ODEM ICO Review – ICO Token News
Education is a global sector, and its market is ripe for tech disruptions. In this sector, higher learning is evolving at a great pace. For the most part, the demand of higher education is fueled by the rise in global population and the expansion of the middle class in African and Asian countries.
Despite having rich marketing opportunities, the educational landscape can’t connect with the students. Today, the students who want to invest in higher education and who wish to experience quality learning face some hurdles. These roadblocks include student debt, different layers of intermediaries, and rising tuition costs. So, right now, there’s a gap between the students and quality education. And this is the gap that’ll be filled by a blockchain-based platform known as ODEM.
ODEM – The On Demand Education Marketplace
ODEM offers a comprehensive platform to the educators, students and service providers in the education industry to participate in a decentralized, real-time and direct marketplace. It not only empowers the participants to search, select and purchase educational products but also allows them to negotiate, request and create customized education experiences in-person as well as online. Unlike most of the existing education providers, ODEM keeps real-time, in-person education programs in the focus.
The platform is designed so that it can accommodate the delivery not only of the single course, but also accompanying services that are included in accommodating a group of students traveling to a location. Since the majority of the offerings of the platform are onsite educational experiences, ODEM has built off-chain capability for the management of a wide variety of tasks including securing of service providers, negotiation of costs and creation of student certificates. It’s a multi-dimensional education platform that accommodates scheduling, costs, participants and locations.
How it works
ODEM connects students and educators with course offerings at any price point all over the world. It offers an ideal way to buy and sell customized education and training courses across various regions of the world. It is powered by a set of programs deployed on Ethereum blockchain that provides ease of payment and transparency of transactions. Once the user logs in on the platform, it can decide a service to purchase. The record of all such purchases will be stored on the blockchain. Activities done prior to the purchase will be handled by the off-chain platform.
Combining the transparency of blockchain and artificial intelligence capability of ODEM, the program selection generator identifies the exact subset of members participating in the ODEM services community that fit the criteria. Unlike the other platforms of ICO list like Dimensions Network, BunnyToken, Ice Rock Mining, SkyChain and Bountie, and education platforms that merely match the token buyer and seller, participation in the platform is based on the users providing their pre-approved criteria. To achieve an advance match, it aligns many parties to precisely match their requirements as they have already accepted valid service engagement.
Blockchain technology has expanded the capacity of the people to work collaboratively for a goal. ODEM offers a collaboration tool for a community working together with the aim to make the education more accessible and affordable. The advances in machine learning and optimization techniques have helped in solving the problem of accounting for the needs and restrictions of all parties concurrently. Blockchain allows for the necessary contract automation to facilitate coordinated execution with the ecosystem.
The problems of the marketplace
Students face multiple challenges to acquire great education. The challenges can be categorized into three broad categories. These are:
- Institutional Barriers
- Financial Barriers
- Geographic and Societal Barriers
The problems are separately discussed in brief here.
The traditional, in-person higher education is based on an entrenched, rigid legacy model. The professors are often restricted by their home colleges on what terms they can share their expertise with the learners. On the other hand, students have to face rigid controls on the course prerequisites, enrollments and other onerous requirements that hamper their endeavors of higher learning. Gaining admission in some colleges can be more challenging than graduating from it. The education sector needs to adapt to the changing needs of the students and professors teaching them as the current education system fails to address the importance of calibrating education.
The process is further complicated for many students due to the disadvantages of geographies and rising tuition costs. For those interested in higher and lifelong learning, lack of customization options in education inhibit their ability to gain affordable yet quality education. The access to best educators is also controlled and the cost is raised by the institutions employing them.
Geographic and societal barriers
When it comes to online learning, societal and geographic contexts have little relevance. There is a limit to what a student can get from the online education experience.
Overcoming these barriers is important to acquire quality yet affordable education. A global marketplace can help the students in making customized course selections and accessing a variety of education options.
The solutions offered by ODEM
Due the blockchain technology and smart contract based payment system of ODEM, students and their professors can interact directly without the involvement of intermediaries. They can seamlessly get access to custom designed course and education programs that meet their specific needs.
ODEM addresses many of the industry’s challenges through the following:
- It provides the students access to on-site and in-person education experiences with affordable price. While the platform can provide any type of learning experiences, the focus is on on-the-ground education at some of the elite institutions all over the world.
- It provides an efficient way of understanding and sharing the educational requirements and goals to meet the requirements of globalization of the educators and students.
- The marketplace promotes an education community where educators, service providers and students can participate and interact in a secure environment.
- For the development of educational programs, ODEM provides a curriculum and academic schedule builder wherein the programs are clearly laid out and agreed upon by the educators, students and other stake holders.
- The marketplace with innovative features provides for curriculum description, real-time system of negotiation and payments on a schedule which is already agreed upon.
- The platform has the capability to back and forth language translation to ensure that key nuances in the programs are not lost during the process of translation.
Platform features and benefits
ODEM offers multiple benefits over the existing education marketplaces. Some of these advantages are discussed below.
- In the existing models, the client has to create request directly through email or phone, and has to cycle through many layers and negotiations while the users can easily request for lectures on ODEM. The benefit of this is that the request is captured instantly and put out to bid. This triggers a fulfillment process in which the students are matched with the program with lower overhead expenses.
- In the current model, it is difficult to secure the speakers and facilities before the client will leave a deposit. On the other hand, client request on ODEM can only be completed when all resources are committed. It offers the benefit of exchanging the payment at specified date with the help of smart contract based on deliverables as per the terms of contract. The payments are done once all the resources are secured and committed.
- Current models require extensive back and forth with client partners and sales. ODEM facilitates offers between the marketplace and customers. The marketplace providers accept the project based on the price which is mutually agreed upon with the client. The benefit of this mechanism is that the middlemen costs are eliminated.
- In the current model of marketplace, online schedule is created through manual input. While in ODEM, the schedule is built automatically. This removes uncertainties of last minute requests to program fulfillment as event schedule is created online directly as per the terms of smart contract.
- In the existing models, the programs are created ad-hoc with little input from the educators. In ODEM, the programs are created and owned with lifetime royalty. The marketplace platform has engaged speakers to create their own curriculum. It will not only improve the quality of the program but incentivize the clients to study the programs developed by experts.
Advantages and innovations of the platform
The service fee on the platform will be generated by the creation and listing of the curriculum and lectures. The fee will be automatically calculated as per the flexible fee structure of the supplier. This will be added to the listing prices selected by the educators when they decide to publish the academic course content. The service suppliers can also gain a share of these fees.
The suppliers will be incentivized to join the platform with ODEM Rewards token distribution. They have to sign up and create the profile for this purpose.
Initial reward structure will be based on the below factors:
- Time of adoption
Let’s briefly discuss the importance of these three factors now.
Time of adoption: The first 100 suppliers who sign up and create profiles on this innovative marketplace platform will be provided additional discount in the form of supplier fee. The next 400 suppliers joining the platform will be given 50 percent bonus while the last 1000 to join the network will receive 25 percent bonus.
Volume: Volume discounts of 5 to 25 percent will be available to the suppliers for the revenue generated from the lectures and course content purchased on the platform. The incentives will be properly aligned as per the business intelligence.
Reputation: Reputation is important for positioning within the platform and is a key driver for supplier discount and bonuses. The suppliers who list their services out of the top 100 universities will receive a one percent discount for which percentile they fall. For example, 10 percent discount will be provided to the professors listed from the universities 1 – 10. Similarly, the professors from the universities listed 90 to 100 will receive a one percent discount. Initially, reputation will be established as per the rankings of the university but eventually, customer rating and feedback will become paramount to validate the reputation.
Competitive advantage of Excelorators
ODEM is inspired by the success of U.S.-based Excelorators, the leading provider of education services to the overseas students looking for learning exposure in the corporate campuses and institutions of the USA. With its innovative marketing platform, ODEM is revolutionizing the accessibility and quality of high-impact educational experiences for both the learners and the professors. Excelorators will be the ground service provider of the ODEM education programs in the USA.
Excelorators offers below three advantages to ODEM.
- It has extensive experience of delivering educational programs and has key academic contacts to deliver a successful education experience to overseas students.
- It has experts to address the issues that involve cross-border payments and leverage the opportunities in the maturing financial technology.
- The company has expertise in developing an inclusive ecosystem to develop and sell the products.
ODEM Token (ODEMT) Sale
The sale of ODEM Tokens (ODEMT) will happen in two phases:
- Pre Token Sale
This phase began on 10 December 2017. During this phase, a total of 58,200,000 ODEMT will be issued at a discounted rate of €0.0375 which is 25 percent of bonus rate. There is a minimum requirement of the purchase of 200,000 ODEMT per user during this phase.
Pre Token Sale Details
|Price per ODEM for 58,200,000 ODEMT||€ 0.04|
|Pre token sale starting date and time||10 December 2017 at 9 AM UTC|
|Pre token sale ending date and time||31 December 2017 at 9 AM UTC|
|Minimum buying limit||200,000 ODEMT|
|Maximum buying limit||Nil|
- Token Sale
The main token sale starts on 17th of February 2018 and will continue till 19th of March 2018.
A total of 180 million ODEMT will be available for distribution during this phase.
The tokens will be issues at or around €0.05.
During the first hour of the main token sale, a user will be allowed to buy a maximum of 2,000,000 ODEMT tokens.
After that, this maximum cap of 2,000,000 tokens will be lifted.
Details of token sale
|Price per ODEM for 180,000,000||€0.05 (Equivalent price in Ether will be updated 24 hours before the Token sale)|
|Token sale starting date and time||17 February 2018 at 9 AM UTC|
|Token sale ending date and time||10 March 2018 at 9 AM UTC|
|Minimum buying limit||Nil|
|Maximum buying limit||2,000,000 ODEMT tokens for the first hour|
The total collection will not be more than €12 million net, excluding all marketing, legal, token sale related commissions and organizational expenses.
The distribution of funds will be done as follows:
|Pre ICO token sale||15%|
|Bounty and ODEM rewards||11%|
Use of funds will be done as below:
|Sales and marketing||20%|
ODEM Rewards will be used at the company’s discretion to incentivize the marketplace participants as per the economic conditions. Contributions raised by ODEM SA will be used to build the marketplace and developing the ODEM platform.
Utilization of the funds
Level 1: €1 up to €3 million
Deployment of on-chain transactions on Ethereum at limited capacity
Limited functionality for the educators to create content and profile
ODEM platform beta launch
Physical office in Switzerland
Level 2 €3 million to €6 million
All Level 1 benefits
Additional interpreters and mentors will be added
Development of course for distributed ledger technology with political, social and technological impact
Recruitment of developer team to achieve migration of the majority of off-chain transactions to on-chain
Additional branch office in China
Level 3 €6 million to €12 million
All Level 2 benefits
Pilot credentialing of selected educational courses
All transactions occur on-chain and across additional selected blockchains
Additional marketplace participants will be added
Account tracking of free personalized education blockchain
Pilot and testing of video on demand platform
Scholarship program for underprivileged students
Future development plans
In addition to the above use of funds, the platform developers are working on the below enhancements.
Augmentation of the in-person classroom experience to include:
- Live streaming of classroom experiences
- Repurpose videotaped and recorded classroom events to be reused as online content for purchase
- Offering of synchronous and asynchronous ODEM educational events as online course
Use of Artificial Intelligence (AI) for:
- AI-based student learning
- AI-based testing and assignment
- AI bot to help the buyers create educational programs and navigate choices
- AI to AI creation and management of smart contract to streamline requests among the sellers and buyers
Extension of blockchain based technology in ODEM education model to include:
- Creation of blockchain-based ODEM accreditation programs to be developed by the participating institutions, educator and students.
- Attendance and the student understanding of classroom lectures
- Students earning academic credit from the professors
- Completion of classroom assignments and projects
ICO list tokens by their nature are highly risky. Participating in ICO list tokens like Sapphire, Dimensions Network, SkyChain, RepuX and Lendo means taking high risk in terms of untested markets as well as well as other business, technical and regulatory risks. Acquiring ODEMT involves multiple risks. ODEM SA may not be able to launch its business operations as planned due to business and technical difficulties, or other difficulties not foreseen. The token buyer should carefully consider the risks before buying the token and may obtain independent advice for this. The platform is dependent on the secure operation of its website and systems. Security breaches may expose the stored data, including the personal information of the users to misuses.
The company may also experience the denial of service attacks including but not limited to its website. In case of the company is unable to avert a denial of service attack, it may suffer substantial losses. ODEM SA may not have the capabilities, expertise or resources to prevent rapidly evolving types of cyber-attacks. A significant interruption to the efficient and uninterrupted operations of ODEM SA’s applications, systems and networks could have a material adverse effect on its operations and operating results.
Steve Jarding – Education and Leadership Curriculum Advisor
He is an educator, lecturer, writer and political consultant.
Ingo Fiedler – Blockchain and Economic Advisor (He is Co-founder of SICOS and a director of Blockchain Research Lab of Hamburg University)
Richard Maaghul – CEO (He is a seasoned Silicon Valley entrepreneur with more than two decades of direct experience in emerging and disruptive technologies.)
William Bayrd II – COO (He is an innovator, thinker, natural leader and founder of three companies including Excelorators Inc.)
Education is a global industry, and the demand for higher education is fueled by the growth in population and the expanding middle-class in Asia and Africa. The demand for higher education is forecasted to rise eight percent this year. Nevertheless, students face multiple hurdles like rising tuition fee, layers of intermediaries etc. in accessing quality education. Higher education is neither accessible nor affordable to most of the students as it has become a prerogative of global elites.
The On-Demand Education Marketplace or ODEM makes use of cutting-edge blockchain technology that allows the qualified members of the industry to develop customized curriculum and offer it directly to the market. ODEM SA is a Switzerland based private limited company. It provides the students more options in housing, studies, transportation etc. The platform supports live, in-class experiences and allows the students to take ownership of their education.
ODEM offers much more than an education marketplace. It aims to provide affordable and accessible education to all, provided by the top educators of the world. The Ethereum- based smart contract of the ODEM platform allow for the agreement between the student and educators to be attained with minimum possible involvement of the intermediaries like universities. The distributed network of the ODEM allows the students to interact with the professors and their academic partners in-person and onsite, in both local and international settings.