The online education market is huge, and it is continuing to grow on a yearly basis. In fact, it is estimated to boom to being valued around $325 billion per year in less than a decade, so on the face of it, there does seem to be some real potential for there to be an online education platform that also incorporates blockchain technology and the use of a cryptocurrency. Also, there can be some concern as to whether or not the tutor can be trusted, and with your money at risk it may be easy to understand why some people are wary about who they end up using.
Step forward to Ntok. Even though the name may not be that memorable, what they are offering is certainly more than capable of making them stand out from the crowd.
What is Ntok?
Operating as a P2P learning platform incorporating the use of digital tokens that is linked to the Tutor Ninja platform that already serves thousands of students and tutors around the world. They state that it is their intention to make education readily available to people no matter their economic status with their platform being used to connect both tutors and students together.
So, how does all of this work?
Well, the Ntok platform is designed in such a way so as to allow both parties to participate in lessons together with it creating what amounts to a virtual classroom. The platform allows for the transmission of high quality audio and video as well as a virtual whiteboard, interactive learning programs, and being able to plan lessons. Of course, there is also the ability to accept payment via the platform, which is where the token comes into play as it takes the place of normal fiat currencies that are used on other platforms. This diagram also explains the flow that can be applied to the Ntok platform.
Also, I mentioned the issue of who can be trusted as a tutor, but Ntok is using Smart Contracts as a way of getting around that problem. On their platform, individuals can leave reviews for tutors, and as they are placed on the blockchain, it does mean they cannot be altered leaving a fair and untainted review. The theory is that people will feel they can trust the review when making their decision, and this is something that can only be achieved thanks to the advances in technology of the blockchain.
ICO Details
For the ICO, Ntok is accepting a number of different digital currencies including BTC, LTC, ETH, DASH and ZEC. Furthermore, they have established a hard cap of $15,000,000 for the ICO, and the exchange rate has been set at 1 NTOK equating to $1.20. They are also looking at distributing 70% of the total tokens produced during their ICO which is pretty high compared to most, but it should still not ring any alarm bells.
Conclusion
So, is Ntok something you should take notice of? Well, I would say that yes it is simply because it is tapping into a market that is huge and growing at an incredible rate. The technology that they are using with video chat, file sharing and purchasing lessons online is not new, but what is new is the way in which they are using blockchain technology and digital tokens to power the entire platform. You only have to look at the likes of Udemy to see how big this market can be, and if Ntok is able to get even a fraction of the number of tutors onto their platform as Udemy, then this is a blockchain application that could sky-rocket.
Links -
Website: https://ntok.io/
Twitter: https://twitter.com/ntok_io
Telegram: https://t.me/ntokx
(My BCT username: JainaVsUther)