ODEM and the Benefits of Staking
ODEM is using blockchain technology and the ODEM Token (ODE) to reshape the global education industry. As our On-Demand Education Marketplace becomes a reality, more people are learning for the first time about the process of staking.
Staking is indicating interest in a specific academic course or program on the ODEM Platform by making a small deposit of ODE. By requiring students to stake, ODEM ensures the orderly operation of its education marketplace. As students and educators come together on the platform, ODEM will radically improve the efficiency of organizing and delivering in-person educational experiences.
Staking helps the platform’s blockchain-based software to assess levels of student demand for specific courses. A typical stake will be as little as 10 percent of the final price of an academic program. Students who stake, but later back out after the agreed upon deadline, will forfeit their staked tokens. When a proposed academic program is scheduled and conditions for its delivery have been confirmed, all staked tokens will be re-applied to the overall price of the course. Blockchain-based certificates of achievement will be awarded to students upon course completion.
ODEM developers have been working to make the platform simple to use. ODEM knows that not everyone is familiar with buying or selling digital tokens and in some countries trading in digital currencies is prohibited. That’s why ODEM will encourage third-party holders of ODE to stake on behalf of students who may not be able to do so themselves. Staking providers’ tokens will be returned at the completion of an academic offering. For their efforts, third-party providers will be rewarded for enhancing the platform’s functionality. It’s also important to point out that staking isn’t just for students or third parties. Educators must also stake to confirm their intention to deliver a specific academic course.
We’ll be discussing more aspects of the platform and its functionality in the coming weeks.
On June 27, ODEM’s Chief Technology Mentor, Adel ElMessiry will be presenting a first look into the closed platform’s capabilities in a special event hosted by ODEM. The event will be at ODEM’s offices in San Francisco. For more details, click here.
Stay tuned for more developments.