NTOK A BLOCKCHAIN SOLUTION FOR ONLINE TUTORING
Tutor Ninja Token (NTOK) is a blockchain solution that is going to be used for online tutoring. Generally, the tutoring market is forecasted to have revenue of US$227 billion by the year 2022. Online tutoring accounts for a small percentage of it now (3-5% only). It is important to mention that current online tutoring systems have several important drawbacks, which is why students and tutors still prefer offline tutoring.
A thorough study of the existing online tutoring systems/ models and the spur of blockchain technology has brought to birth the idea of NTOK. NTOK intends to seal the existing loopholes of online tutoring. Some of the existing problems with current online tutoring are:
- The unbalanced supply of tutors by courses and price,
- Inconvenience in accessing offline course,
- Improper learning channels such as Skype and exaggerated or fictitious tutor ratings.
NTOK is the solution to these problems.
What is NTOK
NTOK stands for Tutor Ninja Token. It is a decentralized online system that uses the Ethereum technology to offer an online platform where students and tutors can interact through chats, interactive whiteboards, file sharing, interactive testing system, audio and video connection. The following are the unique features of NTOK: built-in licensed content, the involvement of a live teacher, study at home, no middlemen and trustworthy ratings for tutors and content. This is a unique service that has never been offered before.
How NTOK works
How NTOK functions could be classified into two, even though they work seamlessly.
- The learning platform – This is where students and tutors have access to the following features; rating tutors, online scheduling of classes, search and selection of tutors and virtual classroom.
Learning texts from leading publishers will be incorporated into the learning platform. There will be an option of buying of electronic versions of the texts from the learning platform.
- Blockchain – This is the platform that allows for payment of tutoring service. This is facilitated through the use of NTOK tokens which meet the Ethereum ERC20 standard. Payment for the tokens will be channeled directly to the tutor, there will be no middlemen. Conventional currency can also be used for payment, though it would attract a fee making it unattractive to use.
The blockchain interacts with the learning platform to provide students a foolproof method of rating tutors. Rating is done through the blockchain smart contract that allows rating after paid lessons. The ratings are unalterable once posted.
Milestones, progress and future plan for NTOK
NTOK has made significant achievement in making the NTOK solution a reality. An Alpha version of the platform is already in operation and it is being tested at tutor-ninja.com as an English language school. The development team is gathering feedbacks from students and tutors on what areas needs to be improved and what new features could be added.
NTOK plans to use engage their partners in China, South Korea, and Japan to franchise with them. These three countries are their large target market and they will focus on them for the first two years. This will enable scaling since they will be required to use the NTOK tokens. Other markets of interest are Spain, Mexico, South America, USA, and UK.
NTOK expects to grow in the future and one of the interesting innovations that they plan to introduce alongside the online tutoring is online robotic services through the use of Al Neural network.
Benefit for NTOK token holders
NTOK buyers will get the following benefits from the acquisition of NTOK tokens.
- Discounts – NTOK holders will reap massive discounts for using NTOK tokens on the educational platform. Not only will their benefits be limited to discounts, they will also enjoy the growth in token value since the tokens will be on demand.
- Trust – There will be trust established between the tutor and the student since tutors with a lot of positive ratings would simply mean that the tutor is honest and good in his/her area of specialization. This is based on the fact that the reviews are honest and give a true reflection of the tutor since they are posted after the service.
- NTOK value – The tokens are likely to attract a lot of demand making them have value. This can be attributed to the fact the all stakeholders will be required to use NTOK tokens for settlement. Derived demand from partners and text publishers will likely to spur competition for the tokens making them gain value.
- Liquidity – Since the NTOK tokens will be used for payment, there is a likelihood of increased liquidity to be experienced once the tokens get listed on crypto exchanges. Buyers and sellers will be actively making buy and sell orders for the tokens, therefore, creating and maintaining liquidity. This simply means that for the tutors, they can exchange easily their tokens for money same as the students they can exchange with ease their money for tokens.