The Blockchain University launches a Bounty program for contributing to the education system
The Blockchain University is, of course, the online platform that seeks to integrate the blockchain with the realm of online education. Powered by one0x, the platform brings together multiple resources and users to create an extensive learning ecosystem. What makes it stand out amongst several other online learning portals is its unique reward system. It is an effort to acknowledge the valuable contribution of its users while simultaneously driving participation on the platform via incentives.
The Blockchain University uses the one0x protocol for its overall functioning. one0x has its own cryptocurrency token — named Karma, which is used to incentivize users for active participation and contribution. This reward model accords Karma tokens to the users creating quality learning content. This means individuals can earn cryptocurrencies in exchange for quality content.
This is the first of its kind cryptocurrency Initial Coin Offering (ICO) that offers tokens in exchange for content instead of money. An ICO is a channel of crowdfunding that involves the sale of cryptocurrency tokens in exchange for money, both fiat and cryptocurrency. one0x’s ICO is unique with its proposition to charge quality content for its tokens, accomplishing a twofold objective: incentivization of education and adoption of its crypto tokens.
How does this unique bounty program work though?
Incentivizing Education via Unique ICO Model
An ICO acts as a source of capital generation for a startup. However, to fulfil its vision of creating a knowledge economy, one0x has adopted a unique ICO model. It will offer its crypto token, Karma, in the form of weekly rewards for the study material or resources that the users create on the platform. This way, participants have the opportunity to earn cryptocurrency by sharing their knowledge.
A laudable characteristic of this bounty program is its commitment to provide high-quality courses to its users ato promote a perceptive learning experience. The incentives that the platform offers, help in encouraging users to share effective content.
Karma — The Financial Instrument
one0x has its ERC20-compliant token in the form of Karma. Karma’s value is pegged to one0x’s knowledge score, Gyan. Every user is awarded Gyan points for taking up learning activities such as gigs, community participation, finishing classes, and more. Karma is the only currency whose value is determined by the collective user knowledge. Its value, therefore, is sustained on the basis of the total knowledge scale of the users.
Karma tokens are required to enrol in the courses available on the platform. This drives the demand for the token. Participants can either buy these tokens or earn them as weekly rewards via several means.
- The first way to earn Karma tokens is by acquiring a high Gyan balance by attending and participating in the classes
- Users who curate quality content on the platform are also rewarded with Karma tokens. Curation rewards are distributed to the users who add value to the platform by discovering important classes and cross checking the Gyan value associated with every course
- The third and most important means of earning Karma tokens is via content creation. The platform awards Karma to those who create quality course content and upload study material for the benefit of the students. Every week, users vote for the courses, and contributors with the most number of upvotes are rewarded.
The amount of Karma you stand to win via this bounty varies depending on the sort of content contribution you make:
Start off with 5,000 KARMA tokens by contributing to the Learning Guide, which doubles to 10,000 KARMA if you contribute in-person. Assisting with an entire online class would have you earn 5x that amount — 50,000 KARMA. But there are rewards for everyone — even answering questions on the platform can fetch you 1,500 KARMA tokens.
This Karma rewards system is the first ICO model that offers cryptocurrency tokens to the masses for the content they generate and not in exchange for money.
In its effort to revolutionize the education system, The Blockchain University is capitalizing on blockchain tech and cryptocurrencies. Its bounty program is an attempt to encourage participants towards contributing quality educational content for the learners.
