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What is BitDegree (BDG)? | A Quick Explainer

By April 5, 2018 April 9th, 2019 4 Comments

What is BitDegree?

BitDegree is online courses meets the blockchain. Founded by Andrius Putna and Danielius Stasiulis out of Lithuania, BitDegree is a new online blockchain powered educational platform with a very unique business model of educational incentivization using crypto tokens. It’s a way for students to ‘earn while they learn’. This Bitdegree Simply Explained tutorial will give you all the information you about this project.

The BitDegree Platform

Image of BitDegree courses in BitDegree Simply Explained

The BitDegree platform is similar on the surface to existing online educational platforms, at least on the surface, where students select a course and study through guided lectures.

What makes BitDegree different, is the ‘learn to earn’ feature, where students are rewarded in cryptocurrency for their progress and achievements.

This is achieved through ‘smart incentives’, where crypto tokens are exchanged between the course sponsor and the student through an Ethereum based smart contract.

Course sponsors are also able to monitor students performance and directly connect with them for potential job offerings.

Value Proposition

  • Incentivise businesses and students in a course sponsorship/job offering strategy
  • Monetary incentivization for courses to be completed by rewarding students in crypto tokens for their ‘work’.
  • Course sponsors and businesses can have access to students, and can thus interact for job or work opportunities

The ICO

BitDegree conducted their ICO from 30th November 2017 to 30th December 2017 with the hard cap of $25 million USD being reached on December 29th. Based on current market rates, the ICO proceeds are currently worth approximately $12.6 million USD.

Token distribution parameters;

Image of BitDegree token distribution graph in BitDegree Simply Explained

Token Economics & the BitDegree Cryptocurrency

The BDG token is held by investors, with the intention that token value will appreciate over time.

Demand for the token is linked with adoption and usage of the BitDegree platform, as more sponsors and students are on boarded, the utility of the token should increase, and thus demand should rise.

Specific token utility;

  • Learners will pay for the courses with tokens
  • Learners will pay for mentorship and tutoring with tokens
  • Employers and donors will issue token scholarships so that learners have an incentive to take specific courses
  • Learners will earn tokens for the courses that have scholarships available.

The BDG total supply is 514,800,000 with the circulating Supply being 354,569,198, thus 68.8% of the total supply is in circulation.

The Protocol

The platform is built on the Ethereum blockchain protocol, with the token being the Ethereum ERC20 standard token with the ticker symbol BDG. The token contract can be viewed here.

Token classification

The BDG token is a ’Utility’ token, as it does not infer a stake in the company, a right to vote, nor does it yield a dividend.

Markets BDG is traded on

  • The BDG token is currently listed on HitBTC, IDEX, Tidex and Cobinhood cryptocurrency markets.
  • Market capital is $15.6 million USD.
  • 30 day trading volume is $46K as of 01/04/18.

Developments

Significant developments since the ICO include the following;

  • Release of the first gamified course, Space Doggos, an Ethereum smart contract development course
  • Beta platform live and operational, with several free courses available across finance, business, programming, blockchain and cryptocurrency.
  • Partnered with Ethos for a community airdrop prior to the Ethos wallet release.
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Join the discussion 4 Comments

  • Armando says:

    Thank you for the review! Helped me a bunch, I’ve been keeping a close eye on BitDegree. And I’ve been pleasently surprised so far, even tho some of the courses seem to have missing videos at the moment it’s still a superb platform to learn. The courses they’ve been making themselves seem to be the best ones, I hope the quality and price only goes up from here haha 😀

  • Peter R. says:

    I’m looking forward to their token scholarships implementation! This sounds like a great initiative to motivate students to learn and seek for skills needed for the job industry. And even now their website is looking quite good, there is a lot of content already and everything seems to be working smoothly. However, the token implementation will be the key thing to this platform!

  • Sung Cho says:

    Does anyone know when these token scholarships are planned to be implemented? Providing the ability to connect employers with students will bring a new twist to online course field.

  • Gauraav says:

    I have been following this project from the beginning of their ICO and it’s nice to see that more and more people acknowledge this project and the idea behind it.

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