Yes blockchain will make education more “trustworthy.” But there’s another education benefit no one is talking about.
Just minutes after meeting an ICO founder, his dreaded explanation begins to surface around “why blockchain is going to revolutionize this sector.” Your eyes roll as the eager founder scrambles to explain how blockchain is decentralizing A, B or C and in turn “increasing trust for all parties involved.”
Your deviant mind happily offers up, “Go build something people can actually use.” You politely nod and say something to the tune of “oh nice!”
After a rough-and-tumble 2018, it’s clear that a lot people rushed into “blockchain” and linked it to cryptocurrencies, as a means of “getting rich quick” through ICOs and other tangential services..
Of course, we all had to pay the piper though.
Countless blockchain companies collapsed. The market dropped over 90% across the board. And many lost thousands or millions. On a call with a prospective hire, he shared with me “Today [our company] laid off all 50 employees, with no severance and no advance notice. Tomorrow no one has jobs.”
Why and how could so many companies go belly up? It all boils down to this: the knowledge is misplaced.
The right people were not informed about the best use of the new technology. And therefore, they misused and abused it. Instead of building real solutions, they simply collected investment, spent a lot of it, and then had to shutter up when hype died and markets plunged.
My company, BitMart, is a cryptocurrency trading platform supporting over 550K traders. Our exchange just announced a partnership with Stony Brook University, one of ten universities recognized by the National Science Foundation for integrating research with undergraduate education. We are teaming up to make a research and knowledge-led world of blockchain.
Why Education for Blockchain?
First, if we recall all drama during the entire of 2018, we find a beautiful collection of ICO and “pump & dump” scams. In our current internet infrastructure, we are able to do scams via internet. But, we’re also able to expose with immense transparency via internet.
Together, these left the whole year in chaos.
Second is the “Why?” Who’s leading the scams flying around?
Mostly, it’s because of the information & knowledge gap leading every one of us to have different understandings of blockchain/cryptocurrency.
Hence, groups of pyramid scammers find their suitable ways of bluffing about their [belief] on blockchain.
The funny part is, many have no idea about what blockchain technology is, instead they just confuse people by combining crypto and blockchain concepts together. This is such a shame – advocating crypto by leveraging blockchain.
Blockchain is a complex knowledge structure involving computer science, cryptography, math, statistics, logics, sociology and business; most of the “understand bitcoin in one minute” people provide shallow and segmented pieces of knowledge on how to use blockchain to vulnerable ears.
We all know that’s not enough. But, it’s just eye-catching enough for an eager 21 year old retail investor with dreams of grandeur, buying into an ICO.
The most horrible thing in the world is when “we don’t actually know what we don’t know, but we pretend we know.”
Third – as an exchange, we had the chance to stand on a higher level to review thousands of [ICO projects] approaching us, we’ve seen enough of their routines.
We realized, this is not the right way for blockchain to stand alone and not the right way for blockchain community going forward.
So, we believe, as an exchange, and as the center for blockchain related projects, institutional education is the key to maintain the sustainability of a healthy blockchain community.
Fourth – For these reasons, we foray into the educational space.
We have started working with top tier institutions by supporting their research on both economics and computer science parts of blockchain.
Beyond that, providing internship and fellowship program to talented students who have passion on blockchain space.
We believe by collaborating with those top tier research institutions, together, we are able to contribute our influence to push the community going forward to the healthier direction.
What’s the point of all this?
It’s not enough to simply raise capital in a wild-west style ICO anymore. Blockchain companies are being forced to be much more pragmatic.
People are learning that learning is the most important part.
But there’s a silver lining in all the chaos. The fair-weather fans are getting out of the way of the tech, and let’s thought leaders like Stony Brook (SUNY) and BitMart work on disseminating real knowledge around blockchain, and creating real life applications.
Universities like SUNY are educating the younger demographics and getting people a truer understanding of the technology, earlier on – solving the problem at the core, and growing concentrically.
The future looks brighter than ever, now that the clouds have cleared.