Though the sudden upsurge in the number of blockchain-powered cryptocurrencies has been impressive, never before have we seen a coin specifically dedicated to the education sector. Reviewing Educoins.io, therefore, is a pleasure and indeed a milestone, especially at a time when there has been no other reviewer. But first, what is Educoins.io?
What is Educoins?
From its Whitepaper, Educoin appears a lot like the missing link in the education sector, and it is indeed a new version of the previous EduCoin. Away from that, it is a P2P, institution-to-institution digital currency specific to educational institutions only. Basically, academic institutions will need it to transact between themselves and will serve a plethora of purposes.
Educoin.io will be a special educational ecosystem where its participants will use it to vet those who will lead the sector and acquire educational materials. Also, it will enhance tracking and validation of crucial tasks within the ecosystem. In the end, all awards and transactions will be possible after a thorough analysis of this blockchain-powered platform.
In 2014, a particular unknown team embarked on creating the first EduCoin. From their initial definition of it, they wanted it to be a pioneer currency based on Bitcoin blockchain and specifically for the rapidly developing academic sector. They envisioned a coin that would be used across devices and platforms to help students, educators, and 3rd parties complete safe, secure transactions without fees without enduring lengthy approval times.
Today, little has changed, and the whole objective is still reasonable. The new coin, however, has no flaws that the old one had. Basically, it is PoW/PoS based with a minimum stake age of 1 Day, 1350 Blocks and a maximum stake age of 7 days. Both the PoW and PoS by the Keccak team and everything else is changed to favor the value of the cryptocurrency.
In a nutshell, the changes affected the following:
- The algorithm: changed from Scrypt to Keccak, which then makes the log resistant to ASIC and therefore a wider adoption of the coin.
- The Protocol: changed from PoW to the hybrid of PoW-PoS combo to offer a perfect balance of mining protocols. In the future, there might be “child chains” that will give birth to other cryptocurrency times.
- Coin Supply: reduced the supply of coins by 1/2020 and thus made the eventual coins 55,000,000 Edu. The reduction will most probably inspire new users.
- The Swap: new blocks will means a block releases 25,000,000 Edu. The new wallet introduces transparency that will make it easy for the public to track the funds during the bounty program.
- Anonymous conversations: after integrating an anonymous, real-chat system into the wallet, students will find it easy to converse among themselves. The enhanced aspects of encryption and anonymity will also improve privacy within the campus.
Based on Mozilla's OpenBadge system, Educoin team is currently coming up with an entirely customizable achievement system where miners will exhibit their peak Mine rate.
Also, the Educoin Certified Curriculum (ECC) will serve as the tool for releasing regular updates with the 99% of its returns distributed to Educoin wallet holders and 1% reserved for the future developments.
The Educoins Verdict
Going through the whole information, it’s clear this ambitious project can be trusted. However, it seems a lot like a work-in-progress and thus not really good to judge this early.