Spitball, the global online student marketplace with over 500,000 registered users, has launched Spitball 2.0, a token-driven blockchain economy that will transform a $150+ billion centralised e-learning industry into a decentralised ecosystem, creating a much fairer deal for students.
Being built on the blockchain and using its own tokens means it can deliver a range of compelling benefits for students. Spitball 2.0 not only protects the ownership of content creation, but maintains strict privacy and lowers costs while increasing earnings for students. By facilitating micro-payments, Spitball 2.0 is a genuine economy where students can seamlessly and simply be rewarded for sharing content, performing tasks or even selling goods.
By leveraging the existing Spitball platform, plus over 25 partnerships with leading education providers, such as CourseHero and Chegg, Spitball 2.0 will become a game changer for the edtech industry, unlocking new opportunities for students.
Currently, students receive only a small percentage of the revenues from their content that online resource platforms utilise. Spitball 2.0 uses the blockchain to connect students directly, lowering costs while giving student content creators fair reward. This creates a winning economy that delivers more value for students.
Spitball 2.0 aims to fairly compensate students for being the driving force behind an e-learning industry estimated to be worth $244.1 billion by 2022.
Eidan Apelbaum, Founder and CEO of Spitball, commented: “Tomorrow’s world depends on today’s students. Despite excellent education on offer and an array of online platforms to support them, students are effectively treated like cash cows. Spitball 2.0 aims to change that and fairly reward them for taking part in student life – learning together, teaching each other and sharing data.”
A crypto gateway for a new generation
Spitball 2.0 will also be the gateway to crypto for an entire generation as an integral part of their future. The SBL token that the platform operates on will be integrated seamlessly into the payments system. Students will not need to create their own wallets manually or convert fiat currency to cryptocurrency – the front-end system of the Spitball 2.0 platform will manage the integration, whilst also moving legacy users to the new platform without significant change.
Eidan Apelbaum added: “We believe that cryptocurrencies have a significant place in our future world and Spitball 2.0 will allow students to enter this world easily, setting them up to take advantage of a lifelong capability within this rapidly expanding industry. The tokenised environment is vital as it puts money in the pockets of students, whilst allowing them to build trust amongst their peers.”
Students take the reins
Currently, e-learning platforms and other intermediaries take the largest share of the profits either from large transaction fees or costly subscriptions. By Spitball 2.0 lowering the cost of learning services via the blockchain, students can use them more regularly. Instead of using a student resource platform for one-off help with an assignment or paying for an expensive catch up with last week’s lecture notes, the Spitball 2.0 platform can be used as part of a student’s day-to-day life.
Spitball 2.0 also provides proof of ownership, securing the intellectual property of every one of its users, thus protecting all of the students who create content.
Not only will the chance to profit and lower costs generate more users, but it will increase the number of activities those users partake in. Spitball 2.0’s gamified Student Economy will give students the ability to profit from contributed content, collect rewards based on useful platform actions and invest in other students’ goods and services on a one-stop platform designed to meet the needs of the global student community. This increased activity will create a new depth in the student market as it sees a significant boost in liquidity.
Why the change to tokens?
The change from traditional currencies to digital tokens will provide students with a plug-and-play style entry into cryptocurrencies. Setting up a crypto wallet can be a laborious task, with many different pieces of paper (and pictures) needed. Spitball 2.0 has a wallet integrated onto the platform and takes care of all of the complexities behind the scenes. A user can make an account, buy SBL tokens and trade tokens back into fiat – all through the platform.
Tokens also eliminate the currency conversion fees that banks charge when trading internationally – allowing Spitball 2.0 to be rolled out globally whilst keeping costs to a minimum.
Through using Spitball 2.0, students around the world will change the way they learn, share information and interact with their peers. It will be cheaper and faster than ever before for them to build a study ecosystem around them, whilst simultaneously benefiting from their own contributions.
With the power firmly in their hands, education will flourish to the benefit of those who need it most.