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
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.
- 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
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;
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 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.
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.
Beau is the Founder & Chief Editor at Cryptocurrency Australia Media, an educational platform designed to help anyone learn about cryptocurrency investment and blockchain technology. Beau is also the Founder & Principal Consultant of Blockchain Management Solutions, a specialist technical and project management consultancy, is an advisor with Masternode Ventures, a blockchain incubator, and is an advisor with THORChain, a new decentralized exchange protocol.