AcademyCoin aims to create an online education system powered by blockchain technology. Read our review today to find out how it works.
What is AcademyCoin?
AcademyCoin, found online at AcademyCoin.io, is a cryptocurrency that enables educators to accept monthly membership payments from students and fans. It’s an online learning platform built on blockchain technology.
Here’s how the official website explains the goal of AcademyCoin:
“To reach the next generation, educators from traditional academia…are migrating to online marketplaces and video-sharing platforms. In order to generate sustainable monthly income from these platforms, educators have become heavily reliant on third-party payment processors, advertising networks and major credit networks.”
With that in mind, AcademyCoin wants to help every online educator “achieve sustainable monthly income.”
In layman’s terms, AcademyCoin wants to give educators – people who have unique skills, knowledge, or experience – the ability to make money by teaching other people. AcademyCoin is developing a frictionless cryptocurrency with that specific goal in mind.
Obviously, online education platforms like this already exist today. However, they take high cuts from educators, and no single platform dominates the marketplace.
AcademyCoin was made by Hacksaw Academy, an existing online education portal with an outreach to 2 million people per month (and 10,000+ monthly subscribers).
What Problems Does AcademyCoin Seek to Solve?
The biggest problem AcademyCoin seeks to solve is that educators don’t have a good marketplace where they can sell their lessons online. Today, educators have two monetization options: they can monetize education programs through advertising or through paid memberships.
The e-learning landscape has also been infiltrated with providers that charge fees ranging from 10% to 45%.
There’s another problem: traditional payment providers like PayPal have the ability to freeze funds for any reason – which means an educator’s entire livelihood could be at stake.
Overall, as the AcademyCoin whitepaper explains, “the current payment environment makes it difficult for educators to generate substantial income.” That’s where they see an opportunity to use blockchain technology.
How Does AcademyCoin Work?
AcademyCoin uses ACAD tokens as its currency. The platform aims to be the first fully-functional blockchain for online educators. ACAD tokens will be used for e-learning payment transactions. It’s designed to replace costly third party providers like PayPal and Patreon. AcademyCoin expects that ACAD will lower the overall costs of international payments compared to traditional payment options.
The basic AcademyCoin platform is already functional today. There’s a blockchain and wallet working with an active beta of users.
AcademyCoin’s blockchain technology is called AcademyChain. It’s based on bitcoin’s blockchain. Each block contains a time stamp and a link to the previous block with transaction fees set below 0.01 to mitigate flooding of the network and slower transaction times.
Overall, AcademyChain’s blockchain is aiming for two minute block times while avoiding the congestion seen on chains like Ethereum and bitcoin.
One final thing to note about AcademyCoin’s system is that it already has an existing userbase. That userbase is based on Hacksaw Academy, which reaches over 2 million software engineers, developers, and online learning every month.
The AcademyCoin Token Sale
The AcademyCoin ecosystem revolves around the use of ACAD tokens. There’s a total supply of 100 million ACAD tokens. ACAD tokens will be used to participate in the AcademyCoin ecosystem, including buying courses, paying monthly fees to instructors, and other costs. It helps educators avoid the high transaction costs associated with platforms like PayPal and traditional payment methods.
The tokens use X11, DGW3, and Script algorithms. 80% of the total supply is pre-mined and ready for distribution.
The token distribution for ACAD tokens started with a large number of educators agreeing to accept ACAD tokens, and hundreds of students downloading the wallet.
10 million tokens are available during the pre-sale (10% of the total supply). 20 million are available for public contributors. 20 million for management incentives, 20 million for partnership development expansion ,and 20 million to be distributed to a community of educators, creators, and students.
The pre-sale and crowdsale are taking place throughout October and November. By December 2017, ACAD will be available on cryptocurrency exchanges.
Who’s Behind AcademyCoin?
AcademyCoin is being developed by Hacksaw International, Inc. Hacksaw International launched Hacksaw Academy in 2015. It’s a fully interactive online learning platform divided into sprint programming tutorials with over 12,000 users, although the community claims to reach over 2 million software engineers, developers, and e-learners each month.
By early 2018, Hacksaw expects that over 100 educators will accept and utilize the ACAD token. Today, a number of educators already accept ACAD tokens, including Howard Pinsky, IceFlowStudios, and Coding Tutorial 360. Hacksaw also accepts ACAD tokens at its Hacksaw Academy platform.
The development team plans to launch its educators network in April 2018, with two new wallets (Wallet 2.0 and Wallet 3.0) expected to launch throughout 2018.
AcademyCoin is a cryptocurrency built for the online education community. The cryptocurrency aims to help educators achieve sustainable monthly income without relying on traditional costly payment platforms. The cryptocurrency – which is based on its own blockchain – is being developed by Hacksaw International, Inc., which has already created its own online education platform at Hacksaw Academy.
To learn more about AcademyCoin and the company’s upcoming ICO, visit online today at AcademyCoin.io.