Ntok is another ICO that is set to launch soon, but it does at least initially appear as if this is one digital currency that is focusing on something that is just a little bit different. How different? Well, they are seeking to tap into the ever expanding market of online education, and when you think about the way in which that market operates, then there is very real potential for significant expansion if everything is done correctly.
The Basics of Ntok.
Classing itself as a peer to peer learning platform, the creators state that they are focusing primarily on the teaching of foreign languages. However, it is clear that the way in which this has been established does provide scope for expansion into other areas of education as the platform and network expands.
The aim is to be able to connect tutors and students together with both using either video or audio to complete the lesson. In addition, there are virtual white boards and other tools that are used to enhance the educational experience.
The educational platform is seen as being a centralized platform but to help build confidence in the tutors there are ratings that cannot be faked or altered in any way. This is to make sure that students feel they are able to get the correct tutor for them and that they can ultimately believe the different ratings and comments that appear on the platform. Also, it is this ranking and rating part that is dealt with via the blockchain.
Also, they state that the costs for both the tutors and students will be lower via their platform simply because there are no third-parties or anybody acting as an intermediary.
The Technical Aspect of Ntok.
Clearly, Ntok is going to operate along the lines of an educational marketplace where tutors with various specialities are able to tout their experience and knowledge to potential students.
The student is going to be able to choose their tutor from viewing the range of tutors on the database. This database is on the blockchain which is also decentralized. The student chooses and the fee is paid which is going to involve the token.
Their overall platform is built on Ethereum and this obviously leads to the educational platform being secure and stable but it also allows for growth and considering the size of the education industry there could be a lot of money involved. The token is also an ERC20 token and this allows you to use any Ethereum based wallet.
The way in which they use the blockchain is almost entirely focused on the review section. The reason for that is because of the anti-fraud measures and the fact that the information that appears on the blockchain cannot be altered. Aside from that, the exchange of cryptocurrency tokens is entirely related to the purchasing of the lesson. From that point of view, it is a simply currency transaction and nothing else.
The way in which the platform has been developed does mean that they are perfectly set up for both tutors and students alike. Removing the middleman makes a difference and the way in which they use the blockchain when it comes to the reviews and ratings does mean that you are able to trust what is being said.
Considering you are using the platform to learn then having access to so many tutors that you can verify and check up on thanks to their reviews is going to be key. This alone provides you with a sense of being able to trust, so it makes sense that this can help the platform to expand as students learn that they will be able to receive adequate tutoring and at a price that they know in advance.
From an investment point of view, this opportunity for expansion does mean that investing in the ICO could prove to be a good idea simply because of the way in which people know what they are going to receive for their money.
The Financial Aspect and ICO.
When it comes to the financial side of things, then they have made it quite clear as to what they are hoping for when it comes to the ICO. They have stated that 1 token, which is the Ntok, is going to be priced at $1.20 per token.
They have also set a hard cap of $15 million which, considering the size of the potential market does not sound like too much. They do accept an array of digital currencies that are going to be able to be used to purchase the tokens during the ICO.
Not only do they allow ETH but also BTC, LTC, DASH, and ETC to name just a few of them. This does mean that it will not prove to be too difficult to get in on the ICO. They are releasing 70% of their total tokens with the remainder being used as a bonus and bounty during the ICO itself.
Conclusion About Ntok and the ICO.
To conclude, Ntok is a rather interesting idea for a cryptocurrency, and it is something that does have a lot of potential because of the way in which the education industry is growing on what feels like a daily basis. By eliminating the middleman, it makes the entire process so much smoother than before and will also open up a database to more individuals that could indeed be the perfect tutor.
This digital currency has the ability to evolve into other areas of tutoring that goes beyond foreign languages. As it expands, the token is going to prove to become more valuable, so from an investment perspective it stands to reason that you will find the price increasing allowing you to make a profit from the token launch.
They might not be the first blockchain project to work in this area, but they have certainly worked to deliver a product that is working amazingly well for everybody involved. They have a lot of belief in what they are looking at doing although as with any ICO time will tell as to whether or not they are able to fully deliver.
Check out further details on their website and in their whitepaper.