ICO Project Review: TrustED - Academic Credentials On Blockchain
TrustED was established a year ago when the main idea come from the founder who struggled with finding paper copies of his academic credentials that he had received several years ago. The rapidly developing blockchain technology turned out to be ideal for digitalizing the documentation and create a platform for an easy and efficient sharing and verifying academic credentials. This leads not only to an easier method for students and employers to manage this type of data, but also saves a lot of time and money.
The TrustED platform aims to enable the instant issuance and authentication of academic credentials.
Blockchain technology is utilized as an efficient but most importantly secure storage for what is often a confidential and vulnerable information. The universities can easily trust such decentralized platform with handling information about their students as everything happens on an encrypted, yet transparent blockchain, which means that every data is both protected but also validated and assured that it won't be changed, removed or leaked. Students now have a secure network to preserve, access and share their academic qualifications at their own discretion.
This also works for the employers which later need to access such information. They can easily validate the credentials of potential employees without a need for third party verification, which lowers the costs of acquiring new members. Moreover, TrustED wants to offer governments a reliable source of document verification for immigrant workers and bring to light any fraudulent claims in a much more efficient way than it has been currently possible.
The sole usage of the platform seems to be very easy and safe a lot of time for its users. First of all, the academic institution needs to upload the credentials onto the blockchain. It is then automatically encrypted there and it's basically done for this part. Now, when the employer wants to access this information about his new potential employee, he needs to send a verification request to the said student, who can both accept and deny sharing the information. If the request is accepted, the employer has an almost instant access to the student's information and can be assured of their authenticity and legitimacy.
The platform will operate on Ethereum-based ERC-20 tokens, named TED tokens, which will enable the transaction of information between parties.
During a token offering phase, one can acquire TED for a promotional value, before they hit the regular exchanges are have their price being set by the classic market demand. The initial price of one token is $0.02 and the first phase of the sale, focused on the private investors, is scheduled to run from October 1st to January 20th. Then a public offering will take a place, finishing the whole campaign on March 20th or if a hard cap is met. The project aims raise around $11,000,000 in the form of a soft cap.
Despite the relatively early stage of the project, it already managed to gather a significant amount of talented and experienced members, forming a rather big team behind the Trust Education project. In the management, there are people who have experience working with such firms like Yahoo or HSBC. Behind the technological part there are members from the netObjex group, but also blockchain specialists who are connected with cryptocurrency projects like Ripple, Qtum or INS. Each of the members have a transparent description of his bio, skills and experience and have their LinkedIn profiles provided for the verification.
The projects aims to improve a sector that doesn't yet have a neat technology to manage all of the data, therefore there is a big room for adaptation and new solutions. With many young people looking constantly for a job, applying to numerous companies and employers, TrustED may be efficient and much easier to store and share their academic credential. The sole hiring companies can also benefit and reduce the potential costs connected with verification of said data. The project seems to be prepared quite well, with a lot of detailed information provided in the whitepapers, as well as descriptions on the site and promotional material, which makes it easy for potential investors to get a grasp of the main idea and understand the technology behind it. The team seems to be proper people to deliver the promised project.
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