Understanding the uses of the ODEM Token (ODE) - Our CEO’s perspective.

odem-tokens-and-platform-settlement

The ODEM Token’s (ODE) key to success is to provide open access to ODEM’s education and employment programs globally and allow micropayments and program staking. The use of ODE allows ODEM to reduce fees, increase efficiency and improve security in a transparent, global exchange.

 

Staking

Students stake ODE into a smart contract to reserve their course. Educators stake ODE to show commitment when adding their programs to the network. Staking allows ODEM and educators to assess student interest in a program before actually committing resources to conduct it. If a participant backs out once the minimum number of students have committed, their stake is forfeited.

 

Certificate Issuance

Every time a student is issued a digital credential on ODEM, a transaction is registered on the Ethereum blockchain. ODE can be released upon completion. Generation of digital credentials incentivize students to complete courses.

 

Data Sharing Revenue

Users receive a share of revenue every time their skills or credentials are viewed on ODEM by paid subscribers. ODE uses smart contracts, AI and machine learning to trace viewing of all permissioned transactions.

 

Payments

ODE serves as the global, blockchain-enabled payment method that powers the ODEM Marketplace. It is key to make education and employment more accessible and affordable for all. ODE: 

  • Facilitates cross-border payments that are transparent and secure, allowing for faster and more reliable transactions for students, educators and employers.
  • Opens up educational opportunities to millions of people worldwide, regardless of banking, currency or country restrictions.
  • Allows for faster, more secure and reliable smart contract interaction to verify credentials and educational and employment transactions.

Transactions

The ODEM architecture has been created to eventually allow all transactions in the ODEM Marketplace to be executed. This includes when payment is issued via smart contract from students to the educator upon course completion. While ODEM prepares these processes to meet current international regulation, fiat payments are accepted for all ODEM services.

ODEM has created a unique token transaction mirroring method through its smart contracts to reflect fiat payment. Fiat transactions executed on the ODEM Marketplace can have a corresponding mirrored ODE transaction executed on the open cryptocurrency market. As we see more global adoption, ODEM’s payment systems will accept ODE directly for all approved use cases.

 

A Robust Token by Design

  • ODE is designed to be robust and versatile in its use.
  • ODE always maintains a practical use in the ODEM Marketplace.
  • As more ODEM Marketplace participants use ODE, the token use will increase in its smart contract mechanisms. This will be through program staking, certificate creation, program purchasing and data sharing, which will increase the value of the ODEM Marketplace and  token volume in use.
  • As an ERC-20 token (or Ethereum-based asset), ODE can be held and bought in most ERC-20-compatible wallets and sold in multiple exchanges.

    Thank you for your continued support and we look forward to sharing our next update. Connect with us on Telegram, LinkedIn, Facebook and Twitter.

    Latest Posts

    ODEM helps fight Coronavirus by offering its Blockchain Education and Credentialing platform for FREE

    ZUG, Switzerland, March 9, 2020 /PRNewswire/ -- ODEM shares the deep concern felt worldwide by...

    Read more

    Blockchain in Education: The Future of Records Management

    Blockchain technology provides a universally secure and accessible ledger for personal data and...

    Read more

    The Vision for ODEM

    We launched ODEM with the vision to transform the education system with a new approach to...

    Read more

    CEO Update

    We are closing in on the official launch of the ODEM Platform for educators and students ...

    Read more