Blockchain technology is causing major disruptions across several sectors, including finance and security. While the education sector seemed to have lagged behind a bit regarding the implementation of blockchain technology, it is quickly realizing the immense potential of the technology. Blockchain is set to revamp the education sector by creating an efficient and reliable blockchain ecosystem for thousands of learning institutions worldwide.
One such blockchain project that aims to transform the education sector is Student Coin (STC). STC is concerned with developing the first tokenized educational ecosystem, which will connect universities, student organizations, and entrepreneurs across the globe.
Student Coin Explained
Student Coin (STC) is the world’s first academically-driven token that looks to build the first tokenized education ecosystem, connecting students worldwide. The project integrates blockchain technology in the education sector to reinforce student’s knowledge about cryptocurrency and spur its adoption.
STC is based on two blockchains: Ethereum and Waves.
The Ethereum blockchain supports the native token, i.e., STC. The coin is listed at cryptocurrency exchanges enabling it to be traded and owned as a digital asset. STC is currently an ERC20-Coin, but there are plans to folk it into its main native blockchain that will employ PoS consensus by 2021. Its total supply is capped at 10 million.
The Waves blockchain allows students to create custom based tokens using an open access open-source tool referred to as the STC Terminal. STC Terminal runs on the Waves-NG protocol and enables students to develop university-specific or faculty-specific tokens. For instance, Oxford University students can use the STC Terminal to create the Oxford Student Token, which can be used around campus to pay for bills or tuition fees.
Use Cases for STC
Apart from having utility value, university-specific tokens will be exchanged with STC via the STC Exchange. STC can also be exchanged for Bitcoin or other Altcoins.
Student Coin offers the necessary infrastructure to develop STC-based tokens for their universities, schools, faculties, student organizations, and startups.
The project also educates students about the blockchain technology, crypto investments, and decentralized finance to spur crypto adoption.
The project has already been implemented in over 500 universities with student bodies as primary partners. The project is developed for students by students with academic faculties as project advisors. STC is currently being driven by entrepreneurs, students, research organizations from 16 universities, and over 6, 000 students.
Tokenizing education refers to integrating a cryptocurrency with market value to the education sector to achieve various use cases, including utility value or general crypto investments. The Student Coin project aims to tokenize education by creating a multi-university ecosystem for seamless knowledge transfer. Its native coin holds utility value and can be used by students to pay tuition fees, library fees, online lectures, and generally cater to university life expenses.
What’s better, students who use STC for utility payments will enjoy lots of incentives. These include discounts on food and drinks, discounts on parking fees, premium options in the library, and access premium lounges at student events, etc.
How Will Student Coin Tokenize Education
Create a Multi-University Ecosystem
The project will offer the necessary infrastructure to higher learning institutions to develop custom tokens and create a multi-university ecosystem. Universities will be able to create their tokens using the STC Terminal built on the Waves-NG protocol. The Student Coin will be the core and reference cryptocurrency for all the university tokens.
University Token Exchange
Different university coins can also be traded via the STC Exchange. The university-specific token will attract utility and can be able to carry out transactions within the ecosystem as well as the university. The token can be used to pay tuition, library, parking fees and buy kinds of stuff on campus, etc.
Furthermore, university-specific tokens can be stored in the Student App available for both iOS and Android platforms. Students can also trade or use the tokens directly from the wallet. The Student App is yet to be launched, but students can store STC in wallets supporting ERC-20 (Ethereum-based wallets) and Waves tokens (Waves-based wallets).
Ease University Management
Several university-specific tokens have already been launched using the STC token, including Oxford Student Token, KU Student Token, Harvard Student Token, Kapitalni Club Student Token, Attention Student Token, and many more.
Student Coin-based University tokens feature several use cases including a means of voting in university elections, admission into student clubs, admission into a university, fundraisings for research projects and charity, awards, and supporting sports representatives, among other use cases.
Students who use Student Coin-based University tokens receive plenty of benefits, including getting extra points in the Erasmus program, receiving special holders parking places, receiving discounts on foods and drinks at partnering clubs and universities’ canteen, and receiving a “token scholarships” as bonus payments among other benefits.
Benefits of Student Coin Tokenizing Education
Enhance Knowledge Sharing
Universities are institutions of innovation and research, thus need to share knowledge to further their mandate. By creating a multi-university blockchain ecosystem, Student Coin enhances knowledge sharing among universities. Faster knowledge sharing leads to better research and innovations.
Improves Quality of Education
Blockchain technology improves the quality of higher education by enabling the interaction of learners, who, in turn, share ideas. Students acquire new skills, which makes them better professionals. Also, blockchain technology enhances efficiency and security in the education sector. For instance, STC can be used to pay for tuition fees and other bills securely.
Spurs Crypto Adoption
Student Coin looks to create awareness among millennials who are the most significant users of digital assets. Increased blockchain awareness is instrumental in the mainstream adoption of cryptocurrencies.
The idea of implementing blockchain technology in the education sector was long overdue. Student Coin is the first tokenized educational ecosystem that will significantly revolutionize the education sector.
By tokenizing education, the project will enormously improve learning quality by empowering students with blockchain technology. The project is still at a nascent stage but has already caused ripples in the education sector. There is an ongoing Presale that will enable the phase 4 of the project to be realised. It will be interesting to see how the project will modernize education.
Cryptocurrency & Blockchain
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.