Academy Coin – Problem and Potential
AcademyCoin aims to help online educators receive a higher fees by cutting out middle men and fees associated with credit cards, PayPal and Patreon. This will allow more autonomy and higher earnings for users. AcademyCoin’s goal is to be widely used across mainly different platforms as a means of payment. Currently, the whitepaper lists nine initial testers of the AcademyCoin but plans usage by “100 educators” by the start of next year. Eventually, they would like their methodology and coin usage in place at higher learning and formal educational environments such as universities. Additionally, it allows for thorough and transparent record keeping due to the permanent and distributed nature of the blockchain technology behind it. Currently, the AcademyCoin system is being trialled at Hacksaw Academy an online learning platform for learning coding.
Companies such as ParentPay or sQuid also focus on e-payments for schools, while WPM Education focuses on higher and further education. These sites use third party payment gateways such as PayPal or credit cards to handle transactions. Patreon would also be a major competitor, as this company is used by many online businesses to create revenue by having regular fans donate as Patrons. Patreon does not use any blockchain technology and is aimed at creative artists, not EdTech and so both products serve different niches in the same market.
AcademyCoin is created by Hacksaw Academy and their staff. Many of the team created another EdTech start-up called LendLayer, offering student loans to students learning to code online or at coding bootcamps. This ran successfully and was bought over by a larger firm.
Strengths and Possible Issues
A potential issue could be the number of acceptors and the absence of key players in this field at the current moment. An aspect mentioned in the Whitepaper is the goal to have over a hundred acceptors by early 2018. This seems an ambitious goal as they currently have only nine acceptors in early-October.
E-learning market users usually learn via YouTube, social media and blogs. Formal education providers may be reluctant to use blockchain and crypto-currencies and prefer to stick with what they understand, is convenient and perceived as safer. Many people paying for the education will be parents who are not familiar with technology in the same way as e-learning students. Mainstream acceptance and a loss of negative connotations of crypto-currencies combined with a strong interest from universities will be needed for its long-term success.
The main strengths of this business are the experienced team behind it and that they have access to 2 million users through Hacksaw Academy. This combined with previous experience and contacts created in EdTech start-ups may allow for proliferation of AcademyCoin currency amongst e-learning platforms.
Purpose of Coins and Crowdsale
The coins serves only as a means for payment.
Only, 100,000,000 AcademyCoins (ADAD) will be created and allocated. Presale for AcademyCoin is occurring now until 31st of October (or until a tenth of total coins have been sold). The ICO will occur during November (or until a tenth of total coins have been sold) the main sale will occur.
The funds will be used to help develop the product, marketing, legal costs and reserve funds.
-EdTech start-up allowing students to pay for education using AcademyCoin. Therefore, removing third-parties and increasing percentage of income delivered to educator.
– Team work in EdTech and have experience working together, building partnerships with other e-learning companies and in previous start-ups.
-The product helps solve a problem, has few competitors and is already being trialled at parent company by students.
– Currently only nine acceptors of ACAD currency. Plans but no guarantee will be taken up by other e-learning establishments.
-Suitable for e-learning and has great potential. However, would crypto-currency payments be welcomed by formal education in the near future?
FROM SAM: As with all Edtech startups, be careful. Bitjob was a waste and there hasn’t really been a super successful ICO yet. It will be interesting because this company has existing subscribers and there does seem to be a blockchain solution for their token. I’m mixed.