 ratio, 1 EURO=100 STUT. Up to 50% of the STUT received per assignment can be exchanged for TUT. AKA $30 worth of STUT can be exchanged for a max of $15 of TUT. The maximum STUT per course is equal to the course price in EURO: $15 Euro/course, $15 STUT rewards to be distributed. If students engage heavily, STUT rewards can cover up to half the course costs . Free courses pay 1/10 STUT rewards as compared to an equal duration paid course. Holding STUT rather than exchanging it brings benefits in terms of job matching (not specified further in the whitepaper) and a loyalty program which reduces course costs.
Full Workflow:
Student pays $30 for a course (pay with TUT, 10% off)-> Teacher gets 70–85% of the course price per signup, in this case $21–$25.5 -> Student engages, finishes the course, and receives STUT (loyalty STUT program may discount 5–10% further)-> Student decides to cash in STUT (50% max) for $15 -> Leftover STUT brings job matching and loyalty program benefits -> Company buys TUT off an exchange, then gives TUT to Tutellus to get access to the best user profiles for certain skills. -> Student gets hired, everyone gets paid.
Strength and Potential:
- Teachers and educators are paid in either TUT or FIAT. This is crucial for any adoption. Not a single “normie” professional will accept funny money in return for hours of hard work.
- Functioning platform with an enormous user base. This cannot be understated.
Shortfalls and Drawbacks:
- Unless students can work remotely and are exceptionally qualified, I don’t see why companies would bother with Tutellus. Platforms like LinkedIn are great, nothing new needed.
- I got a headache after reading STUT and TUT a hundred times. Hopefully my description of the rewards system made sense to you, trust me I really did my best.
Verdict:
While Tutellus has proven operational success, I will not be investing into the ICO. Te-Food is another example of an established company which conducted an ICO, since launch they have performed badly. The crypto space rewards hype and excitement, and I don’t see an educational platform bringing that.
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Whitepaper
https://lib.tutellus.com/ico/pdf/tutellus.io_whitepaper_v3.25_en.pdf
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