ODEM’s Full Vision
The ODEM Team has been hard at work developing our core ODEM Platform. We’re delighted to share highlights with you from last month’s publication of our technical whitepaper.
For those new to ODEM, we’re creating the world’s first On-Demand Education Marketplace for students and educators to come together in pursuit of exceptional opportunities to learn and teach. Students will use the platform, an online software as a service, to discover and register for academic programs. Educators will also promote their courses and teaching talents.
The platform embodies ODEM’s mission to improve the accessibility and affordability of higher education. It’s supported by a growing community of students, educators and service providers. ODEM uses blockchain technology and associated digital tokens to automate the organization and delivery of in-person learning experiences.
ODEM differs from many other blockchain-based enterprises because it relies on a digital token and a digital certificate, instead of just a single token. ODEM-Tokens (ODEM-T) provide access and act as a core currency on the platform. The tokens are also used by students and educators for staking or registering for specific academic offerings. ODEM Credits (ODEM-C) act as a secure certificate of a student’s verified scholastic history.
ODEM-T are derived from the Ethereum blockchain’s ERC-20 token that functions according to rules within the Ethereum ecosystem. ODEM deliberately chose the ERC-20 because of its compatibility with smart contracts that execute automatically based on previously agreed terms. Smart contracts are central to streamlining the organization of academic programs.
ODEM-C, on the other hand, securely holds students’ academic history based on the Ethereum blockchain’s ERC-780 protocol. These guidelines allow students to establish both their identity and academic record on the blockchain. Students will be granted ODEM-C after successfully completing an educational offering.
Staking is a critical process on the platform in which a student expresses interest in a program by pledging a small amount of ODEM-T. Educators will also stake their program offerings. Staking assists the platform in measuring student-and-educator interest in certain courses. It also enables program managers to plan with confidence while also covering costs for programs that aren’t completed because of student cancellations.
Staking is enabled through the ERC-900 interface, an open-source template for simplifying user interaction. Simplicity is important because many platform newcomers may not be familiar with buying or selling digital tokens.
The ERC-900 interface also allows for third-party staking. That’s when a student, for whatever reason, is unable or doesn’t want to stake directly. Third-party staking increases the likelihood that token holders will earn a return on their investment. The process is also related to fine-tuning the platform’s overall operation. Those students or educators who back out of course offerings will forfeit their staked tokens. Smart contracts will guarantee payments.
The ODEM-T’s economic model is based on research conducted by the U.S.-based Sweetbridge Foundation. On the platform, the model’s design isolates the utility of the token from external market forces, ensuring that use of the token is always advantageous.
As the platform’s core currency, ODEM-T will provide faster and more reliable transactions for cross-border transactions on the platform.
When the platform is complete, ODEM will be the world’s premier provider of high-caliber education at an affordable price.
I look forward to keeping you aware of new developments.