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The oldest continually operating university was founded 1159 years ago in the year 859 AD. The University of Al-Qarawiyyin in Fez, Morocco has also the distinction of being the first-degree awarding educational entity in the world. The higher education system that we follow today has largely remained unchanged in all these years. While variations and minor differences may exist everywhere, the fact is that the ‘modern’ educational system is role-based system in which the chief participant that is the student may not always the time and space to evolve skills needed in later adult life.
This problem of the lack of evolution of the education market is in actuality a hidden opportunity considering the size of the global education market is nearly US$ 5 tln according to has plans to turn education on its head by giving today’s digital generation access to technologies like machine learning and artificial intelligence. Their Õpet AI companion chatbot is enabling students to shine and realise their fullest potential.
An evergreen trillion dollar opportunity
While education maybe a trillion dollar business, the future of it is not locked away in schools. Today’s students have the opportunity to participate in a more inclusive, more accessible and a fairer system that is based on removing barriers. The Õpet token will be at the centre of Õpet’s educational platform, which is itself based on ethereum-hyperledger blockchain. The platform has a Singapore pedigree. The South East Asian nation is known for its consistent performance in Program for International Student Assessment (PISA). Õpet and the Õpet token will facilitate learning, career counseling for those pursuing higher education and secure storage of user data. The platform has all the ingredients and the first mover advantage to gain traction in an arena which has largely remained unchanged. As Õpet’s Founder and CEO, Wilson Wang aptly describes, “For the first time in history, the inflationary cost of education due to its evergreen nature can be offset by the deflationary nature of crypto-currency, made possible by its sacrosanct code-defined fixed supply and the infinite divisibility characteristic of crypto.” The Opet Token (OPET) embodies the aforementioned and enables a tokenized economy that can prove to be virtuous. Imagine the OPET rewarded to the platform contributors with their contribution of user-generated or curated online content. That OPET can potentially be used to support their progenies in the future, thereby creating a really sustainable and virtuous cycle!
A virtuous cycle that motivates
Õpet’s strength lies in a virtuous cycle that they have created. They have addressed the immediate pressing need of students that is to score high in qualifying national matriculation exams through a modern revision system based on latest AI recommendation engine tech. Secondly they have introduced an easy and secure way of storing academic and ECA records, which can be accessed by the colleges of their choice easily and seamlessly. As colleges and universities themselves get ready and available access to a secured global database, the adoption of the platform would be pushed due to the setting in of the Metcalfe Law and furtherance in proliferation can be expected due to network effects. With strategic partnerships with the University of Cambridge Judge Business School, American University of Central Asia and World Capacity Builder in place so far, this virtuous cycle can work its magic in an ever-expanding global ecosystem. The system overall is adaptive and intelligent, with the AI engine designed to evolve for making better recommendations to users. In essence, this would allow students to expand their horizons and focus on concentrating on their high school syllabus to get into a college that is better suited to their needs. The motivation to learn would thus be higher.
The tech behind Õpet
Õpet utilises the Ethereum distributed ledger technology as well as the hyperledger fabric. The hyperledger is linked to a unique hash-identifier to the Ethereum blockchain which helps carry out transactions that will ensure openness and transparency at the same time. Õpet will help foster an environment where it would be possible to build a network of institutions which have user approved data validation capabilities. At the centre of this network would be the Opet token (OPET), which would not only be used for academic or digital service offerings or for resource transactions but also allow students to benefit in the form of subsidies of on tuition fee. In fact, OPET will support all education-related expenses within the ecosystem. The Ethereum blockchain will also be used to give access to student data to Tertiary institutions, accreditation agencies, universities, scholarship providers, student loan agencies, banks and potential employers. This access would generate revenue for the ecosystem. A technical whitepaper from Õpet has more information on the workings of the platform.
Be a part of the change
Õpet Foundation are raising funds for the transformative change that they have envisioned for the future of education. A private sale has been continuing since June 2018 and will last until August 31, 2018, followed by a public presale on September 1st, 2018 and the actual Token Generating Event on October 1st, 2018. Bonus tokens are available for investors with 35% bonus tokens for contribution of 500 ETH and above, 30% bonus tokens for contribution between 200 ETH to 499 ETH and 25% bonus tokens for contributions between 50 ETH to 199 ETH. Participants in the private sale can register their interest through the Õpet website. Whitepaper, brochure and a token research document are available for more in depth analysis of the project and what it entails. Being a part of the educational revolution requires creating structures that will support the change, now is the chance for it.