More and more investors see the expansion of blockchain technologies as an opportunity to introduce new ways to do old business that are not only more efficient but also more trustworthy and convenient for their targeted user bases.
We can witness prime examples of this growth, as many startups on the Ethereum network explore a variety of different business ventures such as new commodity exchanges to its use in Humanitarian aid by the UN. While success varies, the community is snowballing and it is becoming clear that using blockchain technologies within these existing industries has peeked industry-wide interest.
NTOK is one of the newest attempts to break into an old marketplace; the education industry.
It comes as no surprise to see the sector move from offline to online, especially within the realm of higher education, as well as recently in the K-12 demographic. And as a result, the private tutoring market has been growing as the need for supplementary instruction has increased with teachers being less hands-on.
Tutoring itself is forecasted to reach nearly $227 billion by 2022, yet online tutoring only accounts for about three to five percent of this. Due to ongoing trends in education moving online, however, about 70 percent of the market is expected to end up online as well.
Despite this, there aren’t very many effective platforms for tutors to offer their services online yet. Most require using tools such as Skype which are not necessarily suited for educational needs or to turn to mediators who take significant cuts thus increasing the cost for the student and their parents. Beyond these issues, best practices in choosing teachers that can be 100 percent relied on for accuracy is still problematic.
NTOK’s platform is attempting to take care of all these issues. The firm looks to create an online platform, based on blockchain technologies, which will build an open arena for both students and tutors to bolster their education and careers respectively. In this way, NTOK avoids hefty commission fees of other intermediaries and will allow greater transparency than other platforms due to operating via the blockchain and ethereum smart contracts.
The service would guarantee that a student may only rate a lesson or tutor after payment has occurred. These reviews would also be kept on the blockchain, so manipulation is rendered impossible.
Tutor Ninja Token and Token Distribution Event
Central to this platform will be the Tutor Ninja Token (NTOK) which will mostly be purchased by students to pay tutors and content providers on the platform. To simplify this type of transaction for mainstream markets, users can buy NTOK via standard fiat currencies to eliminate any confusion in the process and allow students and tutors alike to jump immediately into the community.
The NTOK platform is currently in its alpha phase and has entered into their pre-sale period as of December 5, 2017. The public sale of the ICO will begin on January 15, 2018, and will continue until February 15, 2018, though it may extend further if required. The price of the tokens will begin at one American dollar and increased incrementally every week by five cents.
For further reading and to get involved with their presale check out ntok.io and their detailed whitepaper. Many of the proposed solutions to the current migration of education will occur one way or another and NTOK is on the right track to be one of the leaders for the future of online schooling.
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