About The Industry
Our team includes highly qualified ESL professionals with years of experience in the industry, and we are partnered with established ESL organizations. This includes one of the largest related Meetups and Facebook pages in the world, whose growing online community created the need for our upcoming blockchain-powered ESL app.
The industry is worth $80 billion!
Bitcoin has revolutionized the world of finance, making it possible to send money to and from anywhere in the world cheaper and faster than ever before. This is especially beneficial to ESL students and teachers, who often face technical or regulatory barriers when trying to move needed funds between home and abroad.
All of it is thanks to blockchain technology, which works in an automated and decentralized fashion—that is, not controlled by anyone. Instead of a central database, transactions are verified and stored by equal members of a peer-to-peer network which anybody can join. Anybody who deviates from the communally-accepted transaction history is effectively ejected.
Far more than just keeping track of account balances, however, the blockchain can store all kinds of critical (disputable) information. This includes the terms of a contract such as an automatically-executed will (smart contracts), the owner of real estate or intellectual property (smart property), and a variety of facts, figures and other data about which people might disagree for profit or ideology.
ESL Coin and Its Structure
ESL Coin is the full application of blockchain technology to the ESL industry. In addition to providing a common means of payment, it will function as a decentralized autonomous database of ESL students, teachers and businesses. Smart contract technology will be used to assign reputations to users based on feedback from others, who will be initially verified by a blockchain-based ID system.
Anyone will be able to use this network to find ESL services or clients without paying hefty middlemen fees. Instead, what little fees exist will be redistributed as micropayments to native English speakers who help students practice, as well as to miners and other third parties. These will include Mooti.id and DECENT, responsible for registering users and educational content, respecitively.
The ESL Coin Network will be accessible via the BitLingual company's DApp, TryEnglish, as well as other third parties. We and our partners are also exploring other applications of blockchain technology to the ESL industry, including translations, accent reduction, content registration and distribution and academic record transmission.
No new ESL Coins will ever be generated, creating a stable ecosystem. The Network will be governed by a Co-operative—a decentralized legal entity which all significant ESL holders may become a member of—ensuring no one person can maintain ownership or control.
ESL Coin’s first decentralized app has its origins in the Conversational English Meetup group, which is one of the largest in the world with over 21,000 followers on Facebook (all organic). It also spawned related chat rooms on Skype, WhatsApp and KakaoTalk where ESL students practice English with one another and search for or share resources.
Over the years, however, our group outgrew existing chat platforms, many of which have serious moderation issues and none of which are dedicated specifically to ESL students. The TryEnglish app will better facilitate English practice conversation with a variety of additional features, using the ESL Coin network to help connect them with schools, homestays and other services they may need.
Join the Network
At least 20% of all ESL Coin created will be given away to support the ESL community. Half of that will go to grants to community organizations such ESL Meetups, student clubs, and teacher organizations. These funds are expected to be used for the general welfare of their memberships and to reward those who do good work, with the only condition being that they join and earnestly participate in the ESL Coin Network.
The remaining 10% will be saved for third party app developers who wish to make their own partially or fully-decentralized applications on top of the ESL Coin Network. These will all have full access to the Network equivalent to TryEnglish, which is developed by a separate company from the ESL Coin Co-operative (a non-profit).
ESL Coins will be sold at a flat rate of 0.00001 BTC throughout its duration, and the bonus for the presale (still ongoing—message us to join) will be only 10%. Information about how to participate in the ICO is forthcoming.