Blockchain startup Tutellus has partnered with Cryptonomos to conduct an Initial Coin Offering. The ICO presale started earlier this month, while the main sale will begin on June 12. Early participants will get 10% as a bonus. The blockchain startup will use the proceeds in its effort to revolutionize the educational sector.
Tutellus is hoping to achieve this by developing an ecosystem which integrates teachers and students with employers. The aim is to incentivize the production of graduates prepared for the job marketplace. Using two native tokens – STUT and TUT, students get financial rewards for spending time on the platform.
Teachers keep most of the revenue
Teachers and the instructors will keep most of the revenue generated by courses. The instructors and teachers also receive part of the fee paid by employers seeking to hire. For employers, the major benefit is that they are able to access a pool of well equipped candidates ready for the modern job market.
This comes a little over two months since Tutellus announced that it was migrating to the blockchain network of NEM (XEM) and abandoning Ethereum (ETH).
“Ethereum is a very powerful and interesting blockchain as you know. The ability to develop smart contracts and the community around ERC20 compatibility make it especially sexy. However, during this time, we have found many limitations for Tutellus.io,” wrote the community manager of Tutellus, Nacho Hontoria.
Expensive to run
According to Tutellus, part of the reason for the migration was that Ethereum was proving expensive to work with especially in cases where it is necessary to run numerous events per user. Tutellus also claimed that working on the blockchain network of Ethereum had proved to be slow. According to the company, the number of transactions Ethereum executes is 20 per second, while bitcoin (BTC) executes 3 and Visa 1,700. With the current consensus still expected to be proof-of-work based, and with the growing use of Ethereum, improvement in speeds is not expected. This means that transactions on the blockchain network would require a couple of minutes or even hours to consolidate.
Regarding Tutellus opting for the NEM blockchain, the startup indicated that it was attracted by the huge community of users and developers who are backing the network. Additionally, NEM had proved to be cheap and fast. According to Tutellus, it could carry out 1,000 transactions per second.